If you are investing in Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF), Sukanya Samriddhi Yojana or any other Post Office small savings scheme, you should submit your Aadhaar to the concerned post office or bank branch in September. Not doing so may result in your small savings account getting frozen. However, there is no need to worry if you have already submitted your Aadhaar earlier.

According to a Finance Ministry notification dated 31st March 2023, providing PAN and Aadhaar is mandatory for investing in small savings schemes like PPF, SCSS, SSY, Kisan Vikas Patra (KVP), National Savings Certificate (NSC) etc.

The 31st March notification informed small savings investors to submit their Aadhaar by 30th September 2023. This is applicable for accountholders who did not submit their Aadhaar at the time of account opening.

What will happen in case of non-submission of Aadhaar?

For new subscribers, if Aadhaar is not seeded with the small savings account then it may get frozen after six months of account opening.

For existing customers, small savings accounts will be frozen from 1st October 2023 in case of non-submission of Aadhaar by September 30.

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What did the notification say?

A gazette notification dated 31st March 2023 said that individual subscribers of small savings schemes should submit the following identity document to the Accounts Office.

Aadhaar Submission

“If a depositor has already opened an account and has not submitted his Aadhaar number to the Accounts Office, he shall do so within a period of six months with effect from the 1st day of April 2023,” the notification said.

“and in event of failure of the depositor to submit. the Aadhaar number within the specified period of six months, his account shall cease to be operational till the time he submits Aadhaar Number to the Accounts Office,” it added.

Individuals, who have not been assigned an Aadhaar number yet, can furnish proof of application of enrollment for Aadhaar at the time of opening an account.

Further, such accountholders shall furnish the Aadhaar number of the Accounts Office within a period of six months from the date of opening of the account for linking the account with Aadhaar.

PAN Submission

PAN is required to be submitted within two months from the date of happening of any of the following events if the accountholder has not submitted it at the time of account opening.

  • The balance at any point of time in the account exceeds Rs 50,000
  • The aggregate of all credits in the account in any financial year exceeds Rs 1 lakh
  • The aggregate of all withdrawals and transfers in a month from the account exceeds Rs 10,000

In the case of non-submission of PAN within two months of the happening of any of the above-mentioned events, the account shall cease to be operational till the subscriber submits his permanent account number.