If you invest in small savings schemes like PPF, Sukanya Samriddhi and National Savings Certificate, then there is important news for you. If you do not do this work by September 30, your account will be frozen.
New Delhi: There is important news for those investing in small savings schemes like PPF, Senior Citizens Savings Scheme (SCSS) and National Savings Certificate (NSC). They will have to submit their Aadhaar by going to the post office or bank by September 30, 2023. If they do not do so, their investment will be frozen. Investment will be unfreezed only after giving Aadhaar.
The Finance Ministry has made Aadhaar and PAN mandatory for PPF, NSC and other savings plans. Aadhaar has been made mandatory for existing investors. The ministry had issued a notification in this regard on March 31, 2023. According to this, if someone is running an account and has not submitted the Aadhaar number in the accounts office, then he will have to do so within six months. The six-month period ends on September 30, 2023.
- If you do not deposit Aadhaar in the Accounts Office by 30th September, your account will become inactive. What can happen if your post office investment gets frozen…
- Whatever interest you earn will not be credited to your bank account.
- You will not be able to deposit money in PPF or Sukanya Samriddhi accounts.
- Maturity amount will not be credited to the investor’s bank account.
What are small savings schemes?
Small Savings Schemes are also known as Post Office Schemes. The biggest advantage of investing money in these is that your money remains safe and you also get good interest. In some schemes, the benefit of tax exemption under section 80C is also available. There are nine savings schemes included in the post office. These include Savings Accounts, Recurring Deposit Account, Time Deposit Account, Monthly Income Scheme Account, Senior Citizen Saving Scheme Account, PPF Account, National Savings Certificate, Kisan Vikas Patra and Sukanya Samriddhi.
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