Key Points
According to ET, the Ministry of Finance announced on April 3, 2023, that, as per the Government Savings Promotion General (Amendment) Rules, 2023, individuals must provide specific identity documents to the Accounts Office when opening an account.. issued by the Unique Identification Authority of India...
The Ministry of Finance has mentioned that if an individual hasn't been assigned an Aadhaar Number, they should provide proof of application for Aadhaar enrollment when opening an account..
The notification also states that if the depositor fails to submit the Aadhaar number within the specified six-month period, their account will become non-operational until they provide the Aadhaar number to the Accounts Office...
Abhishek Kumar, a SEBI registered RIA and founder of Sahaj Money, shared his experience, stating, Based on the provisions in GSR (General Statutory Rules) No.238 (E) dated 31.03.2023 published in Gazette of India, with effect from 01.04.2023, we had advised our clients to updated their Aadhaar and PAN details in their Small Savings Accounts such as PPF,..
According to the notification, if an individual hasn't provided their PAN at the time of opening a small savings scheme account, they must do so within two months from the occurrence of specific events..
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Your PPF, Senior Citizens Savings Scheme, other small savings schemes will be frozen if you fail to submit
01, Sep, 23If the Aadhaar number is not provided by this date, your small savings investments will be frozen until the Aadhaar number is submitted.