alert! Your PPF, SSY and other small savings schemes may be closed by the end of this month
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Small Savings Schemes: In this context, the Union Finance Ministry had issued a notification on 31 March 2023.
In this notification, it was said that PAN and Aadhaar number have become mandatory to invest in small savings schemes like PPF, SSY, Senior Citizen Savings Scheme (SCSS) etc. The last date of which has been fixed as the last month of September i.e. 30th September. ,
If you invest in government small savings schemes then this news is going to be important for you. Actually, the government has taken a big step regarding these schemes and has warned the people investing in the scheme that if this work is not done within the stipulated time, then the investment in the scheme may stop.
Actually, now investors of Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Post Office Deposit and other small savings schemes will have to submit their Aadhaar number in the post office or bank branch by the end of this month. If an investor misses this important deadline then his investment in the small savings scheme will be banned.
Notification issued in March 2023
Actually, in this context, the Union Finance Ministry had issued a notification on 31 March 2023. In this notification, it was said that PAN and Aadhaar number have become mandatory to invest in small savings schemes like PPF, SSY, Senior Citizen Savings Scheme. (SCSS) etc. whose last date has been fixed as the last month of September i.e. 30th September.
Know when is the last date for submitting Aadhaar?
According to the notification of the Finance Ministry, small savings customers will have to submit their Aadhaar number by 30 September 2023. If he has not submitted his Aadhaar number while opening PPF, SSY, NSC, SCSS or any other small savings account.
In case the Aadhaar number is not linked, one’s small savings account will be frozen six months after opening the account. For existing customers, if they fail to furnish their Aadhaar number along with their small savings account within the given deadline then their account will be frozen from October 1, 2023.
What are Small Savings Schemes?
Small savings schemes are investment vehicles that allow individuals to save and accumulate money. These are government backed schemes and hence have less volatility. Your investments in many of these schemes are eligible for tax benefits. Some common eligible schemes are SCSS and PPF. At the same time, in this scheme you get the benefit of up to Rs 1.5 lakh under Section 80C of the IT Act.
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