“New Rule by Finance Ministry: Small Saving Schemes Now Mandatory for Children and Adults Alike!”
“Finance Ministry’s New Directive: Aadhaar Now Mandatory for Small Savings Scheme Investments for Children and Adults Alike!”
In a recent notification issued on March 31, 2023, the Finance Ministry has made it clear that Aadhaar, the unique identification number issued by the Indian government, is now mandatory for investing in small savings schemes for both children and adults. Under the National Savings Schemes, which include popular options like Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), National Savings Certificate (NSC), Monthly Income Scheme (MIS), Sukanya Samriddhi Account, Kisan Vikas Patra, Post Office Fixed Deposit, and Recurring Deposit, Aadhaar will now be required for Know Your Customer (KYC) purposes.
According to the notification, children below the age of 10 years can open accounts in Post Office Small Savings Schemes with the consent of their parent or guardian. However, they will need to provide their Aadhaar number or proof of undergoing Aadhaar authentication to avail the benefits of the scheme. In case the child does not have an Aadhaar number, they will need to apply for Aadhaar enrollment with the consent of their parent or guardian.
Similarly, Aadhaar has also become mandatory for elders and senior citizens to avail benefits under small savings schemes. Eligible individuals will need to provide their Aadhaar number or undergo Aadhaar authentication to be able to avail the benefits of the scheme. If an individual does not have an Aadhaar number, they will need to apply for Aadhaar enrollment, provided they are eligible to obtain Aadhaar as per the government’s rules.
This new directive by the Finance Ministry aims to streamline the KYC process and enhance the security measures for small savings schemes, ensuring compliance with the government’s Aadhaar policies.
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