The Finance Ministry has notified the rule under Small Saving Schemes, which will be applicable for children as well as elders.
The Finance Ministry has made it clear that now anyone who does not have PAN and Aadhaar card will not be able to invest in the small savings scheme of the government. Both the documents will be used in KYC. The special thing about the notification issued by the government is that Aadhaar has been made mandatory even in the case of small savings scheme accounts opened by children or in the name of children.
Under National Savings Schemes, Small Savings Schemes like PPF, SCSS, National Savings Certificate, Monthly Income Scheme, Sukanya Samriddhi Account, Kisan Vikas Patra, Post Office FD and Recurring Deposit are operated by the Department of Posts, public sector banks and some authorized private banks. are done.
Ground rules for children
According to the notification issued on March 31, 2023, proof of having Aadhaar number or Aadhaar notification will be mandatory for children’s small savings account.
As per the notification, a child desirous of availing benefits under the scheme will have to provide Aadhaar number or proof of undergoing Aadhaar authentication.
Children taking advantage of the scheme, who do not have Aadhaar number or have not yet enrolled in Aadhaar, will have to apply for Aadhaar enrollment. Provided that the consent of his parent or guardian shall be necessary before he can register for Aadhaar enrolment.
Children above the age of 10 years can open an account in Post Office Small Savings Scheme like Savings Account, National Savings Recurring Deposit, National Savings Fixed Deposit, Monthly Income Scheme, National Savings Certificate and Kisan Vikas Patra.
PPF account can be opened by Guardian/Parents in the name of minor while Sukanya Samriddhi account can be opened by Guardian/Parents in the name of girl child below 10 years of age.
Aadhaar rules for elders
Aadhaar has also become mandatory for elders and senior citizens to avail benefits under small savings schemes. According to the notification, to get the benefits under the scheme, the eligible person will have to provide proof of having Aadhaar number or undergoing Aadhaar authentication.
On the other hand, any person who does not have Aadhaar or who has not yet enrolled for Aadhaar, will have to apply for Aadhaar enrollment before registering for the scheme. Provided that he is entitled to obtain Aadhaar.
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