New Delhi, October 7: Government made Aadhaar mandatory for investment in all small savings schemes including post office deposits, public provident fund (PPF), the National Savings Certificate scheme and Kisan Vikas Patra. The new rule will apply to savings accounts, recurring deposits, time deposits, monthly income scheme, Sukanya Samriddhi account, and senior citizens saving the account.
Ministry of finance has issued four separate notifications making Aadhaar mandatory for opening these small saving schemes. Existing investors in these schemes will have to provide the 12-digit unique identification number by December 31. Finance Ministry has issued four separate Gazette notifications making Aadhaar mandatory for opening all post office deposit accounts, Public Provident Fund, National Savings Certificate scheme and Kisan Vikas Patra deposits.
"Provided that where Aadhaar number has not been assigned, the depositor shall submit proof of application for enrolment for Aadhaar," the notification dated September 29 said. Aadhaar is already mandatory for bank accounts, mobile connection and availing direct benefit transfers. This move aims to trace and weed out black money.