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Post Office Scheme: Are you planning to invest in the post office scheme? Know this new rule first, so that there is no problem later. The post office will cross-check your Permanent Account Number (PAN) information with the information of the Income Tax Department.

Post Office Scheme: Are you planning to invest in the post office scheme? Know this new rule first, so that there is no problem later. The post office will cross-check your Permanent Account Number (PAN) information with the information of the Income Tax Department. Its purpose is to know whether Aadhaar is linked with PAN or not. Also, it is to check whether the name and date of birth given in Aadhaar is correct.

Rules have changed

It is mandatory to provide PAN and Aadhaar information from April 1, 2023, to invest in any scheme of the post office. If there is any difference in the information given in both, then you cannot invest in the post office scheme. For PAN validation, the CBS system has been integrated with Protean e-Gov Technologies (formerly NSDL). PAN is validated in Finacle based on the information received from the Protean process.

PAN and Aadhaar are mandatory in small savings scheme

This system was in force till 30 April 2024. PAN and Aadhaar have become mandatory for investment in PPF, NSC and other small savings schemes. A notification of the Department of Posts issued on 7 May 2024 states that the Protean system related to PAN verification has been revised from 1 May 2024.

These are the small savings schemes.

Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Mahila Samman Savings Certificate, Senior Citizen Savings Scheme (SCSS) and National Savings Certificate (NSC) are some famous small savings schemes among the common people. Here we are talking about the interest available on small savings schemes.

Interest rate on small savings scheme