Government makes Aadhaar and PAN mandatory for small savings scheme

The Finance Minister notified that Aadhaar and PAN numbers are compulsory for investing in post office savings schemes. The various post office small savings scheme are as follows:

  • Post office Fixed Deposits (FDs)
  • Post office Recurring Deposits (RDs) 
  • Post office Time Deposits (TDs) 
  • Post Office Monthly Income Scheme (POMIS)
  • Sukanya Samriddhi Yojana (SSY)
  • Public Provident Fund (PPF)
  • Senior Citizens Saving Scheme (SCSS)
  • Kisan Vikas Patra (KVP) 
  • Mahila Samman Savings Certificates

This rule of mandatory submission of Aadhaar and PAN numbers for small savings schemes is part of the Know Your Customers (KYC) process. Earlier, investments in such savings schemes were possible without submitting the Aadhaar number. But, from now onwards, an individual must submit at least the Aadhaar enrolment number to invest in the government-backed small saving schemes. Individuals must also submit the PAN number on investments made above a specific limit.

Aadhaar is also compulsory when small savings accounts are opened by children or in the name of minors, such as SSY, Mahila Savings Samman Certificates, PPF, post office FDs, RDs, TDs, POMIS, NSC and KVP.

New rule for existing subscribers to invest in the small savings scheme

The notification states that existing subscribers who have invested in post office small savings schemes should submit their Aadhaar numbers by 30 September 2023 if they have not submitted their Aadhaar numbers while opening the small savings scheme accounts. 

If the existing customers do not submit their Aadhaar numbers by 30 September 2023, their accounts will be frozen on 1 October 2023.

New rule for new subscribers investing first time in the small savings scheme

The new subscribers intending to invest or open a small savings scheme must submit their Aadhaar details within six months of account opening. When subscribers do not have an Aadhaar number from the Unique Identification Authority of India (UIDAI), they must submit the Aadhaar enrolment number. When the subscribers do not submit the Aadhaar details within six months of account opening, their small savings scheme accounts will be frozen from 1 October 2023.

PAN number submission as per the new rule

The new subscribers must submit their PAN number while opening a savings account. If they do not submit their PAN number at the time of account opening, they must submit it within two months of opening the account. Their accounts will be frozen when they do not submit PAN details within the deadline. Existing subscribers must submit their PAN numbers in the following circumstances:

  • The balance in the small savings account is more than Rs.50,000
  • In the case where the aggregate of all transfers and withdrawals in a month from the savings account is more than Rs.10,000
  • In the case the aggregate of all credits in the savings account in any financial year is more than Rs.1 lakh

Thus, from 1 April 2023, if any individual wants to open a post office small savings account, they must submit their Aadhaar and PAN cards.

For any clarifications/feedback on the topic, please contact the writer at

You May Also Like

Save Your Tax By Claiming Medical Expenditure Under Section 80D

The current financial year is near to end on 31st March. You…

Senior Citizens: PMVVY or SCSS investment scheme, which one is best?

Due to a fall in the interest rates offered on fixed deposits…

Know All About Moonlighting in India

The term ‘Moonlighting’ has become popular nowadays. Companies are framing strict policies…