The Ministry of Finance made the aadhaar card compulsory for enjoying the benefits under various national savings schemes which are government based. The new notification stated that aadhaar card is mandated for opening a small savings account by children or any account opened in the name of minors.
Various schemes under national savings schemes include PPF, SCSS, National Savings Certificate, Monthly Income Scheme, Sukanya Samriddhi Account, Kisan Vikas Patra, Post Office Time Deposit, and Recurring Deposit that all are implemented by the Department of Posts, Public Sector banks, and some authorized private sector banks.
Aadhaar card rule for children
With the notification dated 31st March 2023, submission of the aadhaar card is mandatory for availing the benefits of small savings schemes.
The notification stated that- “ A child desirous of availing the benefit under the Scheme shall be required to furnish proof of possession of the Aadhaar number or undergo Aadhaar authentication,”. It also added “Any child desirous of availing the benefit under the Scheme, who does not possess the Aadhaar number or has not yet enrolled for Aadhaar, shall be required to make an application for Aadhaar enrolment subject to the consent of his parents or guardians, before registering for the Scheme provided he is entitled to obtain Aadhaar,”
Small savings scheme accounts can be opened by children above the age of 10 years. The schemes include Post Office Savings Accounts, National Savings Recurring Deposits, National Savings Time Deposits, National Savings Monthly Income Scheme, National Savings Certificate, and Kisan Vikas Patra.
Sukanya Samriddhi account can be opened by the parents in name of their girl child who is below the age of 10 years and a PPF account can be opened by the children’s parents or guardians in the name of the minor.
