The government made linking aadhaar and PAN cards mandatory until June 30. Both documents are essential for the KYC procedure. After notification by the ministry of finance, they stated that now aadhaar cards and PAN cards are also mandatory for investing in small savings schemes.

With the notification released on March 31, the new changes are now part of KYC for the small savings scheme. Earlier people were allowed to invest in these schemes without submitting their aadhaar card. But now the person who is willing to invest in such schemes should at least submit their aadhaar card. The Ministry of Finance also stated that a PAN card will be compulsorily required after a certain limit of investment.

The notification stated that the investors who have invested in various small savings schemes such as PPF, Sukanya Samriddhi Yojana (SSY), National Savings Certificate, etc make an aadhaar card submission by 30 September. All the new investors who are investing should submit their aadhaar card details within six months of opening their account.

The enrollment number will work if the person has not been granted an Aadhaar number by the Unique Identification Authority of India (UIDAI). But, if the Aadhaar information is not given within six months of the account being opened then their savings account would be locked by 1st October of this year.

According to the announcement issued by the Ministry of Finance, a PAN number must be provided while creating a savings account. If it is not provided when the account is opened, it must be completed within two months. This should be done if the account balance is greater than Rs.50,000 at any moment.

If the total of all withdrawals and transfers from the account in a month exceeds Rs. 10,000, and the total of all credits in the account in any fiscal year exceeds more than 1 lakh, the PAN data must be given. The notification stated that if the user fails to provide PAN data within the stipulated time frame, the account would be suspended until the PAN number is provided.