Changed rules for investment in post office scheme! If you make this mistake, you will not be able to deposit money
Post office small savings schemes offer very good interest. Besides, your money also remains safe in these. This is the reason why a large number of people invest in small savings schemes at the post office. In these, the terms of investment along with investment and returns may also differ. But, one rule is the same for everyone, and that is, giving PAN-Aadhaar information.
What has changed in the rules?
From April 1 last year, it is mandatory to provide PAN and Aadhaar information to invest in any post office scheme. If there is any difference between these two, such as name or date of birth, then you cannot invest in the post office scheme.
Core Bank Solution (CBS) system for PAN validation has been integrated with Protean e-Gov Technologies (earlier NSDL). Based on the details received from the Protean process, the PAN is validated in Finacle. But, recently the post office issued a notification. According to this, the Protean system related to PAN verification has been amended on May 1, 2024.
The post office will now confirm the details of the customers with the Income Tax Department.
The post office will verify the details
The post office will now confirm the details of the customers with the Income Tax Department. The purpose of this cross-check is to know whether PAN and Aadhar cards are linked or not. Besides, through this, it will also be checked whether the customer's Aadhaar name and date of birth match or not. If both the details do not match, the customer may be prevented from investing in the post office scheme.
Disadvantages of not having PAN-Aadhaar link
If you have not yet linked your Aadhaar with PAN, then get it done quickly. There are many disadvantages of not linking PAN to Aadhaar. You will not get the benefits of government schemes. You cannot invest in insurance, mutual funds, or any other scheme. If you have filed an income tax return, then its refund will also not come to your account.