There is important news for investors investing in post office small savings schemes. A notification has been issued by the Department of Post, which states that investors will have to show their source of income if they invest more than a limit in small savings schemes.
Why did the post office issue the notification?
In the notification issued by the post office, it has been said that the guidelines regarding AML / CFT of the post office have been amended to comply with the rules of the Financial Intelligence Unit- India (FIU-IND) and Financial Action Task Force (FATF).
The purpose of this amendment is to prevent the use of Post Office Small Savings Schemes to launder money into white and finance terrorist activities.
According to the new guidelines, customers are divided into three profiles. First low risk (maturity value of investment not more than 50,000), second medium risk (maturity value of investment not more than 10 lahks), and high risk (maturity value of investment more than 10 lahks).
High-risk investors will have to disclose the source of funds
High-risk investors while investing in the post office will have to tell where the funds came from and will also have to submit documents for the same.
Which documents have to be shown?
Bank statement
Income tax return of the last three years
Sale Deed / Gift Deed / Will / Succession Certificate
Any other document from which your source of income can be easily ascertained.
Post office savings schemes
The post office offers small savings schemes to investors. Usually, investors get more interest in this than the bank. Senior Citizen Saving Scheme, National Savings Certificate, Kisan Vikas Patra and FD are popular schemes of the post office.
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