Banks and post offices are running many small savings schemes. By investing in these schemes, investors get good returns without any risk. These small savings schemes are government schemes. The rules, investment, and return conditions differ in different schemes. However, some of the investment conditions are similar. Providing PAN-Aadhaar information has been made mandatory for investing in post office schemes.
Recently an advisory has been issued by the post office. It has been told that the Protean system related to PAN verification has been amended on May 1, 2024. According to a media report, now the post office will cross-check with the Income Tax Department to verify the validity of the Permanent Account Number (PAN) of its customers. With this, it will be ascertained whether the customer's PAN card is linked to Aadhaar.
Cross-checking will be done by the Income Tax Department. If the information like name and date of birth as per PAN in your post office scheme is not found correct, then you cannot invest in post office schemes. Let us tell you that the verification system is connected with the Protean e-Gov Technologies (formerly NSDL) system. This has now been amended.
If you also want to invest in small savings schemes of post office, then PAN, and Aadhaar are mandatory for investing in PPF, NSC, and other small savings schemes.
The most important thing is that both documents should be linked to each other. If Aadhaar and PAN are not linked, you will not be able to invest in these schemes.
There may be a loss if a PAN card is not linked to Aadhaar
If your PAN and Aadhar card are not linked yet, then you may suffer many losses. If Aadhaar and PAN are not linked, you may be deprived of the benefits of government schemes. Along with this, many important things like investing in insurance, mutual funds, or other schemes cannot be done. Along with this, your tax return will also not come into your account.
(PC: ISTOCK)
