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Post Office Scheme: Are you planning to invest in a post office scheme? First know this new rule, so that you do not face any problem later. The post office will cross-check your Permanent Account Number (PAN) information with the information of the Income Tax Department. Its purpose is to know whether Aadhaar is linked to PAN or not. Also, it is to check whether the name and date of birth given in Aadhaar is correct or not.
The rules have changed
From April 1, 2023, it is mandatory to provide PAN and Aadhaar information to invest in any post office scheme. If there is any difference in the information given in both, then you cannot invest in the post office scheme. The CBS system has been integrated with Protean e-Governance Technologies (formerly NSDL) for PAN validation. PAN is validated in Finacle based on the information received from the Protean process.
PAN and Aadhaar are mandatory for small savings schemes
This system was in force till 30 April 2024. PAN, Aadhaar have become mandatory for investment in PPF, NSC and other small savings schemes. The notification issued by the Department of Posts on 7 May 2024 states that the protean system related to PAN verification has been amended from 1 May 2024.
These are small savings schemes
Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Mahila Samman Savings Certificate, Senior Citizen Savings Scheme (SCSS) and National Savings Certificate (NSC) are some of the popular small savings schemes among the common people. Here we are telling about the interest received on small savings schemes.
Interest Rate on Small Savings Scheme
| Number | Savings Plan | rate of interest | When do you get interest? |
|---|---|---|---|
| 01. | Post Office Savings Account | 4.0 | every year |
| 02. | 1 year FD | 6.9 (Annual interest on ₹10,000/- is ₹708) | Quarterly |
| 03. | 2 year FD | 7.0 (Annual interest on ₹10,000/- is ₹719) | Quarterly |
| 04. | 3 year FD | 7.1 (Annual interest on ₹10,000/- is ₹719) | Quarterly |
| 05. | 5 year FD | 7.5 (Annual interest on ₹10,000/- is ₹771) | Quarterly |
| 06. | 5 Year Recurring Deposit | 6.7 | Quarterly |
| 07. | Senior Citizen Savings Scheme | 8.2 (Quarterly interest on ₹10,000/- ₹205) | Payments are made quarterly. |
| 08. | Monthly Income Plan | 7.4 (Monthly interest on ₹10,000/- ₹62) | Payments are made monthly. |
| 09. | National Savings Certificate (8th Issue) | 7.7 (Maturity Value ₹14,490 for ₹10,000/-) | every year |
| 10. | Public Provident Fund Scheme | 7.1 | every year |
| 11. | Farmers Development Letter | 7.5 (matures in 115 months) | every year |
| 12. | Women's Samman Saving Scheme | 7.5 (Maturity value ₹11,602 for ₹10,000/-) | Quarterly |
| 13. | Sukanya Samriddhi Scheme | 8.2 | every year |