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Post Office Scheme: Are you planning to invest in Post Office Scheme? First know this new rule, so that you do not have to face any kind of problem later. The post office will check your Permanent Account Number (PAN) information with the Income Tax Department information. Its purpose is to know whether Aadhaar is linked to PAN or not. Besides, it will also have to be checked whether the name and date of birth given in Aadhaar is correct or not.
the rules have changed
To invest in any post office scheme, it is mandatory to provide PAN and Aadhaar information from April 1, 2023. If there is any difference in the information given between the two then you cannot invest in the post office scheme. The CBS system has been integrated with Protege e-Governance Technologies (earlier NSDL) for PAN verification. The PAN is validated in Finacle based on the information obtained from the protein process.
PAN and Aadhaar are mandatory in small savings scheme
This system was in force till 30 April 2024. PAN, Aadhaar has become mandatory for investing in PPF, NSC and other small savings schemes. The Department of Posts notification issued on May 7, 2024 states that the protein system related to PAN verification has been modified with effect from May 1, 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 well-known small savings schemes among the common people. Here we are telling you about the interest available on small savings scheme.
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/- ₹708) | quarter |
| 03. | 2 year FD | 7.0 (Annual interest for ₹10,000/- ₹719) | quarter |
| 04. | 3 year FD | 7.1 (Annual interest for ₹10,000/- ₹719) | quarter |
| 05. | 5 year FD | 7.5 (Annual interest on ₹10,000/- ₹771) | quarter |
| 06. | 5 year recurring deposit | 6.7 | quarter |
| 07. | Senior Citizen Savings Scheme | 8.2 (Quarterly interest ₹205 for ₹10,000/-) | Payment is made quarterly. |
| 08. | monthly income plan | 7.4 (Monthly interest on ₹10,000/- ₹62) | Payment is made monthly. |
| 09. | National Savings Certificate (eighth digit) | 7.7 (Maturity value ₹14,490 for ₹10,000/-) | every year |
| 10. | Public Provident Fund Scheme | 7.1 | every year |
| 11. | Kisan Vikas Patra | 7.5 (will mature in 115 months) | every year |
| 12. | Mahila Samman Savings Scheme | 7.5 (Maturity value ₹11,602 for ₹10,000/-) | quarterly |
| 13. | Sukanya Samriddhi Yojana | 8.2 | every year |