Post office schemes: Some changes have been made in the rules for people investing in post office schemes. Under this, it is now mandatory to provide some necessary documents and proofs to such depositors.
In this era of high interest rate, small savings schemes ie Small Savings Schemes are a better and attractive option. But, now the government has decided to keep an eye on those investing in such schemes. Actually, the central government has taken such a step to avoid any kind of money laundering and terrorist financing activities. This is the reason why it is mandatory for India Post to complete various types of documentation regarding investment in these schemes.
This information has been given in a recently released circular. According to this circular, customers opening accounts in India Post will be divided into three categories. These are divided into three categories – low, medium and high risk categories.
Which investors in which category?
Those investors will be included in the low-risk category, whose maturity amount of investment or certificate is Rs 50,000 or less or they have balance up to Rs 50,000 in their existing savings account. Investors investing between Rs 50 thousand to Rs 10 lakh will be included in the medium-risk category. Whereas, those investors will be in the high-risk category, who have invested more than Rs 10 lakh in these schemes.
Investors of all three categories will have to submit 2 passport size photographs, one self-attested copy each of Aadhaar card and PAN card. If the home address is not the current address, investors will have to submit any one of the 8 types of documents. These documents are documents like driving license, utility bills. In case of joint holders, KYC of both the investors will be completed.
It will be mandatory to give income proof
It will be mandatory for high-risk category investors to secure the source of funds. In this, bank statement, income tax return, succession certificate, proof of gifts or sale, will or any such document that can know the source of the invested amount. If the depositor is a minor, then KYC and income proof of the Guardian will also be required.
It will be mandatory for low-risk depositors to complete KYC every 7 years, medium-risk category depositors every 5 years and high-risk category depositors every 2 years.
Who needs to submit Aadhaar-PAN
Existing depositors of India Post will have to submit a copy of their Aadhaar before 30 September 2023. If the depositors have not submitted the copy of PAN, then the copy of PAN will have to be submitted within two months of the completion of any of the conditions mentioned below.
If his account balance is more than Rs.50,000, if the aggregate amount of all his bank accounts exceeds Rs.1 lakh in any one business year or the transfer or withdrawal amount from his account in any one month is more than Rs.10,000. If this depositor does not submit these documents, then his account will be closed.
Postal authorities have been given the responsibility of reporting cash transactions of Rs 10 lakh or more. Apart from this, responsibility has also been given to report cash transactions of Rs 10 lakh or less every month from time to time.
