Personal Finance

The government intends to enable investments in Small Saving Schemes using Aadhaar instead of PAN.

According to a senior official, the Finance Ministry is planning to make it easier for a larger number of investors, particularly those from rural areas in India, to take advantage of small savings schemes.

The plan involves relaxing the procedures for deposits under these schemes. As part of this relaxation, the official stated that there would be three procedural changes.

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Firstly, people would be allowed to invest in small savings schemes using their Aadhaar card instead of their PAN card. This change is expected to encourage many rural depositors to invest in these schemes, given that a much larger number of people in India have Aadhaar cards than PAN cards.

Secondly, the government intends to simplify the procedures for legal heirs to access the deposits of a deceased investor where there is no dispute.

Thirdly, the process of nomination will be further simplified. The official stated that the KYC norms for small savings schemes would be similar to those stipulated for Jan Dhan accounts, which are intended for poor people.

By making procedures easier, investors will have more flexibility, and this could increase inflows into the National Small Savings Fund (NSSF).

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