Subodh Kumar Nandan, Patna. If you want to invest more than Rs 10 lakh in post office savings schemes, you will have to provide proof of income. The Department of Posts has issued a notification in this regard. In this, the provisions of KYC for investors have also been tightened. The Department of Posts has issued instructions to all post offices to compulsorily take proof of income from investors of certain categories of small savings schemes. The central government has made this change to prevent money laundering and to prevent the financing of terrorism. In the new provisions of KYC, the Department of Posts has divided investors into three categories on the basis of investment risk. Investors will now have to provide PAN and Aadhaar numbers as well as source of income.
KYC will have to be done every time
According to the notification, investors will have to complete the KYC process again at certain intervals depending on their risk category. High risk investors will have to get KYC done every two years, medium risk five years and low risk investors every seven years.
Investors divided into three categories
If an investor opens an account in any scheme with Rs 50,000 and his transactions in all post office schemes do not exceed this, then he will be considered a low risk investor. Similarly, investors opening accounts with an amount of more than Rs 50,000 but less than Rs 10 lakh will be placed in the medium risk category. If the transaction of all the schemes together is less than 10 lakh rupees but more than 50 thousand, then also it will be kept in the medium class category. On the other hand, as soon as the amount is 10 lakh or more, the concerned customer will be considered in high risk category and strict provisions will be applicable on them.
Work news: Get the revised locker agreement done by June 30, know the bank locker charges
These documents have to be submitted
Post Office account statement showing source of funds
Income returns filed during the last three financial years
Succession Certificate, Copy of Will, Sale Deed
Aadhaar and PAN card as proof of identity
Also two passport size photographs
(youtube https://www.youtube.com/watch?v=qVXZO0yAT9U) post office scheme
