Centre may announce Aadhaar-based KYC norms for small savings schemes

The simplified KYC, along with small savings rates for the April-June 2023 quarter, may be announced on March 31, the official said

Arup Roychoudhury New Delhi
funds, investments, stocks, valuations, returns, investors, MFs, mutual funds, savings

Finance Minister Nirmala Sitharaman had, in her budget speech on February 1, increased the maximum deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh from Rs 15 lakh.

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The Centre is soon likely to announce Aadhaar-based simplified Know Your Customer (KYC) norms for small savings schemes, in a bid to cut down compliance and attract more small investors into these schemes, Business Standard has learnt.
Additionally, banks and post offices will implement enhanced savings limits under Senior Citizens Savings Schemes and Monthly Income Schemes, and introduce the new Mahila Samman Savings Certificate from April 1, as announced in the 2023 Union Budget.
“Aadhaar-based simplified KYC is on the anvil, with an aim to increase access of small investors to small saving schemes,” said a senior government official.

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First Published: Mar 28 2023 | 10:59 PM IST

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