Quick Summary
The government has now made it mandatory for those investing over Rs 10 lakh in post office schemes to provide proof of source of funds. It has also brought all investments in post office schemes under stricter KYC/PMLA compliance rules to prevent misuse for terrorist financing/money laundering activities. The Department of Posts has directed post office officials to collect income proofs from certain categories of small savings schemes investors. The department made this announcement via a c
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FAQ :
Income proof is now mandatory for investments over £10 lakh in post office schemes to enhance KYC/AML/CFT compliance and prevent the misuse of funds for terrorist financing and money laundering activities.
Income proof is required for investments exceeding £10 lakh in post office schemes.
Accepted documents include bank/post office statements showing the source of funds, income tax returns from the last three financial years, sale deeds, gift deeds, wills, or any other document reflecting income or source of funds.
Customers are categorised as low risk (up to £50,000), medium risk (exceeding £50,000 up to £10 lakh), and high risk (exceeding £10 lakh). Politically Exposed Persons (PEPs) residing outside India are automatically placed in the high-risk category.
Yes, all investors, regardless of risk category, must provide two recent passport-size photographs, ID proof (Aadhaar and PAN), and address proof (Aadhaar/PAN or other officially valid documents). These documents must be self-attested.
Re-KYC is required every two years for high-risk customers, every five years for medium-risk customers, and every seven years for low-risk customers.
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