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One of my post office MIS account (Rs. 45000) has matured last week. When I went to submit the MIS passbook for depositing the amount in my (post office) saving account, the sub post master asked me to submit photostat copy of my PAN for KYC purpose. They want to send this information to IT department.   My querries are:

1. Whether KYC/PAN is needed for post office MIS amount withdrawal? As such the amount is not withdrawn in cash,but it is transferd to my savings account.

2. I heard that PAN is needed only when the amount to be deposited ( and not withdrawn?) is above Rs. 50,000 and that one also in cash.

3. Should I submit the PAN to the post office for any MIS withdrwal purpose?

Please give your expert opinion at the earliest, if possible with government gazzette or any other authentic notifications.



asked in Indian Post Office Schemes by (120 points)

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1 Answer

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PAN card is mandatory for all financial transactions and as to maintain KYC norms. Post office / banks / or any other financial organization has full right to ask for your PAN number. It's for their records.

You should not hesitate in giving PAN number unless it is black money.

If it is your hard earned money and you're going to show this income in your ITR, why're your hesitating in giving PAN number?

answered by (48.8k points)

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