Post Office Recurring Deposit Scheme

Post Office Recurring Deposit Scheme

Post Office Recurring Deposit Interest Rates April to June 2021 is 5.Eight%. RD Scheme is a scientific financial savings plan, in which you can deposit your money for a precise term and earn interest on that. You need to invest an identical amount of sum for a minimum period of 60 months. 5 years put up workplace habitual deposit scheme lets in you to earn constant but guaranteed interest to your investment.

Though banks also provide habitual deposit debts, but, Post Office RD is a greater famous saving device in rural and suburban areas. The hobby is compounded quarterly in a PORD account. As a end result, you get a higher interest price as compared to many different small financial savings schemes.

In this newsletter I will speak about the entirety approximately Post Office RD like:

Post Office RD Interest Rate
Where Can You Open an Account
How to Open an RD in Post Office
Important Features
Online Payment Rules
Minimum and Maximum Deposit Limit
post office habitual deposit scheme interest rate 2021 rd account
Post Office RD Scheme
Post Office RD Interest Rate 2021
Post Office five 12 months recurring deposit account (PORD) offers an hobby rate of five.Eight% according to annum. The hobby is compounded quarterly. As a result, you may relaxation confident that the cash is elevated at the time of maturity.

The interest fees are fixed periodically. Therefore, make sure to test the current interest price of publish office routine deposit, before opening an account.

Where Can You Open an Account?

You can open the account in any of your nearest/ preferred publish workplace.

Documents Required for Post Office Recurring Deposit
The needed files for opening an account are:

An account beginning shape from your nearest publish workplace
Two passport length images
Address and identification evidence including the Aadhaar card, passport, using license, voter ID card, ration card, PAN card, or assertion in Form 60 or sixty one as in line with the Income Tax Act, 1961
How to Open an RD in Post Office?
First of all, collect the documents referred to above.

Also, deliver the original identification proof for verification on the time of account beginning. Fill up the form carefully and provide nominee information. Finally, get a witness signature and complete the process to get started.

Post Office Recurring Deposit Features
An account can be opened via coins best.
One account may be opened in a single put up office.
To keep the account lively, it’s far important to have as a minimum one transaction (either deposit or withdrawal) in three financial years.
You have the choice to transform a Single account right into a Joint and Vice Versa.
Two or 3 adults can open a Joint account collectively.
Cheque facility may be taken in an present account additionally.
Nomination facility is to be had at the time of opening and additionally after beginning of the account.
You can switch your RD account from one submit workplace to every other.
The account can be opened inside the call of a minor. Also, a minor of 10 years and above can open and operate the account.
Minors need to apply for conversion of the account in his/ her call after accomplishing a majority.
Customers are allowed to deposit and withdraw thru any electronic mode in CBS Post offices.
Also Check: Post Office Monthly Income Scheme (MIS): Interest Rates 2021, Maturity Calculator, Premature Withdrawal Rules

Post Office Recurring Deposit Tax Benefit
Recurring Deposit schemes are not eligible for tax exemption.

Post Office Recurring Deposit (RD) Online Payment
Post workplace RD on line price is not but viable besides thru Electronic Clearing Service (ECS). Hence, you may use ECS to pay the quantity. Furthermore, if you have an agent, he or she can use the put up workplace agent portal and do the online price for you.

Minimum and Maximum Deposit in Post Office RD Account

The minimal quantity to deposit in Post Office RD is Rs.10 and it must be in multiples of Rs.5, later on.

No such maximum restriction specified, as of now.

FAQs on Post Office RD Scheme
Can I open post workplace ordinary deposit online?

No, this facility is not but to be had. Therefore, you want to open an account inside the put up workplace itself.

What is the maturity price of put up workplace RD?

The maturity period is of five years where you want to deposit 60 installments of same month-to-month sums. You can use the submit workplace habitual deposit adulthood calculator to calculate the adulthood quantity.

What is the tenure of post office recurring deposit untimely closure?

Premature closure is permissible after expiry of three years. Furthermore, the interest fee applicable to post workplace savings account will be payable in this situation.

Is put up workplace RD untimely withdrawal viable?

Premature withdrawal of recurring deposits in the submit workplace is feasible after 3 years. Also, one withdrawal of 50% of the balance is authorized after three hundred and sixty five days.

What are the late charge expenses?

Monthly deposit quantities can be credited on any day of the month. Due to any reason, if the month-to-month installment isn’t always credited for any precise month, then it’ll be considered as a default. The amounts for that month may be credited with a penalty of 0.20 paise for Rs. 10/- (for each month of default). And, a most of 4 defaults is allowed.

Hope you may locate the thing beneficial. Please sense loose to share your queries and reviews, if any. Also, don’t neglect to proportion this text together with your pals who would possibly need to open an account underneath the Post Office Recurring Deposit scheme.

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