Commercial offer

5-Year Post Office Recurring Deposit Account (RD)

2:40 AM

Interest payable, Rates, Periodicity etc.

Minimum Amount for opening of account and maximum balance that can be retained

From 01.07.2019, interest rates are as follows:-

7.2 % per annum (quarterly compounded)
On maturity INR 10/- account fetches INR 725.05 . Can be continued for another 5 years on year to year basis

Minimum INR 100/- per month or any amount in multiples of INR 10/-. No maximum limit.

Salient features including Tax Rebate

Account may be opened by
(i) a single adult
(ii) Joint Account (Maximum 3 adults)
(iii) Minor above 10 years of age
(iv) A guardian on behalf of a minor/Person of unsound mind
Account can be opened by cash / Cheque and in case of Cheque the date of deposit shall be date of clearance of Cheque

Saving Money

Nomination facility is available at the time of opening and also after opening of account
Account can be transferred from one post office to another
Any number of accounts can be opened in any post office
Subsequent deposit can be made up to 15th day of next month if account is opened up to 15th of a calendar month and up to last working day of next month if account is opened between 16th day and last working day of a calendar month
If subsequent deposit is not made up to the prescribed day, a default fee is charged for each default, default fee @ 1 Rs for every 100 rupee shall be charged. After 4 regular defaults, the account becomes discontinued and can be revived in two months but if the same is not revived within this period, no further deposit can be made
*If in any RD account, there is monthly default amount , the depositor has to first pay the defaulted monthly deposit with default fee and then pay the current month deposit. This will be applicable for both CBS and non CBS
There is rebate on advance deposit of at least 6 installments, Rs. 10 for 6 month and Rs. 40 for 12 months Rebate will be paid for denomination of Rs. 100
Minor after attaining majority has to apply for conversion of the account in his name
One withdrawal up to 50% of the balance allowed after one year. It may be repaid in one lumpsum along with interest at the prescribed rate at any time during the currency of the account
Online Deposit facility is available through Intra Operable Netbanking/Mobile Banking
Online Deposit facility is available through IPPB Saving Account