Want To Set Up A Recurring Deposit Account In Post Office? All You Need To Know
India Post provides a range of financial services. India Post - under the Department of Posts - offers savings schemes at competitive interest rates compared with banks. One such savings scheme offered by India Post is a five-year recurring deposit account (RD), according to its website, indiapost.gov.in. The recurring deposit account offers an interest rate of 7.3 per cent per annum, compounded quarterly. The post office RD account comes with a maturity period of five years, and can be continued for another five years, according to the India Post website.
Here are five things to know about post office five-year recurring deposit (RD) account:
1. Account opening: Post office recurring deposit account can be opened by cash or cheque. In case of cheque, the date of deposit shall be date of presentation of cheque. A joint account can also be opened by two adults and a single account can be converted into a joint account, and vice-versa.
2. Amount: The minimum amount required for opening a recurring deposit account is Rs. 10 per month or any amount in multiples of Rs. 5, according to India Post. However, there is no upper limit on deposits.
3. Premature withdrawal: One withdrawal up to 50 per cent of the balance is allowed after one year. However, it should be repaid in lump-sum along with interest at the prescribed rate at any time during the currency of the account, said India Post.
4. Rebate: A customer can get a rebate on advance deposit of at least 6 instalments, according to India Post's portal.
5. Other facilities: The account can be transferred from one post office to another and nomination facility is also available at the time of opening and after opening of account.
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