Post Office Recurring Deposit Account
Post Office Recurring Deposit Account is one the post office scheme which can be opened at minimum amount of Rs. 10 / month at the interest rate of 8.4% per annum (quarterly compounded). For ex. If you invested Rs. 20 / Month for 5 years, the amount will be Rs. 1493.06 after maturity.
From 1.4.2016, interest rate is 7.4% per annum (quarterly compounded).
Minimum and Maximum amount to be deposited
The minimum amount to be deposited is Rs. 10 per month or any amount in multiple of Rs. 5 . There is no maximum limit for investing in Post Office Recurring Deposit Account. There is rebate on advance deposit at least 6 installments.
If installment missed on prescribed day, there will be fine of 5 Paisa on every 5 rupees. After 4 consecutive missed installments, account will be discontinued and can be revived in two months. If account can’t be revived in these two months, no further deposit can be made further.
Withdrawal facility is availed, after 1 year from the account opening. One withdrawal upto 50% of the balanced amount is allowed.
Interest Rate on Post Office Recurring Deposit Account
The interest rate (from 1.4.2014) on Post Office Recurring Deposit Account is 8.4% per annum (quarterly compounded).
Maturity Period of Post Office Recurring Deposit Account
The maturity period for RD scheme is 5 Years. After that it can continued for 5 Years on yearly basis.
About Account Opening
Account opened in a post office can transferred to another post office. Any number of account can be opened in any post office.
Account 1) can be opened single holder 2) Can be opened in the name of minor 3) Can be opened jointly by two adults.
Single account can be converted into joint and vice versa. Nomination facility is available at the time of opening and also after opening of account.
click here for Post Office Recurring Deposit Account Interest Calculator
For more info about India Post Office RD Scheme
Click here http://www.indiapost.gov.in/RecurringDeposit.aspx
Tags: best schemes in India, Bharatiy Daak, Bharatiy Daak Schemes, Government schemes in India, India Post Office RD Scheme, India Post Office Recurring Deposit, India Post Office Schemes, India RD Scheme, Post Office Recurring Deposit, Post Office Recurring Deposit Account Interest Calculator