A recurring deposit saving scheme is provided by the post office, and is one of the best options to conventional fixed deposit saving vehicles. You have to deposit a lump-sum amount all at once under a fixed deposit and you get a fixed rate of return against the invested corpus. You can only break it after the maturity period if you open an FD account, otherwise you will be levied a penalty. You can address some of the pitfalls of the FD account under recurring deposit. For people wanting investment options for short-term financial targets, recurring deposits in post offices are a strong choice. Even your RD account can also be transferred from one post office to another. The one-five-year term deposits will receive interest rates in the range of 5.5-6.7% to be paid on a quarterly basis, whilst the five-year recurring deposit interest rate will be fixed at 5.8%.
DakPay Digital Payments App
The government recently released the DakPay app for digital payments. The post office and IPPB users can also make use of this. The digital financial and supported banking services offered by India Post and IPPB are provided by DakPay. It also supports applications such as money sending, QR code scanning and electronic payment for services and retailers. It will also deliver interoperable financial facilities for every bank in the country for subscribers.
Steps to deposit money online in post office RD account
- Add or transfer money from your current bank account to your IPPB account
- Mow to the ‘DOP Products’ section and select ‘Recurring Deposit’
- Enter your RD account number and then DOP customer ID
- Opt the instalment duration and amount
- IPPB will inform you of the successful transfer of payments made via the mobile IPPB application.
- You can choose from different investment options offered by India Post for post office and make regular deposits via the standard savings account of IPPB online.
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