Post Office National Savings Recurring Deposit Account: This is a recording deposit (RD) scheme which can also be interpreted as post office RD. In this, you also get better returns and money is also safe.
Post Office National Savings Recurring Deposit Account: If you do not have much money for saving (Savings), then it does not matter. You can also save and create huge capital by just investing 100 rupees every month. Not only this, you can also take a loan if needed. Yes, Post Office gives you this special opportunity. A special saving scheme of the post office is the Post Office National Savings Recurring Deposit Account i.e. Post Office National Savings Recurring Deposit Account. This is a recording deposit (RD) scheme, which can also be understood as a post office RD. In this, you also get better returns and money is also safe.
Post Office RD
The Post Office National Savings Recurring Deposit Account is a small installment, good interest rate and government guaranteed scheme. In the post office, the account of this recording deposit (Post Office RD) is opened for five years. For nothing less than this. Although banks provide RD account facility for six months, a year, two years, three years etc. In this, the interest calculus on the money deposited is every quarter (at the annual rate) and it is added to your account (including compound interest) at the end of every quarter.
Current interest rate on Post Office RD
According to India Post’s website, 5.8 percent interest is currently being received on RD scheme. This new rate is applicable from 1 April 2020. The government of India announces the interest rate of all its small savings schemes every quarter.
Investment starts with a minimum of 100 rupees.
You can also invest a minimum of Rs 100 every month in this RD scheme. You can deposit any amount in multiple of 10 more than this. There is no limit on the maximum deposit amount. Any amount in ten multiple can be deposited in RD account.
Who can open RD Office (Who can open RD account)
Any person can open as many RD accounts as he wants in his name. There is no restriction on the maximum number of accounts. Yes, be aware that the account can only be opened in person, not in the name of the family (HUF) or the institution. Two adult persons can also open a joint RD account together. An already opened personal RD account can be converted into a joint account at any time. Conversely, an already open joint RD account can also be converted into a personal RD account at any time.
When can the RD account be closed
If you do not deposit the RD installment by the due date, then with the late installment you will have to pay a penalty of one percent every month separately. Also, if four consecutive installments were not deposited, the account will be closed.
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