Open account with just Rs 100 and enjoy 5.8% interest p.a.; know maturity, rebate and more details of this scheme from India Post

India Post Recurring Deposit Interest Rates: Those who are looking for savings option must be aware of the 5-Year Post Office Recurring Deposit Account (RD) from India Post. The customers can open the account with a minimum sum of Rs 100. In case of further details and queries, the interested individuals. In case of any further details, the interested customers can login to the official website of India Post at indiapost.gov.in.

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"Post Office Recurring Deposit Account is a 5 year tenure account. It is a great financial tool for disciplined savings. For more information, see: cutt.ly/MxLVlZA," India Post has recently tweeted from its official Twitter handle.

डाकघर आवर्ती जमा खाता एक 5 वर्षीय अवधि खाता है। अनुशासित बचत के लिए यह एक बेहतरीन वित्तीय साधन है। अधिक जानकारी के लिए, देखें: https://t.co/cLiIz0aRCJ#AapkaDostIndiaPost pic.twitter.com/B3YQFAEvEi

— India Post (@IndiaPostOffice) February 21, 2022

 
Account opening and interest rate

As said earlier, the minimum amount required for opening the account under this scheme is Rs 100. One can pay any amount in multiples of Rs 10 per month. The interested rate for the scheme is 5.8​ per cent per annum which is quarterly compounded.

Account can be opened by cash/cheque and in case of cheque the date of deposit shall be date of clearance of cheque. The interested individuals must know that the subsequent deposit willl be made up to 15th day of month, if account is opened up to 15th of a calendar month. Also, the subsequent deposit shall be made up to last working day of month, if account is opened between 16th day and last working day of a calendar month.

Who can open?

The people who are eligible for opening an account are as follows:
i) a single adult
ii) Joint Account (up to 3 adults) (Joint A or Joint B)
iii) a guardian on behalf of minor
iv) a guardian on behalf of person of unsound mind
iv) a minor above 10 years in his own name.

Maturity

There are certain features of the account with maturity. These are as follows:

i) 5 years (60 monthly deposits) from the date of opening.
ii) Account can be extended for further 5 years by giving application at concerned Post Office. Interest rate applicable during extension will be the interest rate at which account was originally opened.
iii) Extended account can be closed any time during the period of extension. For completed years, RD interest rate will be applicable and for period less than a year, PO Savings Account interest rate will be applicable.
iv) RD account can be retained up to 5 years from the date of maturity without deposit also

Advance deposit and rebate

The interested customers must also know about the rebate facilities with advance deposits. These are as follows:

i) If an RD account is not discontinued can made advance deposit up to 5 years in an account.
ii) Rebate on advance deposit of at least 6 installments (inclusive of month of deposit), for Rs. 100 denomination rebate Rs. 10 for 6 month , Rs. 40 for 12 month
iii) The advance deposit may be made at the time of opening of the account or any time thereafter.