Post Office Recurring Deposit: Steps To Open Account and Make Deposits
Here's how you can open a post office RD account, close it, deposit money via mobile banking, and more.
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A recurring deposit (RD) is one of the most trusted and favoured investment options by customers for regular savings. People generally opt for RDs because they are safe and have minimum risks involved. Here's how you can open a post office RD account.
Post Office Recurring Deposit: How To Open
An RD can be opened at a post office near you, provided you have a savings account there. However, RD accounts can also be opened online through net banking.
If you are physically going to the post office to open an RD account, you will have fill a form and submit it at the branch, along with your KYC documents and deposit slip.
Post Office Recurring Deposit: How To Open an Account Online
If you are an investor looking to open a post office RD account, here's a step-by-step procedure by which you can do it:
Visit e-banking at https://ebanking.indiapost.gov.in.
Enter your official credentials, such as user ID and password, to log in.
Navigate to the tab that reads 'General Service' on the main menu and then click on the 'Service Request' option.
Next, under the 'Service Request' tab, click on the 'New Requests' option.
Click on the option that reads, 'RD Accounts- Open an RD Account'.
You will now be redirected to a new page, wherein you must enter the required details.
Once done, click on 'Submit' and verify the details on the next page.
Enter the 'Transaction Password' asked, and your RD form will be completed.
Your RD account details, along with its maturity date and amount to be deposited periodically, will be displayed on your screen.
Take a printout for future reference.
Post Office Recurring Deposit: How To Make Payment via Mobile Banking
Customers can make deposits to their post office RD accounts via mobile banking, using the India Post Payments Bank (IPPB) application, once they have signed up for the Digital Savings Account.
The IPPB app enables users to make monthly RD payments into the account online, along with several other options.
Post Office Recurring Deposit: Important Details
The minimum amount for a monthly deposit in a post office RD account is Rs 100.
Interest rates of 5.8 per cent per annum, compounded quarterly, beginning on 1 April 2020, are applicable.
The account matures after 5 years (60 monthly deposits) from the date of opening.
Post Office Recurring Deposit: Steps To Close Account Prematurely
An RD account can be prematurely closed after three years from the date of opening.
In such a scenario, customers will need to submit the prescribed application form at the required post office.
However, customers must note that if they close the account prematurely, the PO Savings Account interest rate will be applicable.
Additionally, no premature closure of the account shall be allowed until the period for which the advance deposits have been made.
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