post office savings rd accounts postoffice: Post Office Customers Do Not Make This Mistake!

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The RD account at the post office is the most popular investment scheme. These schemes, also known as recurring deposit, can provide a steady return to customers. In such investment schemes you can get the maturity amount with interest if you save the amount in monthly installments. Interest rates are charged for RD accounts at banks and post offices depending on age, type of account selected and maturity period.

The minimum term of RD accounts at the Post Office is 5 years. There is no limit to the maximum amount that can be invested. It offers investors an interest rate of 5.8% per annum. The maximum term of this account is 10 years. Extended RD accounts after 5 years will continue to earn interest on a quarterly basis.

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That is, after opening the account and opening the account, if due to unavoidable reasons, the monthly installment cannot be deposited in this account, the concerned bank or Bose office may charge you a penalty. A fine of Rs 1 is imposed for every 100 rupees. When the RD account is reopened the account holder associated with the lost savings will have to pay this penalty. In such a situation, if the account holder does not wish to re-open the RD account, the Post Office will enforce the advance withdrawal rule and charge interest accordingly.

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If the amount is not paid for more than 4 months, the account will be closed after declaring the account holder concerned as non-payer. If the account is closed for such reasons, the account can be re-opened within 2 months of payment of the balance for the next month (fifth month). This is a loss you do not need.

So you always have to pay the first installment when you open the RD account. And monthly deposits based on that date must be paid before the due date. Investors who open an account between the 1st and 15th of a particular month must make a monthly deposit before the 15th of the following month. For accounts opened after the 15th, the deposit must be made before the 16th and before the last day of the month.

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