Many Post Office Saving Schemes in the country are quite popular even today. Post Office’s five-year recurring deposit account (5-Year Post Office Recurring Deposit Account-RD) is included in these popular schemes.
But do you know that if four consecutive installments are not deposited in the Post Office RD, the account becomes Discontinue.
Account can be revived like this: According to the information given on the post office website, the account gets disconnected after four regular defaults. However, the account can be revived within two months of the fourth default. If the account is not revived within this period, then investments cannot be made in this account and the account becomes suspended.
How much interest is available: Any person can open an RD account in the post office with a minimum investment of Rs 100. The government announces the interest received on the small savings schemes of the post office before every quarter. Since April 1, 2020, the government has not changed the interest rates of these schemes. In this way, investment in this scheme currently gives an interest of 5.8 percent annually.
Who can open the account: According to the information given on the website of the Post Office, any single adult can open a Post Office RD Account. Maximum three adult joint accounts can be opened. Guardian can open this RD account on the minor’s Behalf. At the same time, a minor who is above 10 years of age can get an RD account opened in his name.
Account will mature in so many years: Post Office RD matures in five years. You can extend the account for another five years by applying to the respective post office.
