Post Office RD: If you do not want to close the RD, but due to some reason the account has been closed, then you can start it again. Know here what is the Revival Process of the closed account.
Post Office RD is for 5 years. Whenever you open an RD account, at the same time the date is fixed for paying the installment of RD. If you do not pay this installment on time, then you have to pay a penalty. But when you are unable to deposit four consecutive installments of RD, then your RD account is closed. But if you do not want to close the RD, but due to some reason the account has been closed, then you can start it again. Know here what is the Revival Process of the closed account.
Restart the closed account like this
To restart the closed account of RD, the customer has to apply. But you have to give this application within two months from 4 defaults. If during this period you do not apply to restart the account and 4 defaults are completed, then the account is closed completely. To restart a closed RD, you first have to deposit the outstanding installments of the previous month along with penalty.
Fixed interest is not given on premature closure
Post Office RD cannot be closed before 3 years. If you close the post office account even a day before the maturity period, then you are not given the interest of RD, but you are given interest equal to that of Post Office Savings Account. Currently, 4% interest is being given on Post Office Savings Account. Whereas the RD interest rate is 6.7 percent.
Who can open an RD account
Any person who is 18 years of age can open an RD account for himself in the post office. At the same time, the guardian of the child can open this account in his name. If the child is above 10 years of age and can sign a document properly, he can open a Post Office RD account in his own name. Apart from this, two or three people can also open a joint RD account for themselves.
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