The customer can open the Recurring Deposit account by either paying in cash or cheque. Note:- Any number of account can be opened. 10000 deposit), 5.5(Annual Interest Rs. 100/- No Maximum Limit. Minimum INR 1000/- and in multiple of 100. How to transfer accounts and certificate? When there is no transaction in an SB account continuously for 3 financial years, the account will be treated as silent account.For revival, one application from the customer is required. Premature encashment is not permitted (except in case of death and forfeiture)., Metro Cities - 3 free transactions (Both Financial & Non Financial). 1,000, he would accrue a total of Rs. 1st Floor, Proms Complex, SBI Colony, 1A Koramangala, 560034. Moreover, such rebates are made available on a deposit equivalent to at least 6 instalments. Fund transfer between Post Office Savings Accounts. Are there any charges for the use of ATM Card ? Normal Premature closure will be allowed after completion of 18 years on the occasion of marriage (1 month before and 3 month from date of marriage). The Post Office Recurring Deposit is one of such savings schemes extended for the general public. Cheque books are issued in respect of Post Office Savings Account. Individuals who earn a fixed income but want to generate wealth over time may consider the Post Office RD Scheme effective and suitable. How can I activate Intra Operable netbanking /mobile banking ? The interest rate associated with Post-office recurring deposit is 7.2% per annum (compounded annually). Content owned and updated by Department of Posts, Ministry of Communications, Government of India. 60 monthly installments. At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active, else account became silent (Dorment), Minor after attaining majority has to apply for conversion of the account in his name, Intra Operable Netbanking/Mobile Banking facility is available, Online Fund transfer between Post Office Savings Accounts/Stop Cheque/Transaction View facility is available through Intra Operable Netbanking/Mobile Banking, Facility to link with IPPB Saving Account is available. These deposits earn interest as per applicable rate compounded on a quarterly basis. Remaining offices, HO will revive the accounts.If the balance in the silent account is less than minimum, then INR. RD comes handy as it helps to save a fixed amount each month. There is no provision. Post Office recurring deposit scheme is a government-backed scheme that offers guaranteed returns. An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits, A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife). What is the premature withdrawal facility on Post Office Recurring Deposit? 1000/- and in multiples of Rs. Mutual Funds Intro Agent Login. However, a minor above the age of 10 years would be able to operate their account jointly with their guardian. You can open an RD account either with a bank or a post office. NSC will be issued in the shape of Passbook w.e.f. Voter’s ID card 4. Cancellation or change of nomination –Rs. For this death certificate and consent statements of all legal heirs are required. You can then trade most securities. 10 for 6 month and Rs. Under the rebate system, Mr. Pandey is entitled to avail a rebate of Re. Recurring deposit (RD) is a popular savings scheme. The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007. TD account can be extended by giving an application in account office, Interest shall be payable annually, No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder, The annual interest may be credited to the savings account of the account holder at his option, Premature encashment not allowed before expiry of 6 month, If closed between 6 month to 12 month from date of Opening, Post Office Saving Accounts interest rate will be payable. Post Office like Banks offer Recurring Deposit. The Recurring Deposit account is transferable from one post office to the other. Generally, recurring deposit in a bank can be opened for any tenure between 6 months and 10 years while the recurring deposit in post office is for a term of 5 years. With this online tool, individuals only need to enter the deposit amount, … Charges in respect of different types of ATM transactions are given below., Free transactions at other bank ATMs (Per month), Charges after free transactions at other bank ATMs. Company/Local Authority. On the occasion of marriage of girl child after age 18. What is the rebate facility on Post Office recurring deposit? Minimum balances in respect of different types of account is given below. View/Print of transaction details of all Small Savings Schemes linked account of the customer. The application may be given in either of the offices. Joint account can be opened with spouse only and first depositor in Joint account is the investor. 10 per registration, Issue of cheque book in Savings Bank Account – No fee for upto10 leafs in a calendar year and thereafter at Rs. -> This account can be opened for maximum of two girls in a family. 1.5 Lakh as per annum tax exemption under this section. How does taxation apply to a Post Office RD account? But, think of the higher returns that it offers as opposed to bank RDs.