INSUBCONTINENT EXCLUSIVE:
The post office RD account comes with a maturity period of five years.India Post - which operates a network of more than 1.5 lakh post
Interest rates on post office saving schemes move in line with the government's interest rates on small savings schemes, which are revised
One such savings scheme offered by India Post is recurring deposit or RD account
The recurring deposit account offers an interest rate of 7.2 per cent per annum, compounded quarterly, according to India Post's
In case of cheque, the date of deposit is the date of presentation of cheque, according to the India Post website
office RD account comes with a maturity period of five years, and can be continued for another five years on year to year basis, according
to the India Post website.Premature withdrawalOne withdrawal up to 50 per cent of the balance is allowed after one year
However, it should be repaid in lump-sum along with interest at the prescribed rate at any time during the currency of the account.Late
payment chargesThe monthly deposits should be credited on any day of the month
Non-payment of a monthly instalment leads to a default
A default fee of five paise is charged for every five rupees
If in any RD account, there is monthly default amount, the depositor has to first pay the defaulted monthly deposit with default fee and
then pay the current month deposit, according to the India Post website.Get Breaking news, live coverage, and Latest News from India and
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