{"id":11255,"date":"2019-05-03T07:14:19","date_gmt":"2019-05-03T01:44:19","guid":{"rendered":"https:\/\/www.apnaplan.com\/?p=11255"},"modified":"2020-01-02T18:03:36","modified_gmt":"2020-01-02T12:33:36","slug":"post-office-rd-interest-rate","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/post-office-rd-interest-rate\/","title":{"rendered":"Post Office RD Interest Rate 2020"},"content":{"rendered":"\n

Post Offices like banks offer RD (Recurring Deposits)<\/strong> and offer very competitive interest rates and is backed by Government of India. The post gives the details about the same.<\/p>\n

Post Office RD Interest Rate<\/h2>\n

As with all other Small Saving Schemes like PPF, SCSS, Post Office RD rates are also declared every quarter. The Post Office RD Interest Rate for 2020 (Jan to Mar) are 7.2%. <\/strong>Interests are compounded quarterly<\/strong> under this scheme. There is no additional interest for senior citizens.<\/p>\n

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Also Read: <\/strong>7 High Rated Companies Offering more than Bank Fixed Deposits<\/a><\/p>\n<\/blockquote>\n

Post Office Recurring Deposit Scheme \u2013 Features<\/h2>\n

Who can open RD Account?<\/strong><\/span><\/p>\n

Any adult<\/strong> (more than 18 years of age) Indian can open Post Office RD Account<\/strong>. This can be either on one or joint names.<\/p>\n

Accounts can also be opened by minor with more than 10 years of age<\/strong> along with an adult (parents or legal guardian).<\/p>\n

NRIs are not eligible<\/strong> to open Post Office RDs.<\/p>\n

Nomination can be done<\/strong> at the time of account opening or afterwards.<\/p>\n

Post Office RDs still cannot be opened online<\/strong>.<\/p>\n

If required the account can be transferred from one post office to other<\/strong>.<\/p>\n

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Also Read:<\/strong> Should you invest in Small banks Fixed Deposits?<\/a><\/p>\n<\/blockquote>\n

Post Office RD Investment Rules:<\/strong><\/span><\/p>\n

The minimum investment amount is Rs 10\/month<\/strong> and there is no maximum investment limit <\/strong>(installment should be in multiples of 5).<\/p>\n

The tenure for Post Office RD is 5 years<\/strong> which can be extended by another 5 years.<\/p>\n

The money for initial deposit can be in cash, cheque or demand draft<\/strong>. However, in case of cheque or demand draft, the date of account opening is the day they get encashed.<\/p>\n

There is no limit to the number of RD accounts<\/strong> you can create in post office. Essentially each RD created is like different account.<\/p>\n

Premature withdrawal is allowed up to 50% of the balance after completion of 1 year.\u00a0<\/strong><\/p>\n

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Also Read:<\/strong> Kisan Vikas Patra – Double your money on maturity<\/a><\/p>\n<\/blockquote>\n

Penalty for missing Installment:<\/strong><\/p>\n