PO RD Account: Account for just Rs 100, compound interest every 3 months

PO RD ACCOUNT: If you want to save some amount from your hard earned money and deposit it somewhere and want your money to be safe then opening a Post Office Recurring Deposit Account is the best option. The biggest feature of this scheme of postal department is that while depositing money in it, customers will get compound interest every three months and you can open an account with Rs.100. If you deposit money continuously for five years, you can accumulate a good amount. Let's know about this scheme of postal department. How much interest is paid on Post Office Recurring Deposits? According to India Post, the official website of the Indian Postal Department, the government has revised the interest rates for deposits in recurring deposit accounts on January 1, 2024. As per the new rule, customers earn 6.7 percent interest compounded every three months on recurring deposits. Any Indian citizen can open a recurring deposit account by paying just Rs 100 at the post office. There is no maximum limit for account opening and deposit. Who can open a Post Office Recurring Deposit Account? According to the India Post website, any adult citizen of India can open a checking account with a post office. If a person is a minor, the account is opened in the name of his parent or guardian. If someone is mentally weak, the account is opened in the name of the guardian. A minor above 10 years of age can open an account in his own name. Fixed deposit account can be opened with any number. In this, customers are also given the facility to open a joint account for more than one, two or three people. How to open a Post Office Recurring Deposit Account? According to India Post, the official website of the postal department, a recurring deposit account can also be opened by paying in cash or by cheque. Provided that in case of payment by cheque, the date of deposit in the customer refund account shall be treated as the date of clearance of the cheque. A minimum of Rs. 100 or more can be deposited into a recurring account in multiples of Rs.10 every month. If the account is opened before the 15th of the calendar month, the next deposit will be made by the 15th of the month. If the account is opened between the 16th and the last working day of the calendar month, subsequent deposits will be made up to the last working day of the month. How much discount is available for depositing in recurring account? The special feature of Postal Recurring Deposit Scheme is that you can also make advance payments into this account. According to the information given on the website of the postal department, if the fixed deposit account is not closed, the account can be prepaid for five years. If a customer makes an advance deposit of six months, on a value of Rs 100, he will get a discount of Rs 10 for 6 months and Rs 40 for 12 months. Advance deposits can be made at the time of account opening or any time thereafter. Is there a loan facility in the recurring deposit account? According to the website of the Department of Posts, if the customer's recurring deposit account is not closed and deposits 12 consecutive installments, 50 percent of the remaining deposit amount can be taken as a loan. This loan can be taken in lump sum or in installments. The Department of Posts applies 2 percent or the interest rate on recurring deposits to loans from recurring deposit accounts. Interest is calculated from the date of withdrawal of the loan amount till the date of repayment. If the loan is not repaid by the due date, the loan plus interest will be deducted from the maturity amount of the RD account. Also Read: Smallcap Penny Stocks Give Investors Bumper Returns, Check Top 10 List PO RD Account: Account for just Rs 100, compound interest every 3 months.