Business

Post Office RD: Changed rules for final settlement on maturity, check details before investing

Post Office RD Scheme: A person can invest in this special scheme of the post office with an amount of at least Rs 100, the Post Office Recurring Deposit Scheme is guaranteed by the government and can be invested in small installments.

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  • Updated On – 8:54 am, Sun, 26 September 21Edited By: Sanjeet Kumar
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Post Office scheme is a safe and reliable investment, which is an alternative to Fixed Deposit Accounts or Savings Accounts offered by banks.  You can choose either the Post Office Savings Scheme or the Post Office Recurring Deposit Scheme which gives you the risk-free benefits over time.

Post Office scheme is a safe and reliable investment, which is an alternative to Fixed Deposit Accounts or Savings Accounts offered by banks. You can choose either the Post Office Savings Scheme or the Post Office Recurring Deposit Scheme which gives you the risk-free benefits over time.

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While one can invest in Post Office Recurring Deposit Scheme with an amount as low as Rs 100, there are many other schemes where investing more money can yield higher returns.  In addition, this scheme allows investors to withdraw up to 50 per cent of their deposits after one year of opening a recurring deposit account with the post office.

While one can invest in Post Office Recurring Deposit Scheme with an amount as low as Rs 100, there are many other schemes where investing more money can yield higher returns. In addition, this scheme allows investors to withdraw up to 50 per cent of their deposits after one year of opening a recurring deposit account with the post office.

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The Post Office Recurring Deposit Scheme is guaranteed by the government and can be invested in small installments.  Good interest is available in this scheme.  As compared to savings account or bank fixed deposit account where you can choose the scheme tenure from multiple options.  The post office recurring deposit account is for a fixed period of five years.  The scheme offers an attractive interest rate of 5.8 per cent, with effect from April 1, 2020.

The Post Office Recurring Deposit Scheme is guaranteed by the government and can be invested in small installments. Good interest is available in this scheme. As compared to savings account or bank fixed deposit account where you can choose the scheme tenure from multiple options. The post office recurring deposit account is for a fixed period of five years. The scheme offers an attractive interest rate of 5.8 per cent, with effect from April 1, 2020.

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A person can take a loan even after depositing 12 installments in the RD account of the post office and keeping the account operational for 1 year.  The maximum loan amount that can be availed is 50% of the balance amount in the account.  This loan can be repaid in a lump sum or in equated monthly installments.  The interest rate applicable on this loan is 2 percent more than the RD interest rate.

A person can take a loan even after depositing 12 installments in the RD account of the post office and keeping the account active for 1 year. The maximum loan amount that can be availed is 50% of the balance amount in the account. This loan can be repaid in a lump sum or in equated monthly installments. The interest rate applicable on this loan is 2 percent more than the RD interest rate.

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A person can take a loan even after depositing 12 installments in the RD account of the post office and keeping the account operational for 1 year.  The maximum loan amount that can be availed is 50% of the balance amount in the account.  This loan can be repaid in a lump sum or in equated monthly installments.  The interest rate applicable on this loan is 2 percent more than the RD interest rate.

A person can take a loan even after depositing 12 installments in the RD account of the post office and keeping the account active for 1 year. The maximum loan amount that can be availed is 50% of the balance amount in the account. This loan can be repaid in a lump sum or in equated monthly installments. The interest rate applicable on this loan is 2 percent more than the RD interest rate.

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The Post Office has recently amended its RD Account Settlement Rules after receiving several representations from RD account holders.  Hence, henceforth, post offices which are Core Banking Solution or CBS enabled will deduct the outstanding RD loan/interest amount from the mature RD account instead of collecting the outstanding loan amount from the depositor.

The Post Office has recently amended its RD Account Settlement Rules after receiving several representations from RD account holders. Hence, henceforth, post offices which are Core Banking Solution or CBS enabled will deduct the outstanding RD loan/interest amount from the mature RD account instead of collecting the outstanding loan amount from the depositor.

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Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

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Shehnaz Ali
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

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