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National Savings Recurring Deposit Scheme
Introductory:
Post Office Recurring Deposit Scheme helps the small investors to form a capital to meet the future needs.
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An account can be opened by an adult in his own name or by two adults jointly.
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Guardian may open an account on behalf of a minor or a person of unsound mind.
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An account with minimum Rs. 10/- and any amounts in multiples of Rs. 5/- can be opened.
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There is no maximum limit.
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Rate of interest is notified by the government from time to time on quarterly basis and
Current Rate of Interest Payable and maturity value.
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Advance deposits can be made at the option of the depositor for 6 months or 12 months and earn rebate.
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Withdrawal to the extent 50% of the amount of existing balance is permissible after one year of the opening of account.
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Maturity value allowed on RD accounts restricted to that of ` 50/- denomination in case of death of depositor subject to fulfillment of certain conditions.
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An account can be continued with deposits or without deposits after maturity for another five years. Account can be closed prematurely after 3 years with simple interest at the rate of Post Office Saving Account.
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