Post Office Recurring Deposit If your post office RD has been closed due to non-payment of installment, then you do not need to worry. You can easily restart your RD.
For this you will have to pay some money as fine. Let us tell you that Recurring Deposit i.e. RD is considered to be the best way of saving even today. RD can be started anywhere at post office or bank. Post Office Recurring Deposit Scheme has a tenure of 5 years and is one of the most popular schemes. It is like a piggy bank, in which after depositing money continuously for five years, you get your total deposited money back with interest.
At present, the interest rate of 5.8 % per annum is being available on Post Office RD . If you are not able to deposit the installment of Post Office Recurring Deposit due to any reason by the stipulated last date, then penalty at the rate of 1% per month also has to be paid. At the same time, your account can be closed if several consecutive installments are not deposited. If your account has also been closed due to non-payment of installments, then you can apply for its revival, then it can be started again.
In case of resumption, you will have to first deposit the outstanding installments of the previous month along with the penalty. If you do not submit any application within a period of two months, it is closed completely. Whether you have opened the account before the 15th of the month or later, the date of your RD deposit is decided on this basis. If your account is opened by the 15th of any month, then you have to deposit your installments by the 15th in any case.
On the other hand, after opening the account after 15th, you can deposit your installment from 16th of the month till the last date of the month. But penalty can be imposed for non-payment of the installment within the stipulated period.
If you are not able to deposit the installments, then follow this method
If you feel that your financial condition is not a bit good and you may find it difficult to deposit the installments continuously for some time, then you can extend the maturity period of your account even further. But you have to do this work already. If you think of applying this option after not paying the installments for four months, then it will not happen. The extension of maturity period can be extended as much as the number of months you are not able to pay the installment.
Get a discount by depositing the installment in advance
If you want, you can also submit the RD in advance. This option is better for those who want to avoid the hassle of making monthly deposits. But you have to deposit at least six months advance installment. There is a discount of Rs 10 for every 100 on depositing 6 months advance installments and 40 rupees for every 100 on depositing one year’s installment together.
