​​​​​​Post Office Saving Schemes

Post Office Saving Schemes

5 - Year Recurring Deposit Account​

  • Account can be opened by cash/ Cheque and in case of Cheque the date of deposit shall be date of presentation of C​heque.
  • Nomination facility is available at the time of opening and also after opening of account.
  • Account can be transferred from one post office to another.
  • Any number of accounts can be opened in any post office.
  • Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
  • Joint account can be opened by two adults.
  • Subsequent deposit can be made up to 15th day of next month if account is opened up to 15th of a calendar month and up to last working day of next month if account is opened between 16th day and last working day of a calendar month.

*If in any RD account, there is monthly default amount , that the depositor has to first pay the defaulted monthly deposit with default fee and then pay the current month deposit. This will be applicable for both CBS and non CBS Post offices.

  • There is rebate on advance deposit of at least 6 installments.

Single account can be converted into Joint and Vice Versa.

Minor after attaining majority has to apply for conversion of the account in his name.

  • One withdrawal up to 50% of the balance allowed after one year.

Full maturity value allowed on R.D. Accounts restricted to that of INR. 50/- denomination in case of death of depositor subject to fulfillment of certain conditions.

In case of deposits made in RD accounts by Cheque, date of credit of Cheque into Government accounts shall be treated as date of deposit.

From 1.04.2017, interest rates are as follows:-

7.2% per annum (quarterly compounded)

On maturity INR 10/- account fetches INR 723.14. Can be continued for another 5 years on year to year basis.

Recurring Deposit details
​Type of Account Minimum Deposit Maximum Deposit
Individual Account INR 10/- per month or any amount in multiples of INR 5/-No limit.

​​If subsequent deposit is not made up to the prescribed day, a default fee is charged for each default, default fee @ 0.05 rupees ​for every 5 rupee shall be charged. After 4 regular defaults, the account becomes discontinued and can be revived in two months but if the same is not revived within this period, no further deposit can be made.