ବିଏସ୍‌କେୱାଇ ବଞ୍ଚିତଙ୍କୁ ମିଳିବ "ନବୀନ କାର୍ଡ'

 Post Office Recurring Deposit Scheme Interest Rates in 2021

Year Post Office Recurring Deposit Account- Scheme & Features

Interest Rate

Post office RD offers a very attractive rate of interest of 5.8​ % per annum (quarterly compounded). The rates are subject to review by RBI. The present rates are effective from April 1, 2020.

Deposit:

One can open the RD account with minimum contribution of Rs 100 per month. There is no maximum limit. The amount should be in multiple of 10.

The deposit is made by cash/cheque. The date of deposit shall be date of clearance of cheque.

The monthly deposits should be made by 15th of each month, if account is opened between 1st or 15th of a calendar month.

The monthly deposits should be made by last working day of each month, if account is opened between 16th to last working day of the month.

Eligibility for Types of Post Office RD Schemes

The account can be opened by Indian nationals. The different types of Post Office RDs are:

An individual (a single adult account)

Joint Account (up to 3 adults can open together)

A guardian can open the account on behalf of minor child

A guardian can open for person of unsound mind

A minor child above 10 years can also open PO RD account in own name

There is no limit on number of accounts.

Default:

All deposits should be made in time. A delay or default will attract subsequent late charge @ 1 rupee per Rs 100. Thus if Rs 5000 deposit is not for a month, you will be expected to submit Rs 5050 + Rs 5000 the next month.

The account is discontinued after 4 regular defaults.

You can revive the account within two months after the 4th default.

There is also a provision of extending the RD due to defaults not more than 4 months.

Advance deposit:

You can make an advance deposit for up to 5 years in an account. It can be made at the time of account opening or any time thereafter.

You earn rebate for 6 months of instalments at a rate of Rs. 10 per Rs 100 for 6 months advance deposit, Rs. 40 per Rs 100 for 12 month advance deposit.

Loan facility:

After 12 successful deposits i.e. after 1 year, 50% of the balance can be availed as loan. To apply for loan, you are required to submit application along with passbook to the respective Post office.

The repayment can be made in lump-sum or EMIs.

Rate of interest is charged as 2% + RD interest rate.

The rate of interest on loan is estimated from date of withdrawal to date of repayment.

In case loan is not repaid till maturity, loan plus interest will be deducted from maturity amount.

 Premature Closure:

The RD Account can be closed prematurely after 3 years by submitting an application form at the respective Post Office. The scheme will earn PO Savings Account interest premature closures. In case of advance deposit, premature closure till the deposit duration is not allowed.

Tenure/ Maturity:

5 years or 60 monthly deposits

The account can be extended for next 5 years by submitting application at the respective India Post Office. Original Interest rate application for extended accounts.

Pre-closure rules will apply to extension period as before.

The account can be retained without additional deposits during extension period.

Repayment on death of account holder:

(i) The nominee/claimant should submit the claim at respective Post Office.

(ii) After sanction, he nominee/legal heirs can continue RD account after submitting application at the respective PO.

How are interest rates for Small Savings Schemes set?

Each quarter the government of India reviews interest rates on small savings schemes. The rates are set as per Shyamala Gopinath Committee which said that interest rates of various small saving schemes should be 25 bps to 100 bps higher than the yields of government bonds of similar maturity.

Interest rates for all Small Saving Schemes

S.No. Instrument/ Small Saving Scheme Rate of interest(w.e.f April 1, 2020 to December 31, 2020) Compounding Frequency*

1

Post Office Savings Account​​

4%

Annually

2

1 Year Time Deposit

5.5%

(Annual Interest Rs. 561 on Rs. 10000 deposit)

Quarterly

3

2 Year Time Deposit​​

5.5%

(Annual Interest Rs. 561 on Rs. 10000 deposit)

Quarterly

4

3 Year Time Deposit​​

5.5%

(Annual Interest Rs. 561 on Rs. 10000 deposit)

Quarterly

5

5 Year Time Deposit

6.7%

(Annual Interest R. 687 on Rs. 10000 deposit)

Quarterly

6

5 Year Recurring Deposit Scheme​​

5.8%

Maturity value for Rs. 100 RDs

After 5 Year, balance = 6969.67

After extension with deposit.

6 Year = 8620.98 7 Year= 10370.17 8 Year= 12223.03 9Year= 14185.73 10Year=16264.76

Quarterly

7

Senior Citizen Savings Scheme​​

7.4%

(Quarterly interest Rs. 185 on Rs. 10000 deposit)

Quarterly and Paid

8

Monthly Income Account​​

6.6%

(Monthly int. Rs. 55 on Rs. 10000 deposit)

Monthly and paid

9

National Savings Certificate (VIII Issue)

6.8%(Maturity Value Rs. 1389 for Rs.1000 deposit) Accrued Interest for IT purpose for Rs. 1000 Dn. 1stYear= Rs.68.00 2ndYear=Rs.72.62 3rd Year=Rs.77.56 4th Year=Rs.82.84 5th Year=Rs.88.47

Annually

10

Public Provident Fund Scheme​​

7.1%

Annually

11

Kisan Vikas Patra​​

6.9% (will mature in 124 months)

Annually

12

Sukanya Samriddhi Account Scheme​​

7.6%

Annually