Post Office RD Scheme 2024, Interest Rate Calculator, Eligibility and Return

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Post Office RD Scheme 2024: The Post Office has an investment plan for the Indian People who want to indulge in saving habits monthly. The RD scheme of the Post Office is a plan for the people. The person can decide a fixed amount that he wants to save monthly, quarterly in the RD scheme for 3 years or 5 years, etc. Then the  RD scheme in the Post Office will return the maturity amount after the completion of the time. We bring the complete details of the Post Office RD scheme below. 

Post Office RD Scheme 2024

The money saved with the Post Office is 100% secured. Everyone who has Indian Citizenship can apply for the RD Scheme in the Post Office. The RD Scheme of the Post Office is a great investment step that has no risk. You know in advance what will be the maturity of RD after that time. The interest rate of RD in the Post Office is disclosed to everyone. 

Post Office RD Scheme: Features

The major benefits and features of the Post Office RD scheme are listed below.

  • The applicants can open the Post Office RD account using a cash payment or cheque.
  • A person can open the Post Office RD with a minimum amount of Rs 100.
  • You can save the monthly installment for the Post Office RD on the 15th of each month.
  • There is no maximum limit on the maximum monthly amount you want to save in Post Office RD.
  • If you fail to pay the monthly installment in Post Office RD, there will be a penalty of Rs 01 for the amount of Rs 100. And in this case, you can pay the default month installment with the default fee.

India Post Office RD Advance Deposit

Many people have questions about the advance deposit for the Post Office RD scheme, check these points here.

  • The applicants can have an advance deposit for Post Office RD and you can advance deposit the amount for 5 years.
  • You will get the rebate for the advance deposit in Post Office RD.
  • The applicant can make the Post Office RD advance deposit at the time of opening the account or any time afterward.

India Post Office RD Interest Rates 

The interest rate will tell the maturity amount in Post Office RD or any other saving scheme. The interest rate for the Post Office RD scheme is explained below.

  • The person can open the Post Office RD account at any breach of the Post Office or you can open the RD account with any bank.
  • The interest rate of Post Office RD is 5.8% pa. and it will be compounded quarterly. The people with get capital protection with the Post Office RD scheme.

India Post Office RD Tax Benefits

The tax details for the Post Office RD are given here.

  • The Indian Govt charges the income tax on the Post Office RD if the interest of the Post Office RD is more than RS 10000 then the TDS will be 10% on the interest not on the invested amount. 
  • The Income Tax dept will consider the yearly interest while calculating the tax for a person.

India Post Office RD Premature Closure 

What will happen if a person wants to close the RD account in the Post Office prematurely?

  • The Post Office has given the cause that a person can prematurely close the RD account after 3 years of the RD account and he has to apply for that.
  • After the closure of the Post Office RD account, the interest rate will be as of the saving account.
  • If you deposit the amount in advance for the Post Office RD account, then there is no option to prematurely close the account as you already pay the amount. 

India Post Office RD Maturity Period

  • The person can open a Post Office RD account for five years.
  • The Post Office RD account can be extended for a further five years.
  • The person has the option to close the extended Post Office RD account at any time.
  • A person can retain his Post Office RD account for a further 5 years after the maturity time is over without any deposit in that account. 

India Post Office RD Eligibility Criteria  

  • The person who is an adult can open the Post Office RD account.
  • The Post Office RD account can be opened as a Joint Account and three adults can apply for the Joint Post Office RD account.
  • A guardian on behalf of a minor can open a Post Office RD account.
  • A guardian on behalf of a person of unsound mind can open a Post Office RD account.
  • A minor whose age is more than 10 years can open his Post Office RD account.

India Post Office RD Death Benefits 

  • The person who is the nominee in the Post Office RD account can claim the benefit of the account after the death of the person.
  • The nominees can continue the Post Office RD account after the death of the person by submitting the claim documents.

India Post Office RD Documents Required

  • Application form for Post Office RD account
  • Photo of the person
  • Address Proof
  • Nominee details 

How to apply for a Post Office RD account?

  1. The applicants who want to apply for the Post Office RD account should bring the application form for the RD account.
  2. Then, write the details on the Post Office RD form like your name, father’s name, and identity details like Aadhar card, PAN Number, etc.
  3. Sign at the proper places on the Post Office RD form.
  4. Paste your photo on the Post Office RD form.
  5. Attach copies of the documents with the Post Office RD form.
  6. Provide the details of the nominees on the Post Office RD form. 

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