Post Office Recurring Deposit Account

Recurring deposit account is a systematic way of saving money. The scheme is meant for those investors who want to deposit a fixed amount regularly on monthly basis in order to get a tidy sum after 5 years on the maturity of the account.

The Recurring deposit account can be opened at any post office Period of maturity of account is 5 years. Sixty equal monthly deposits shall be made in an account in multiples of Rs. five subject to a minimum of ten rupees.

Premature closure of accounts is permissible after expiry of three years. In case of premature closure of account, the interest at the rate applicable to post office savings account shall be payable.