Post Office RD Maturity Rules: If you are planning to get good refund in Post Office Recurring Deposit Account. So you will have to understand the important things about Post Office RD.
Let me tell you that under Post Office RD Maturity Rules its duration is 5 years. Interest is given on Post Office RD at the rate of 6.7%. Let’s know about Post Office RD Maturity Rules.
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Post Office RD Maturity Rules
Post Office RD (Recurring Deposit– RD) is one such pocket of money. In which you can invest a fixed amount every month.
Actually, you can get the option of RD both in any other bank and post office. But if you are planning to get RD done in the post office. So it has post office rd maturity rules.
You should know that under Post Office RD Maturity Rules its duration is 5 years. Interest is given on Post Office RD at the rate of 6.7%. That is, once you have started this Recurring Deposit, it will have to be continued for 5 years.
But if you need money in between. So can RD be broken? Let us tell you what are its rules (Post Office RD Maturity Rules).
If closed before Post Office RD Maturity Rules, there will be loss
If you want to take full advantage of Post Office RD interest. So do not make the mistake of breaking it before 5 years.
If the Post Office RD is broken even a day before the completion of the maturity period, you will have to suffer a huge loss in the form of penalty.
According to the post office rd maturity rules, if necessary, you can close the post office RD account after three years from the date of opening the account.
But in this situation, interest will not be given as per the current interest rate of RD i.e. 6.7%. Rather, interest will be given equal to post office savings account. Let us tell you that at the rate of 4 percent on Post Office Savings Account.
What are the rules of Post Office Recurring Deposit Account extension?
If you want to continue your Post Office RD even after five years. So you also get this option. For this, an application will have to be given in the post office.
But the same interest will be given on your extended RD account. Which was given at the time of opening that account.
After maturity, you should close the extended account only after completion of one, two, three etc. years. But the expanded account can be closed any time whenever you want.
In this, RD interest rate is applied for complete years. But if the period of any year is less than one year. So post office savings account interest rate will be applicable. That means you will get interest at the rate of 4%.
If you close the account after one and a half years of extension. In this, interest will be given at the rate of 6.7 percent for one year. For the remaining six months, interest of 4 percent will be given as per the savings account.
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