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Account can be opened by cash / Cheque and in case of Cheque the date of deposit shall be date of clearance of Cheque
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Nomination facility is available at the time of opening and also after opening of account
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Account can be transferred from one post office to another
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Any number of accounts can be opened in any post office
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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
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If subsequent deposit is not made up to the prescribed day, a default fee is charged for each default, default fee @ 1 Rs for every 100 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
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*If in any RD account, there is monthly default amount , 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
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There is rebate on advance deposit of at least 6 installments, Rs. 10 for 6 month and Rs. 40 for 12 months Rebate will be paid for denomination of Rs. 100
- Minor after attaining majority has to apply for conversion of the account in his name
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One withdrawal up to 50% of the balance allowed after one year. It may be repaid in one lumpsum along with interest at the prescribed rate at any time during the currency of the account
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Online Deposit facility is available through Intra Operable Netbanking/Mobile Banking
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Online Deposit facility is available through IPPB Saving Account
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Date of maturity will be 5 years after date of opening. Account can be extended for further 5 year by giving application at account office