Recurring Deosite(RD)

  • Minimum INR 100/- per month or any amount in multiples of INR 10/-. No maximum limit.
  • Account may be opened by
  1. a single adult
  2. Joint Account (Maximum 3 adults)
  3. Minor above 10 years of age
  4. A guardian on behalf of a minor/Person of unsound mind
  • Account can be opened by cash / Cheque and in case of Cheque the date of deposit shall be date of clearance of Cheque

  • Nomination facility is available at the time of opening and also after opening of account

  • Account can be transferred from one post office to another

     
  • Any number of accounts can be opened in any post office

  • 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

  • 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

  • *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

     

  • 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
  • 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

  • Online Deposit facility is available through Intra Operable Netbanking/Mobile Banking

  • Online Deposit facility is available through IPPB Saving Account

  • 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