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Friends & Family
Post Office Recurring Deposit Accounts
Indian Postoffice Savings
Who can open :
- A single adult or two adults jointly,
- A guardian on behalf of a minor or a person of unsound mind; or
- A minor who has attained the age of ten year, in his own name.
Where can be opened :
At any post office.
Maturity
Period of maturity of an account is five years.
Deposits:
Sixty equal monthly deposits shall be made in an account in multiples of Rs.
five subject to a minimum of ten rupees.
Defaults in deposits :
within a period of two months on payment of a default fee.
Interest & Repayment on maturity :
- On maturity of the accounts opened on or after 1st March, 2003, an amount
(inclusive of interest) of Rs. 728.90 is payable to a subscriber of
Rupees: Ten denomination account. - Amount repayable, inclusive of interest, on an account of any other
denomination shall be proportionate to the amount specified above.
Pass Book :
Depositor is provided with a pass book with entries of the deposited amount
and other particulars duly stamped by the post Office.
Premature closure :
Premature closure of accounts is permissible after expiry of three
years provided that interest at the rate applicable to post office savings
account shall be payable on such premature closure of account.
Continuation after maturity :
Permissible for a maximum period of five years.
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