Post offices in India offer several financial services to Indian citizens in the form of insurance and savings schemes. A post office RD (Recurring Deposit) scheme is popular in the country due to its returns on maturity.
Post office interest rates are regularly revised and compounded quarterly so that you can grow the returns on your deposits.
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A post office RD is typically for 5 years. You can choose to extend it for another 5 years after maturity. The minimum deposit per month is Rs.10, while there is no upper limit to the deposits.
Your first need is to register for the post office online services or internet banking for registering for post office RD online. Follow these steps to activate your internet banking services:
Follow these steps to create a post office RD Login:
You need to download the IPPB mobile banking app on your smartphone to open your digital IPPB account. You can download the app from Apple Store or Google Play Store and then follow these steps:
Once your IPPB app is working, you can make the RD payment online: Follow these steps to do so:
The post office RD scheme enables investors to invest small amounts of money every month. You are eligible for tax exemption on these deposits as per the provisions of Section 80C of the Income Tax Act, 1961. The post office RD scheme is suitable for you if you wish to save through regular monthly deposits.
Disclaimer: Tax benefit is subject to changes in tax laws.
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