Post Office RD or Recurring Deposit is a government-backed savings scheme provided by the India Post. RD accounts have lower investment risk and work well to fulfill short-term financial goals. You can open an RD account in the post office either online or offline.Read more
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The Post Office Recurring Deposit Scheme is a mid-term savings scheme where you can park your investments for at least 5 years. It falls under the Post Office Savings Scheme backed by the government of India.
Recurring Deposits are not influenced by the market, are relatively risk-free, and cater to novice investors and those with low-risk appetite. Recurring deposit schemes are best suited if you look to generate wealth steadily over time and earn a fixed income.
At the end of the fixed tenure of the Recurring Deposit, you receive the maturity amount, including the principal and the interest earned. You can also transfer your Recurring Deposit balance from one post office to another.
Disclaimer: All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
The IPPB (India Post Payments Bank) application was launched in 2018 for fulfilling post office banking requirements online. You can open a bank account via the app and make payments to your Recurring Deposit account. Given below is a step-wise guide to open an RD account online:
If you wish to open your RD account at the post office, these are the steps:
The Department of Posts has made opening a post office RD account online and offline hassle-free for the customers. The internet banking facility of the DOP enables you to enjoy a range of services related to your RD account.
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