Post Office Recurring Deposit Savings Scheme
Post office recurring deposits are considered to be the old and traditional investment option. But, it is powerful enough to give you peace of mind for your investments. Most guaranteed security for your investments with decent returns on your investments.
Below are some of the features of post office recurring deposits scheme :
Features / Advantages of post office recurring deposit scheme
- Provides Interest at the rate of 8.3 % / per annum
- Minimum deposit amount is as less as 10 rupees
- Interest will be calculated on quarterly basis (Compounded quarterly)
- Maturity period is 5 years.
- Partial withdraw allowed.
- Nominee facility is also available
- Joint account facility is also available
Flexibilities of post office recurring deposit scheme
- If you can’t continue your recurring deposit till the maturity period, you can withdraw your account. But, it’s applicable only after 3 years.
- If you need some money, better go for partial withdraw instead of closing your account. You can withdraw up to 50% of your deposits. But, it is allowed only after 1 year.
- You can change your nominee name whenever you want
- You don’t need to stick to one post office. You can change your post office branch if you want.
- If you have excess cash, and have no idea what to do with it? Deposit in your recurring deposit account. You can get rebate for your next installments
- You can convert joint account to single person whenever you want