How To Open A Post Office RD Account & Make Contributions Online?

For debt investors with a low-risk tolerance, investing in recurring deposits (RD) is highly recommended since the scheme has a flexible tenure and gives assured returns. Investing in recurring deposits is particularly advantageous for the salaried class because the plan does not need a lump sum investment and allows you monthly installments. In this digital age, starting an RD account is no longer a big deal and can be opened online even if you are a customer of the post office. The Department of Posts (DoP) provides a 5-Year Post Office Recurring Deposit Account (RD), which can be simply established online if you already have a savings account in a post office.

Key benefits of National Savings Recurring Deposit Account(RD)

• A 5-Year Post Office Recurring Deposit Account (RD) can be opened by a single adult, jointly with up to 3 adults, or on behalf of a minor.
• To establish a post office RD account, a monthly deposit of Rs 100/- or any amount in multiples of Rs 10/- with no maximum limit is required.
• Currently, the National Savings Recurring Deposit Account (RD) guarantees a quarterly compounded interest rate of 5.8 percent per annum.
• After depositing 12 monthly instalments and keeping the account open for a year, the depositor can apply for a loan up to 50% of the amount active in the account.
• After three years from the date of account inception, a Post Office RD account can be closed prematurely by presenting the appropriate application form to the relevant Post Office. If the account is closed prematurely, then the Post Office Savings Account interest rate will be applicable.
• Post Office RD Account comes with a tenure of 5 years (60 monthly deposits).
• A post office RD account can be renewed for another 5 years by submitting a duly filed application form to the relevant Post Office. The interest rate applicable throughout the extended period will be the same as the interest rate at which the account was first established.
• On the death of the account holder, the nominee/claimant can file a claim at the same Post Office where the account was opened. Once the claim is approved, the nominee/legal heirs can maintain the RD account till maturity by filing and submitting a duly filed application to the relevant Post Office.

How To Open A Post Office RD Account Online?

Customers with a Post Office savings account and net banking credentials can establish an RD account online. If you are not a registered user of post office internet banking, you can learn how to register and activate it by clicking here. You can open a post office RD account by logging into the DoP eBanking portal and inputting your User ID and Password. The steps for doing so are outlined below.

• Visit ebanking.indiapost.gov.in and enter your user ID and Login password.
• Once logged in you will be redirected to the dashboard section of your net banking account under which you have to click on the 'General Services'.
• Now click on the 'Service request' tab and select 'New Request' from the drop-down menu.
• Now from the 'Request Type' options select 'RD Accounts - Open an RD Account'
• No fill the online form by entering the required details such as installment amount, deposit period, account opening date, debit account.
• Once done click on 'Submit Online' and you will be redirected to the 'Request Confirmation' page under which you have to confirm your entered details by clicking on 'Submit'.
• Once done you will get an online receipt with a reference iD number.
• You can also download the online receipt in a PDF format.

How to make contributions to Post Office RD account online?

You must have digital savings account with India Post Payments Bank (IPPB) to make online contributions to a post office RD account. IPPB allows holders of digital savings accounts to make online deposits to various post office schemes. If you do not have an IPPB digital savings account, you can learn how to open one by clicking here. If you already have an IPPB digital savings account, follow the steps below to make online monthly contributions towards your post office RD account.

• Open IPPB Mobile Banking App and log in with your 4-digit MPIN.
• Tap on the option 'DOP Services' and then select 'Recurring Deposit'.
• Now enter your RD account number, DOP customer ID, installment amount, number of installments.
• Tap on 'Continue' and confirm the details on the screen.
• Tap on the 'Pay' button and confirm the payable amount by clicking on 'Confirm'.
• Now enter the OTP received on your registered mobile number through SMS.
• Once the entered OTP is successfully verified you will get a payment successful message on your screen and also on your mobile number via SMS.