Facility available through India Post Payments Bank
The post office has given facility to deposit the online installment deposit through India Post Payments Bank. In order to avail this facility, customers will have to link to the RDP account with the IPPB in the post office. After this, the monthly installment of the RD can be paid from the online IPPB account or from the IPPB App.
Benefits of RD
>> Recking Deposit relies on the investor's savings and can invest a fixed amount each month in this.
>> Under the RD lock feature, the interest rate remains the same from beginning to end and the interest rate on the deposit gets locked in the beginning. That is, if the interest rate is low, the RD is benefited.
>> Saving management is easy with recurring deposits, and there is often relief from the problem of fix deposits.
>> Time Period is fixed at the time of opening an account in RD. On completion of the time period, you get full payment including interest.
>> The specialty of the RD is that it has the advantages of fixed deposits with regular investment. Interest is fixed and income is guaranteed, and banks are more likely to get an offer. In RD, money can be collected for a particular goal.
>> RD can be up to 10 years. A long-term investment plan can be made in this.
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More profit than banks
SBI, the country's largest bank, offers interest at 6.80 to 6.85 per cent on its RD. At the same time, at the post office, at present it is giving interest every year at 7.30 per cent. However, the post office will have 5 years of RD, while in the banks, you can opt for one year to 10 years.
Opening an account is easy
It is very easy to open a RD in the post office. You can open it in any post office. You can also open one or more accounts. This account can also be opened on the names of small children. If you are 10 years of age or older, you can operate it yourself. Two people can also open joint accounts.
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