Post Office RD Scheme 2024 : Benefits, Online Payment & Plan Comparison

Post Office RD Scheme – The rewards for creating a recurring deposit account with India Post are good. People can register a 5-year post office recurring deposit account under the Post Office savings plan. The senior citizen savings plan now allows deposits up to Rs 30 lakhs instead of the previous ceiling of Rs 15 lakhs. The monthly savings plan has seen an increase in the maximum deposit limit, which was previously Rs 4.5 lakh for a single account and Rs 9 lakh to Rs 15 lakh for dual accounts. About Post Office RD SchemeYou get every necessary information regarding this scheme.

Read Also –National Savings Certificate 

Post Office RD Scheme

The Post Office RD plan is a highly profitable plan. By making investments through this system, thousands of people are benefiting from it. If you work and would want to set aside a little part of your pay each month, you can invest in the Post Office Recurring Deposit Scheme to safeguard your future. Investing in this strategy can bring substantial rewards in a short period of time.

You must invest a set sum each month into this program and after a predetermined amount of time, you will receive a very nice return. Many individuals choose the post office program as their first option for a secure investment, so you don’t need to worry because you will receive assured returns in this scheme. Every three months, the government sets this savings plan’s interest rate.

Comparison Of Interest Rates Of Various Post Office Savings Schemes

Scheme	Interest Rate (Applicable from 01/04/2024)	Minimum Investment	Maximum Investment	Eligibility	Tax Implications
Post Office Savings Account	4% per annum (p.a.)	Rs. 500	No limit	Resident Indian, minor(above 10 years) and major	Tax-free interest up to Rs 50,000 for senior citizens
Post Office Time Deposit Account (TD)	One-year – 6.9% p.a. Two-year – 7.0% p.a. Three-year – 7.1% p.a. Five-year – 7.5% p.a. (Compounded Quarterly)	Rs 1,000	No limit	Resident Indian, minor(above 10 years) and major	Tax benefits available under Section 80C only if the deposit is held for 5 years. -Interest earned is taxable -TDS to be deducted on interest earned for more than Rs 40,000 p.a.(Rs 50,000 in case of senior citizens)
Post Office Monthly Income Scheme Account (MIS)	7.4% per annum payable monthly	Rs 1,000	For single account-Rs 9 lakh Joint account accounts-Rs 15 lakh	Resident Indian, minor(above 10 years) and major	Tax benefit under Section 80C for deposits – Interest earned is taxable -TDS to be deducted on interest earned for more than Rs 50,000 p.a
Senior Citizen Savings Scheme (SCSS)	8.2% p.a (Compounded Quarterly)	Rs 1,000	Maximum deposit over the lifetime allowed at Rs 30 lakh	Individuals of age> 60 years or age between 55 and 60 for retired civilian or defense employees	Tax benefit under Section 80C for deposits – TDS to be deducted on interest earned for more than Rs 50,000 p.a
15-year Public Provident Fund Account (PPF)	7.1% p.a (Compounded annually)	Rs 500 per financial year	Rs 1.5 lakh per financial year	Resident Indian, minor and major	Tax rebate under Section 80C for deposits (maximum Rs 1.5 lakh p.a) interest is tax-free
National Savings Certificates (NSC)	7.7% p.a. (Compounded annually)	Rs 1,000	No limit	Resident Indian, minor and major	Tax rebate under section 80C for deposits (maximum Rs 1.5 lakh p.a)
Kisan Vikas Patra (KVP)	7.5% p.a. (Compounded annually)	Rs 1,000	No limit	Resident Indian, minor and major	Interest is taxable but no tax on the amount received on maturity
Sukanya Samriddhi Accounts	8.2% p.a. (Compounded annually)	Rs 250 per financial year	Rs 1.5 lakh per financial year	Girl Child – up to 10 years from birth	Investment (up to Rs 1.5 lakh exempt under Section 80C) interest and amount received on maturity is tax-free

Read Also –Capital Gain Account Scheme 

Benefits of Post Office RD Scheme

• The Post Office RD plan allows anybody to make a monthly modest investment. You also get the advantage of compound interest on your investments in addition to this.
• After then, under this post office plan, an individual can open as many accounts as they choose. In addition to opening a single account, three persons can create a joint account.
• This website also offers the option to establish an account in the name of minor children. In addition, you are given the option of designating someone else.

If You deposit 5 Thousand Rupees, You Will get 3.56 lakh rupees

• The average person may participate in this program and receive an acceptable payout at maturity. Suppose you make a monthly investment of 5,000 rupees. As a result, you will get 56,830 rupees in interest over the course of five years with the remaining balance of 3,56,830 rupees due at maturity.

Documentation And Procedures

• These savings plans are easy to choose and secure to hold onto since the government supports them, due to few documents and appropriate post office processes.

Fulfillment Of Investment Goals

• Long-term investors can prolong their investment duration for a PPF account to a maximum of 15 years as part of the Post Office Schemes. For those planning for retirement and pensions these investing possibilities are great.

Read Also –NPS Vatsalya Scheme

Interest Rates

• These risk-free plans provide interest rates ranging from 4% to 9%. When the Government of India pursues these investment opportunities, not much risk is involved. 

Required Documents of Post Office RD Scheme

•  
• Aadhaar card
• Account Opening Form
• PAN Card
• Passport
• Driving license
• Voter ID card
• KYC Form (For new customer/modification in KYC details)
• Job card issued by MNREGA signed by the state government officer
• Letter issued by the National Population Register containing details of name and address.
• Proof of date of birth/birth certificate in case of a minor account.

How to Open a Post Office Saving Schemes Account?

Post Office savings schemes are appropriate for people who don’t want to take on too much risk. These schemes are perfect for risk-averse individuals who still want to maximize their savings because their rewards are not subject to market shifts. A post office savings scheme account can be opened online using Internet banking, a mobile app or by downloading the application for creating an account.

Through Internet Banking

• First you have to visit the Official Website of the Department of Posts(DOP)

• The homepage will appear on your screen.
• Click on the New user Activation button.
• Enter the customer ID and Account ID.
• Click on the continue button.
• You can also go to the post office branch in your home.
• Enter all the application form for activating internet banking.
• You have to submit the required documents.
• Enter your user ID and password to access your DOP online banking when Internet banking has been enabled.
• Click on the General Service option on the menu.
• Click on the service request tab.
• Click on the New Requests option under the Services Request section.
• Select an account type from the several possibilities available to you.
• Enter the details on the application form.
• Click on the submit button.

Through Mobile App

• Install the India Post Mobile Banking app from the Google Play Store on your mobile device and log in.
• Select the requests option on the homescreen upon successful login.
• Enter the information and click submit. Include the candidate, tenure, amount to be deposited and the account from which you wish to deposit the funds.

Downloading the Application Form of Post Office RD Scheme

• First visit the Official Website of the post office.
• Now download and print the relevant application form.
• Enter all the necessary details in the form.
• Attach all the necessary documents.
• Make an appointment at your local post office branch to turn in the required documents to the appropriate staff members.
• To open the account or scheme, pay the minimum amount needed.
• The post office employees will open your account, validate your application, and provide you with the account passbook.

FAQ’s