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5-year post office recurring deposit (RD) interest rate hiked: Check latest rate
recurring deposit scheme by 20 basis points for the October-December quarter of the current fiscal year.
Small savings schemes' interest rates are revised every quarter in accordance with the movement of comparable-maturity benchmark government bonds.
What is the latest RD interest rate
The interest rate on a 5-year recurring deposit has been raised to 6.7 percent from 6.5 percent for the period October-December, a 20 basis point increase.
The interest rates of all schemes expect the recurring deposit rate have been kept unchanged.
Also read: Earn up to 7.75%: Which bank is offering highest interest rate on recurring deposits (RDs)
Recurring deposit details
The minimum amount for a monthly deposit is Rs. 100, with multiples of Rs. 10. The subsequent deposits can be made up to the 15th of the month provided the account is opened before the 15th of the calendar month.
(iv) If the account is started between the 16th and the final working day of the calendar month, subsequent deposits may be made up to the last working day of the month.
Also read: Post office recurring deposits: Amount you will get on RD account continued beyond maturity period with or without payments
After how many defaults, RD will be discontinued
Know the rules if RD installment not paid
- If subsequent deposit is not made up to the prescribed day for a month, a default is charged for each defaulted month, default @ 1 rupee shall be charged for 100 rupee denomination account (proportionate amount for other denomination) shall be charged.
- If in any RD account, there is monthly default, the depositor has to first pay the defaulted monthly deposit with default fee and then pay the current month deposit.
- After 4 regular defaults, the account becomes
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