Post Office Scheme: Started a 5-year RD in the post office, but the account got closed, what is the revival process

 | 
c

Post Office RD is for 5 years. Whenever you open an RD account, the date for paying the RD installment is fixed at the same time. If you do not pay this installment on time, then you have to pay a penalty. But when you are unable to deposit four consecutive installments of RD, then your RD account is closed. But if you do not want to close the RD, but due to some reason the account is closed, then you can restart it. Know here what is the revival process of a closed account.

c

Restart a closed account like this
To restart the closed RD account, the customer has to apply. But you have to give this application within two months from 4 defaults. If in this period you do not apply to restart the account and 4 defaults are completed, then the account is completely closed. To restart a closed RD, you first have to deposit the outstanding installments of the previous month along with a penalty.

No fixed interest is given on premature closure
Post Office RD cannot be closed before 3 years. If you close the post office account even a day before the maturity period, you are not given the interest of RD, but the interest equal to that of a post office savings account. Currently, 4% interest is being given on post office savings accounts. Whereas the RD interest rate is 6.7 percent.

c

Who can open an RD account?
Any person who is 18 years of age can open an RD account for himself in the post office. At the same time, the guardian of the child can open this account in his name. If the child is more than 10 years of age and he can sign the same way, then he can open a post office RD account in his name. Apart from this, two or three people can also open a joint RD account for themselves.

PC Social media