Post Office Saving Schemes

The Indian post office provides you various options for your saving. One of the best options for all classes of people in the post office recurring deposit plan. The post office recurring deposit is a recurring deposit account, for adding small savings every month. This small saving is converted into a large amount of money after certain years. Generally, these savings are for the future of the member or for children and also for yourself.

Recurring means to be repeated in a certain time. You have to deposit a fixed amount every month in the Post Office Recurring deposit. This is a great savings plan for salaried people and housewives. You can easily open this account by determining any monthly amount to fulfill a dream of your future.

Features of post office recurring deposit scheme

  1. You can open this account by visiting the nearest post office. Or the post office agent can also open this account by visiting your home.
  2. On post office recurring deposit your interest rate is fixed. The interest rate is fixed at the time of account opening. After that for five years, the same interest rate keeps circulating in your account.
  3. Agents can collect this monthly amount by visiting your home also or you can deposit by visiting the nearest branch.
  4. This account can be opened with a minimum amount of Rs 10 every month. No maximum limit has been set for depositing in the account.
  5. Post office recurring deposits can be opened by cash or check. The nomination facility is available at the time of opening the account. The account can be transferred from one post office to another post office. You can open as many accounts as you want at any post office.
  6. The account can also be opened for a minor. The minor account can be opened and operated by anybody who is 10 years and above. After becoming an adult, a minor has to apply for conversion of his account.
  7. The joint account can be opened by two adults. You get a discount on the advance deposit of at least 6 installments. The joint account can be converted into a single account. Once a year, the account holder can withdraw up to 50% of his balance.
  8. On April 1, 2017, the interest rate on post office recurring deposits was 7.2% quarterly compound per year. The interest rate can change every quarter by the government but once the account starts, there will be no change in the interest rate of the account and once the interest rate is fixed on the account. It will continue for five years.
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Documents required for post office recurring deposit account.

Aadhaar card, PAN card, and two passport size photographs will be required to open a post office recurring deposit account. You will have to fill out the account opening form and KYC form.


Today I have tried to give you the information in detail about the post office recurring deposit. From my point of view if you are a housewife or having fewer earnings and you want to save for your future then this plan can be proved to be the better option for you.

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