Who can open :-

• a single adult
• Joint Account (up to 3 adults) (Joint A or Joint B)
• a guardian on behalf of minor
• a guardian on behalf of person of unsound mind
• a minor above 10 years in his own name.

Deposit:-

• Account can be opened by cash/cheque and in case of cheque the date of deposit shall be date of clearance of cheque.
• Minimum Amount for monthly deposit is Rs. 100 and above minimum in multiple of Rs. 10.
• Subsequent deposit shall be made up to 15th day of month, if account is opened up to 15th of a calendar month.
• Subsequent deposit shall be made up to last working day of month, if account is opened between 16th day and last working day of a calendar month.

Advance deposit :-

• If an RD account is not discontinued can made advance deposit up to 5 years in an account.
• Rebate on advance deposit of at least 6 installments (inclusive of month of deposit), for Rs. 100 denomination rebate Rs. 10 for 6 month , Rs. 40 for 12 month
• The advance deposit may be made at the time of opening of the account or any time thereafter.

Premature Closure :-

• RD Account can be closed prematurely after 3 years from the date of account opening by submitting prescribed application form at concerned Post Office.
• PO Savings Account interest rate will be applicable if the account is closed prematurely even one day before maturity.
• No premature closure of account shall be permissible until the period for which the advance deposits have been made.

Maturity:-

• 5 years (60 monthly deposits) from the date of opening.
• Account can be extended for further 5 years by giving application at concerned Post Office. Interest rate applicable during extension will be the interest rate at which account was originally opened.
• Extended account can be closed any time during the period of extension. For completed years, RD interest rate will be applicable and for period less than a year, PO Savings Account interest rate will be applicable.
• RD account can be retained up to 5 years from the date of maturity without deposit also.

Repayment on the death of account holder :-

• On the death of account holder nominee/claimant can submit claim at concerned Post Office to get the eligible balance of such RD account.
• After sanction of claim, Nominee/legal heirs can continue RD account till maturity by submitting application at the concerned Post Office.