Sarkari Yojana
National Savings Recurring Deposit Account(RD)
About National Savings Recurring Deposit Account(RD)
Run by the Department of Posts, Ministry of Communications, Government of India, the National Savings Recurring Deposit Account (RD) pays 6.7% annual interest. Deposits start at ₹100 a month, or any sum in multiples of ₹10, with no upper cap. Deposit
1. Minimum — ₹100 or any sum in multiple of ₹ 10. 1. Maximum– No limit 1. The account’s first monthly deposit is made when the account opens, and this sets the account’s denomination. 1. Later deposits, matching the first, must be paid by the 15th of each month if the account opened before the 16th of a calendar month, or by the last working day of the month if it opened between the 16th and the month’s last working day.
Advance deposit Please See Para 7
1. Individuals may deposit in advance for any period up to 5 years. 1. For a hundred-rupee-denomination account, the advance-deposit rebate works as follows: 1. Six to eleven deposits made in a calendar month earn a rebate of ₹10/-. 1. o Twelve or more deposits made in a calendar month earn ₹ 40/- per twelve deposits, plus ₹ 10/- for any remaining balance of at least six deposits.
Scheme Overview
Central Government
Ministry Of Communication
Individual
Scheme Details
Eligibility Requirements
To qualify for National Savings Recurring Deposit Account(RD), applicants must satisfy the following conditions:
The applicant must be a resident Indian citizen
The applicant must be a resident Indian citizen.
A single adult may apply
A single adult may apply.
A guardian may apply on behalf of a…
A guardian may apply on behalf of a person of unsound mind (Authorised Account).
A minor aged 10 or above may apply
A minor aged 10 or above may apply.
An individual may open any number of accounts,…
An individual may open any number of accounts, whether solo or jointly.
Joint Account (up to three adults) (Joint A…
Joint Account (up to three adults) (Joint A or Joint B)
Joint 'A' type -- operated jointly by all…
Joint 'A' type -- operated jointly by all depositors, or the surviving depositors.
Joint 'B' type -- operated separately by any…
Joint 'B' type -- operated separately by any one depositor, or any surviving depositor. Note: On turning 18, account holders must submit a fresh Account Opening Form (AOF) and updated KYC documents at their Post Office to convert their minor account into an adult one. Note: Accounts can also be opened via e-Banking or Mobile Banking, though a Post Office Savings Account is a prerequisite for internet banking access.
Benefits Provided
National Savings Recurring Deposit Account(RD) provides the following benefits to eligible applicants:
Builds a savings habit through small monthly deposits…
Builds a savings habit through small monthly deposits starting at ₹100.
Delivers safe, guaranteed returns of 6.7% per annum,…
Delivers safe, guaranteed returns of 6.7% per annum, with no cap on deposits. Loan Please See Para 14
Once the account has run for at least…
Once the account has run for at least a year with twelve monthly deposits made, depositors can borrow up to 50% of the deposits in the account.
The loan can be repaid as one lump…
The loan can be repaid as one lump sum or in equal monthly instalments.
Simple interest, 2 percentage points above the account's…
Simple interest, 2 percentage points above the account's applicable interest rate, is payable on the loan, per the scheme's provisions.
If the loan isn't repaid by the time…
If the loan isn't repaid by the time the account closes, the outstanding amount is recovered from whatever is payable on closure.
Documents Required
Applicants should keep the following documents ready before starting the application:
The depositor's PAN card
The depositor's PAN card
An Aadhaar card, or any other valid identity…
An Aadhaar card, or any other valid identity document
Proof of the date of birth, needed for…
Proof of the date of birth, needed for a minor
KYC papers of each joint holder, where there…
KYC papers of each joint holder, where there are any
KYC of the guardian when the account is…
KYC of the guardian when the account is in a minor's name
How to Apply
Offline Application
Applicants can apply for National Savings Recurring Deposit Account(RD) through the offline application process outlined below.
Go to your nearest Post Office and pick…
Go to your nearest Post Office and pick up the Account Opening Form and KYC Form.
Fill in the forms carefully, attaching the required…
Fill in the forms carefully, attaching the required documents (PAN, Aadhaar, or other valid ID proof, etc.).
Hand in the completed forms with the documents…
Hand in the completed forms with the documents at the Post Office counter.
Make the minimum deposit (₹500) by cheque
Make the minimum deposit (₹500) by cheque.
Once verified, the account is opened and the…
Once verified, the account is opened and the details are given to you.
Official Application & Website
Verify the latest eligibility, dates and instructions before applying.