Salient features
(a) Who can open it?
(i) a single grown-up
(ii) Joint Account (up to a few adults) (Joint A or Joint B)
(iii)
a parent on behalf of a stripling
(iv) a parent on behalf of a man or woman of unsound thoughts
(iv) a minor above 10 years in his very own call.
Note: Any number of accounts can be opened.
(b) Deposits:
(i) An account
can be opened with the aid of coins/a check, and in the case of a check, the date of deposit will be the date of clearance of the check.
(ii) The minimal amount for a month-to-month deposit is Rs. 100 and above the minimum of a couple of Rs. 10.
(iii) Subsequent deposits shall be made as much as the 15th day of the month if the account is opened up to the fifteenth of a calendar month.
(iv) The next deposit shall be made as much as the closing
operating day of the month if the account is opened between the sixteenth day and the last operating day of a calendar month.
(c) Default:
(i) If the next deposit isn't made as much as the prescribed day for a month, a default is charged for every defaulted month. A default of 1 rupee will be charged for a one hundred rupee denomination account (a proportionate amount for different denominations shall be charged).
(ii) If in any RD account, there's month-to-month default, the depositor has to first pay the defaulted monthly deposit with the default rate, after which they pay the contemporary month deposit.
(ii) After four ordinary defaults, the account will become discontinued and may be revived within two months of the 4th default; however, if the account is not revived within this era, no similar deposit may be made in such account, and the account will become discontinued.
(iii) If there are not more than four defaults in month-to-month deposits, the account holder may additionally, at his alternative, enlarge the maturity period of the account by means of as many months a the variety of defaults and deposit the defaulted installments all through the extended duration.
(d) advance deposit:
(i) If an RD account isn't discontinued, you can make a boost deposit up to 5 years in an account.
(ii) Rebate on advance deposit of at least 6 installments (which includes month of deposit): for Rs. one hundred denomination rebate Rs. 10 for six months and Rs. 40 for 12 months.
(iii) The development deposit can be made at the time of the beginning of the account or any time thereafter.
(e)mortgage :
(i) After 12 installments are deposited and an account is sustained for 1 year and not discontinued, the depositor may avail of a loan facility of up to 50% of the balance credit within the account.
(ii) The mortgage may be repaid in a single lump sum or in identical monthly installments.
(iii) A hobby on mortgage may be relevant as a 2% + RD interest charge is relevant to the RD account.
(iv) The hobby might be calculated from the date of withdrawal up to now of repayment.
(v) In case the loan is not repaid until adulthood, the mortgage plus interest will be deducted from the maturity value of the RD account.
Note: A loan can be taken by means of filing a loan software shape with a passbook at the involved workplace.
(f) Premature Closure:
(i) RD The account can be closed in advance after 3 years from the date of account establishment via filing the prescribed application form at the concerned workplace.
(ii) PO savings account interest charges might be relevant if the account is closed in advance, even one day before adulthood.
(iii) No untimely closure of account shall be permissible till the duration for which the improvement deposits had been made.
(g) maturity:
(i) 5 years (60 month-to-month deposits) from the date of starting.
(ii) The account can be prolonged for an additional five years by means of giving utility at the worried publish workplace. The hobby fee applicable throughout the extension can be the hobby charge at which the account was initially opened.
(iii) A prolonged account can be closed any time during the length of the extension. For finished years, the RD hobby fee may be relevant, and for durations less than a year, the PO financial savings account hobby rate could be relevant.
(iv) RD accounts can be retained up to five years from the date of maturity without additional deposits.
(h)reimbursement on the loss of life of account holder :
(i) At the loss of life of the account holder, the nominee/claimant can submit a claim at the involved post office to get the eligible stability of such an RD account.
(ii) After sanction of the claim, the nominee/felony heirs can
keep the RD account till maturity by means of filing software in the concerned public workplace.
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