How to Open an RD Account in Post Office?

I. Online Process to Open an RD Account in Post Office

You can start an RD account at the post office through the India Post Payments Bank, which was established in 2018. Follow the steps the mentioned steps,

• Download the app on your device.
• Provide essential details such as PAN ID and contact details.
• Verify using the OTP received on the linked mobile number.
• To proceed, enter your Aadhaar ID and authenticate it using the OTP.
• Complete the application form with the necessary details.
• Once you’ve submitted the form, you’ll get your customer ID and account number.
• To use the app, create a PIN using the information you received and your date of birth.
• Select the option “Send Money” under the Menu tab.
• Select “DOP Products” to make a deposit into your RD account.

II. Offline Process to Open an RD Account in Post Office

If you want to open an RD account at the Post Office offline, follow these steps,

• Go to the nearest postal office.
• Get a Recurring Deposit form and complete it accordingly.
• Submit the completed form, along with the required documentation, pay-in-slip form, and initial deposit amount.
• A post office employee will process your application and verify the documents you submitted. Upon appropriate verification, the post office will open your RD account.

Aside from mail services, post offices provide financial services to their customers in the form of savings plans and life insurance. A post office RD is the best savings option available as compared to traditional fixed deposits and other long-term schemes that post offices provide. When compared to banks, post office recurring deposits have emerged as the most popular instruments. One of the reasons behind their popularity is the attractive interest rate and high profit potential at maturity. The post office RD interest rates are reviewed at regular intervals, and the present interest rate is 6.90% annually. The interest is compounded quarterly, allowing the money deposited to multiply till the maturity date.