- The present interest rate on Post Office RD account is 5.8%
- A step-by-step guide for transferring money in your post office RD account online
Recurring deposit (RD) is a popular savings scheme. The government has kept interest rates of small savings schemes, including that of the recurring deposit scheme, unchanged for the January to March quarter. Interest rates of small savings schemes are revised every quarter. You can deposit money online into Post Office RDs through India Post Payments Bank (IPPB) app. The monthly instalment of RD amount can be transferred online into your RD account through this app.
Here is a step-by-step guide for transferring money in your post office RD account through IPPB:
1) Add money from your bank account to IPPB account
2) Go to DOP Products, From there choose Recurring Deposit
3) Write your RD account number and then DOP customer ID
4) Choose the instalment duration and amount
5) IPPB will then notify you for successful payment transfer made through IPPB mobile application.
6) You can opt for various post office investment options provided by India Post and make regular payments through IPPB basic savings account.
Five-year post office recurring deposit latest interest rates
The government has kept the interest rates on small savings schemes, including PPF and NSC, unchanged for the January-March quarter amid moderating bank deposit rates. “The rates of interest on various small savings schemes for the fourth quarter of 2020-21 ending on March 31 shall remain unchanged from those notified for the third quarter (October 1-December 31, 2020),” the ministry said in a notification.
Term deposits of one-five years will fetch interest rate in the range of 5.5-6.7 per cent, to be paid quarterly, while the interest rate on five-year recurring deposit is pegged at 5.8 per cent.
Last month, the government launched the DakPay digital payments app. This can also be used by the post office and IPPB customers.
