You can deposit money online in Post Office recurring deposit account; Here's how

Recurring deposits (RDs) are one of the most secured investment options and it is also accumulative. You can grow your money gradually by making investments after regular intervals, say on a  monthly basis. The people, who are risk averse, may put money in this scheme as it is a secured investment option. You can open the RD account with Post Office, which is very convenient and make an investment as low as Rs 10 per month or in the multiples of Rs 5. The investors have to keep the money for at least 5 years.

One can open a Post Office RD by visiting the nearest branch. Once the account is opened, the monthly instalment amount can be transferred online into the RD account from India Post Bank account. The customers can also fetch a higher interest rate of 7.3 per cent per annum (quarterly compounded). 

Here are the features of Post Office RD:
1. The account can be opened by cash or Cheque. Nomination facility is available at the time of opening and also after opening of the account.
2. The account can be transferred from one Post Office to another. Any number of accounts can be opened in any post office.
3. Post Office RD account can be opened in the name of minor and a minor of 10 years and above the age. Joint account can also be opened by two adults.
4. Subsequent deposit can be made up to 15th day of next month if account is opened up to 15th of a calendar month and up to last working day of next month if account is opened between 16th day and last working day of a calendar month.

5. If subsequent deposit is not made up to the prescribed day, a default fee is charged for each default. For every default, a fee of RS 0.05 for every Rs 5 will be charged. After 4 regular defaults, the account becomes discontinued and can be revived in two months but if the same is not revived within this period, no further deposit can be made.

6. If in any RD account, there is monthly default amount , the depositor has to first pay the defaulted monthly deposit with default fee and then pay the current month deposit. This will be applicable for both CBS and non CBS Post Offices.

7. There is rebate on advance deposit of at least 6 installments. Single account can be converted into Joint and Vice Versa. Minor after attaining majority has to apply for conversion of the account in his name. One withdrawal up to 50 percent of the balance is allowed after one year. It may be repaid in one lumpsum along with interest at the prescribed rate at any time during the currency of the account.