RD via India Post Payments Bank (IPPB)
Opening a Recurring Deposit via India Post Payments Bank combines the trust of India Post with the convenience of digital banking. It's a great option for safe, long-term savings with minimal effort.
What is an RD Account in IPPB?
A Recurring Deposit (RD) via India Post Payments Bank (IPPB) allows individuals to deposit a fixed amount monthly for a fixed tenure and earn guaranteed interest. IPPB acts as a channel to facilitate RD accounts under India Post (Post Office RD Scheme), making the process accessible via digital banking services.
Key Features of RD via IPPB
- Minimum Deposit: ₹100 per month (multiples of ₹10)
- Tenure Options: 5 years (fixed)
- Interest Rate: Approx. 6.7% p.a. (subject to change)
- Digital Access: Open or manage RD using IPPB mobile app or visit your nearest post office
- Flexible Deposits: Monthly installments can be paid via standing instructions or IPPB account
- Eligibility: Any Indian resident with a valid KYC-compliant IPPB account
How to Open an RD via IPPB: Step-by-Step Process
1. Open a Savings Account with IPPB
- Open a digital or regular savings account via the IPPB mobile app or visit your nearest post office branch.
2. Link to Post Office RD
- Use the IPPB mobile app or staff assistance to link your account to a new or existing Post Office RD account.
3. Initiate Standing Instructions
- Set up monthly auto-debit instructions from your IPPB account to fund your RD account on the due date.
4. Confirm RD Setup
- After successful setup, you’ll receive confirmation through SMS or app notification.
RD Interest Rates via IPPB
Tenure | Interest Rate (Approx.) |
5 Years | 6.7% p.a. (compounded quarterly) |
Interest rates are reviewed quarterly by the Department of Posts and may vary.
Benefits of Opening RD Through IPPB
- No need to visit a post office every month
- Paperless onboarding and account linking
- Easy monitoring through the IPPB mobile app
- Assured returns with no market risk
- Backed by the Government of India via India Post
Important Terms and Conditions
- Premature closure allowed after 3 months with applicable interest deduction
- If 4 consecutive installments are missed, the RD account is automatically closed
- Penalty for delayed installments is ₹1 for every ₹100 per month
- No partial withdrawal allowed before maturity
Security and Assurance
India Post RD accounts are backed by the Government of India, making them one of the most secure savings instruments available. IPPB serves as a digital enabler without compromising the trust and reliability of India Post.
FAQs on RD via India Post Payments Bank
- What is the minimum deposit for an RD via IPPB?
The minimum monthly deposit is ₹100 in multiples of ₹10.
- Can I open an RD via the IPPB mobile app?
Yes, IPPB allows RD account setup and management via its mobile banking app.
- Is there a penalty for missing RD installments?
Yes, a penalty of ₹1 per ₹100 for each missed month is charged.
- Can I close my RD account before maturity?
Yes, you can close the account after 3 months, but you will receive interest applicable for the completed duration, minus any penalties.
- What is the tenure of RD accounts under IPPB?
The tenure is fixed at 5 years.
- Is the RD amount debited automatically from my IPPB account?
Yes, if you set up a standing instruction, monthly deposits are debited automatically.
- Are IPPB and Post Office RDs the same?
IPPB acts as a facilitator. The RD account is maintained under India Post, but IPPB simplifies access and management.
- Can I view my RD balance online?
Yes, you can check your RD status through the IPPB app.
- Who can open an RD via IPPB?
Any resident Indian with a KYC-verified IPPB account can open an RD.
- Will I get a passbook for RD via IPPB?
If opened digitally, you won’t get a physical passbook, but you can request account statements.
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