Find your suitable insurance plan
1994
6 min read
Updated on Feb 21, 2023
Recurring Deposits, or RDs for short, are a special type of term deposit provided by Indian banks. It is a tool for investing that enables people to make consistent deposits and earn respectable returns. Due to the regular deposit factor and an interest component, it frequently offers users and individuals flexibility and ease of investment.
Consider opening an RD in Post Office to grow smart interest on your small deposits. There are many lucrative savings and insurance schemes offered by Indian post offices. One of the best investment plan in India is the Post Office Recurring Deposit or RD. The tenure of a post office RD is 5 years, and if you wish you may even extend it for a set of another 5 years after the maturity date. You can easily calculate the maturity amount of your post office RD using the Post Office RD calculator.
One thing that may look troublesome for many people is visiting the post office for monthly deposits. For this, there is always a better and more convenient option of post office RD online payment.
We are here to enlighten you with the steps for an easy post office Recurring Deposit (RD) online payment.
Backed by the Government of India, the post office of India offers 9 amazing saving schemes. Out of these 9 schemes, Recurring Deposit or RD is one of the most risk-free schemes wherein a depositor can deposit a small investment for up to a period of a minimum of 5 years. The minimum deposit per month starts at Rs. 10. To apply for an RD account in an Indian post office, you need to be at least 18 years of age. Those keen to open such an account for a minor can open an account on behalf of the minor ageing 10 years or above.
Also Read: Post Office Recurring Deposit (RD) Interest Rate 2022
A post office RD offers a handful of features and benefits. Read on to learn about these interesting features of a post office recurring deposit account:
Also Read: Post Office Scheme For Boy Child
To open an RD account in a post office, you will first need to visit your nearest post office. Post office RD online payment however, can be made using the IPPB App or India Post Payments Bank App. Make sure to visit the post office branch with all your important ID cards and documents along with a passport size photograph. After this, register yourself for the post office online services with the following steps:
Step 1: Fill out the application form for online services and submit your KYC documents.
Step 2: Provide your valid mobile number, email ID, and other details.
Step 3: You will receive a verification OTP or code. Once verified, your internet banking will activate within 24 hours.
Step 4: Download the IPPB mobile banking app on your mobile phone.
Step 5: Select the ‘Open your Account now’ option and sign up for an online or digital savings account.
Step 6: Ensure to fill in all the required information like your Aadhar number, PAN number, and phone number that is linked to your existing post office account.
Step 7: Your next step is to enter the account number along with the customer ID.
Step 8: You will then receive an OTP on your registered mobile number.
Step 9: Enter the OTP and set your MPIN to open the IPPB online app.
Also Read: Best Post Office Saving Schemes in India
Anxious to know how to pay post office RD online? Here is a complete step-by-step guide for paying online RD in Post Office:
Step 1: Ensure to transfer your funds from your savings bank account to the online IPPB account.
Step 2: Go to the ‘DOP Products’ section, and choose the ‘Recurring Deposit’ option.
Step 3: Fill in your post office customer ID along with the Recurring Deposit account number.
Step 4: Fill in the amount of RD installment along with its duration.
Step 5: You will receive a payment confirmation notification message after a successful Post Office RD online payment through the IPPB app.
Also Read about Post Office Monthly Income Scheme
What if you have paid your RD account payments online and want to check the status of your RD account? Do you need to visit the post office? No, thanks to the online services that can help you check the post office RD account status online in the comfort of your home. All you need is a good internet service and follow these steps:
Step 1: Visit the India post webpage.
Step 2: Use your user ID to sign in or generate a new user ID with a New User Activation option. For this, enter your account ID along with your customer ID to generate a new user ID.
Step 3: Once you can log in, you can check the summary of your post office RD account and see the account balance.
Also Read about 6 Post Office Saving Schemes, Saving Plans for Boy Child
When looking for some safe and secure government schemes to get returns on small amounts every month, do consider opening a post office RD account online. It will ensure not only great interest rates, but also exempt you from tax under Section 80C of the Income Tax Act, 1961. Moreover, with the information shared in this post, you can easily opt for post office RD payment onlinewithout visiting the post office every month.
Also Read: Post-Office gram suraksha scheme premium calculator
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A post office RD account cannot be opened online. For account opening, you must go to the closest post office. The IPPB app is only available for use when paying RDs online.
On the principal amount deposited in the post office RD scheme, you may receive tax benefits. According to Section 80 C of the Indian Income Tax Act, these benefits are available. The applicable income tax slab rates for "Income from Other Sources" apply to the interest earned on the RD.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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