A recurring deposit account can be opened with a minimum investment of Rs 10 per month or any amount in multiples of Rs 5. There is no maximum limit. Nomination facility is available at the time of opening and also after opening of account.
Key Features:
- Account can be transferred from one post office to another.
- Any number of accounts can be opened in any post office.
- Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
- Joint account can be opened by two adults.
- There is rebate on advance deposit of at least 6 instalments.
- 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.
Source: India Post
