29 March, 2024 16:26 IST
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Post Office Schemes
 
P.O. Recurring Deposit
 
Features
 
Returns
P. O. Recurring Deposit provides an interest rate of 9.0% which is compounded quarterly.

Investment Limitation
Min Amount        Rs. 10/-

Max Amount       No Limit

Denominations   Rs. 5/-

Scheme Availability
All through the year.

Mode of Operation
  • Single
  • Joint (Two or more)
  • Minor with parent/guardian
Tenure of Investment
P. O. Recurring Deposit has an investment period of 5 years.

Nomination
Facility is there at the time of opening the account or anytime during the tenure of the account.

Premature Encashment
Is permitted if deposit is more than one year old. The interest rate applicable will be that which is prevailing at that time.

Maturity
The certificate is to be discharged at the back.

Loss of Passbook
A pass book is issued at the time of opening the account. If there is a loss, theft or the passbook is mutilated, a duplicate is issued on a charge.

Tax Benefits
Tax benefits can be availed under section 80L. No Tax benefits are provided under section 88.

Tips for Investing
  • A P. O. Recurring Deposit is a novel way of saving a fixed sum every month for a particular period which will fetch the investor a large sum after 5 years.
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