Post Office Recurring Deposit Account: Qualification, Rates, Deposit, Withdrawal Procedures - Detailed Guide on National Savings RD
Post Office and National Savings Recurring Deposit Schemes: A Comprehensive Overview
The Post Office Recurring Deposit Scheme (PORDS) and the National Savings Recurring Deposit Account (NSRDA) are two popular savings options in India. Let's delve into the key features of these schemes.
Firstly, both PORDS and NSRDA do not impose any restrictions on deposits, meaning they can be made in any amount, not necessarily in multiples of Rs 10. However, for the National Savings Recurring Deposit Account, the minimum deposit per month is set at Rs 100.
Moving on to eligibility, the Post Office Recurring Deposit Scheme is open to a single adult, while information about the eligibility criteria for the National Savings Recurring Deposit Account was not provided in the given facts.
As for the maturity period, accounts under the National Savings Recurring Deposit Scheme can be closed after three years. Unfortunately, the maturity period for the Post Office Recurring Deposit Scheme was not specified.
Interest rates play a crucial role in these schemes. The National Savings Recurring Deposit Account offers an interest rate of 6.7% per annum, compounded quarterly. Unfortunately, the interest rate for the Post Office Recurring Deposit Scheme was not discussed in the provided facts.
Regarding defaults, neither the Post Office Recurring Deposit Scheme nor the National Savings Recurring Deposit Account provides any information about defaults or penalties for non-payment.
Another important aspect is the possibility of premature closure. In the case of the National Savings Recurring Deposit Account, premature closure earns only the Post Office Savings Account interest rate. The Post Office Recurring Deposit Scheme does not mention anything about premature closure.
It's also worth noting that neither scheme provides information about advance deposits, loans, or the death of the account holder.
Lastly, the Post Office Recurring Deposit Scheme does not specify details about who introduced the scheme in 2025. Similarly, there is no information about the National Savings Recurring Deposit Account in the provided facts.
In conclusion, while both the Post Office Recurring Deposit Scheme and the National Savings Recurring Deposit Account offer flexible deposit options, it's essential to understand the specific details such as interest rates, maturity periods, and other terms and conditions before making a decision.
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