What is a recurring mail deposit?

Recurrent post office deposit is a savings facility operated by the Indian Government Postal Department. It includes a fixed amount of amount every month for five years, then at the end receives a lump sum, complemented by interest. The plan is mainly focused on low -income people looking for simple and safe savings. The saver must then store a fixed amount of their selection once a month for the next five years. There is no upper limit for the amount stored, but it must be the same amount every month and it must be a multiple of five rupees.

If the saver does not perform the planned deposit by the end of the calendar month, the default fee is used. This is 20 Paise for every 10 rupees of the planned deposit, with a fee charged every month until the deposit is made. 20 Paise is 0.2 rupees. If the saver fails five times, he will have two months to GAKTUL or the account will be interrupted.

Savers have the option to pay some of theDeposits for recurring mail deposit in advance and get a discount. This discount is once a rupee for every 10 rupees stored if the saver pays six months of deposits in advance. If the saver makes annual deposits in advance, the discount is four rupees for every 10 stored rupees.

There are some exceptions to the normal payout rule for five years before selecting the balance. After at least one year, the savior can download up to half of the account balance in the form of a loan. This loan must later be repaid on the account together with an interest of 15%. The savior can also close the account after three years, but only receives an interest rate that applies to a standard bank account after the office, which will be lower than the postacurring deposit offer.

As soon as the period is five years old, the saver can download the full balance plus interest. This interest, since 2010, was applied at 7.5% per year, calculated every quarter based on a compound base. The savior also has the opportunity to leave the account open for up to another five years, duringwhich account continues to receive interest. During this time, the saver may make other deposits, but this is not mandatory.