2 min read.Updated: 11 May 2019, 08:00 AM ISTLivemint
The minimum amount required for opening a post office RD is ₹10 per month
An RD account in a post office can be opened by cash only
Recurring deposit (RD) is a popular savings scheme. RD comes handy as it helps to save a fixed amount each month. You can open an RD account either with a bank or a post office. The minimum amount required for opening a post office RD is ₹10 per month, or any amount in multiples of ₹5 but the tenure of investment is five years. You can open an RD account by visiting the nearest post office. An RD account in a post office can be opened by cash only. Now, with the launch of India Post Payments Bank (IPPB), the monthly installment of RD amount can be transferred online into your RD account. You need to visit the post office just once for opening the RD account after which you can manage everything through the IPPB app on your mobile.
Here is a step-by-step guide for transferring money in your post office RD account through IPPB