One can open a Recurring Deposit (RD) either with a bank or with the post office. The Recurring deposit of Post Offices is very popular in India. For recurring deposit, you have to deposit a small amount of money every month and a huge amount comes together on the maturity. The minimum amount of money required for opening RD in Post Office is Rs.10/- per month or any amount that is multiples of Rs. 5/- but, the tenure of investment is 5 years.
In Post Office, you can deposit money through cheque or directly by cash or through a post office agent. But now you can deposit money in an online RD account, sitting in the chair in your home. For this facility, you have to open a new account in India Post Payments Banks (IPPB).
Link India Post Payments Bank from RD account
The Post Office is offering this facility through IPPB (India Post Payments Bank). To utilize this facility you will have to go to the Post Office and link IPPB from your RD account. After this step, the monthly instalment of RD can be paid from the IPPB account online or from the IPPB Mobile app.
How your money transfer in the RD account?
In order to fill the RD online instalment every month, the first thing to do is to put money into your account from your IPPB account. Then go to DOP products and select RD. Fill-in the RD account number and DOP customer ID. Along with that, you have to choose the amount of money and the period of instalment also. Immediately after the instalment is deposited, you will get this information on the IPPB Mobile App.