Post office recurring deposits: Amount you will get on RD account continued beyond maturity period with or without payments
The Ministry of Finance recently announced revisions to the National Savings Recurring Deposit Scheme, 2019 in the form of the National Savings Recurring Deposit (Second Amendment) Scheme, 2023. The changes concern interest rates and repayable amounts. The recurring deposit for this quarter July- September quarter is 6.5 % per annum (quarterly compounded)In the notification dated August 23, 2023, details regarding the amount repayable on an account of Rs 100 denomination, what will be the amount inclusive of interest repayable on the accounts opened on or after the 1st day of July, 2023 and continued with monthly deposits beyond the maturity period or maturity period as extended or without payment and amount payable to legal heir or nominees on the death of the depositor in five years under this Scheme.
In the below tables, you can see the precise sums repayable for accounts that remain after their maturity periods. The most notable feature in this case is the rising return on extended accounts, which represents a positive development for long-term depositors.
Accounts continued beyond maturity period with regular payments
Amount repayable, including interest, on accounts started on or after July 1, 2023 and maintained with regular monthly installments after the maturity term or the extended maturity period.
Number of completed years for which the accountAmount (Rupees) on an account of 100 rupeescontinueddenominationOne years8814.76Two years10644.7Three years12596.52Four years14678.33Five years16898.8Amount repayable inclusive of interest on an account of any other denomination shall be proportionate to the amount.
Accounts continued beyond maturity period without payments
Amount repayable, including interest, for accounts that were started on or after July 1, 2023 and kept open without receiving any new monthly deposits beyond the maturity period or the extended maturity period
Number of completed years for which the account continuedAmount (Rupees) on an account of Rs 100 denomination
One years7571.89Two years8076.19Three years8614.08Four years9187.79Five years9799.71Amount repayable inclusive of interest on an account of any other denomination shall be proportionate to the amount.
Amount due to the legal heir or nominees
There are now specific amounts that must be repaid in the tragic event that the account holder passes away within five years of the account starting after July 1, 2023.
This table will show the amount due under this scheme to the legal heir or nominees on the depositor's death in five years for accounts started on or after July 1, 2023, until the account is closed.
For the deceased's family or nominees, this gives an extra element of transparency and streamlines procedures at trying times.
Number of depositsAmount (Rupees) forNumber of deposits madeAmount for Rs 1001 to 11Deposits made363982.44121242.86374104.43131350.1384227.08141457.91394350.4151566.31404474.37161675.28414599.02171784.85424724.33181895434850.33192005.75444977202117.1455104.35212229.04465232.39222341.59475361.12232454.74485490.54242568.51495620.66252682.88505751.48262797.88515883272913.49526015.24283029.72536148.18293146.59546281.85303264.08556416.23313382.2566551.34323500.96576687.17333620.36586823.74Source: Ministry of Finance notification
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This story originally appeared on: India Times - Author:Faqs of Insurances
