Post Office RD: The Account has been closed due to non-payment of RD installments, can you start it again?
The amount of RD you have started, you have to deposit that amount every month on a fixed date. If your installments bounce in between, then your account can be closed. If something like this has happened to you too, then know whether Post Office RD can be started again after closure.
Many people who are unable to save a large lump sum amount, they do savings by saving small amounts. For such people, RD is a good option because through this you can save a fixed amount every month and also take advantage of better interest on maturity. By the way, the option of RD is available in both banks and post offices. In the bank, you will get RD of different tenures, whereas the RD of post office is for 5 years. Interest is being given on this RD at the rate of 6.7%. In such a situation, you can accumulate a good amount in 5 years.
You can start RD with Rs 100 as well. Whatever amount you start your RD with, you have to deposit that amount every month on a fixed date. If many of your installments bounce, then your account can be closed. If something like this has happened to you too, then know whether the post office RD can be restarted after it is closed?
When does RD close and how to restart it
When you are unable to deposit 4 consecutive installments in the post office, then your account is discontinued. But if you apply to restart it within the next two months, then it can be revived. However, in case of restarting a closed account, first of all, you have to deposit the outstanding installments of the previous month along with the penalty. But if you do not submit any application within two months, then the RD account is completely closed.
If you are unable to deposit the installments, then try these options
If you feel that your financial condition is not good and you may face difficulty in depositing the installments continuously for some time, then you can extend the maturity period of your account further. In such a situation, the extension time of the maturity period can be extended by the number of months for which you are unable to pay the installment. However, you will have to do this work beforehand. If you think of doing this after four months of installments bounce, then it will not be possible.
