Post Office RD: The Account has been closed due to non-payment of RD installments, can it be restarted? know here...
Many people who are unable to save a large lump sum amount, save small amounts and do savings. 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. Although the option of RD is available in both banks and post offices. In the bank, you will get RD of different tenures, while the RD of the 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 add a good amount in 5 years.
You can start RD from Rs 100 as well. Whatever amount you start your RD with, you have to deposit that amount every month on a fixed date. If any 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 being closed.
When does RD get closed and how to restart it
When you are unable to deposit 4 installments continuously 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 give 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 case, the extension of maturity period can be extended for the number of months for which you are not able to pay the installment. However, you will have to do this work beforehand. If you think of doing this after four months of installment bounce, it will not be possible.
