Post Office Recurring Deposit: How to invest up to ₹50,000/month without a pay-in slip

If you have a Post Office Recurring Deposit (RD) account in the post office, you can now make a cash deposit of up to ₹50,000/month without any pay-in slip.

A recent order of the Department of Posts has allowed deposits up to ₹50,000 without pay-in slips through Aadhaar-based biometric authentication.

As an RD account requires recurring deposits every month, the beginning of the new facility means you can make a cash deposit of ₹50,000 or any lower or higher amount per month without pay-in slips.

Here's how this system will work.

Post Office RD accountholders with e-KYC CIF can deposit up to ₹50,000 in their accounts through Aadhaar authentication without submitting the pay-in-slip. A customer not having an e-KYC CIF can update their existing CIF by visiting their post office branch and requesting the branch postmaster.

After receiving the cash from the depositor, the branch postmaster will log in to the Digital Rural Enterprise Application for Mobiles (DREAM) app and follow the below-mentioned steps to complete the deposit:

• Select Core Banking Services in the Home Page Menu.

• Click on cash deposit

• Enter the account number

• Click on ‘Search’ button

• Account details (Account Number, CIF ID, Name, Scheme and Balance) will be fetched and displayed.

• Enter the amount of transaction as orally confirmed by the depositor

• Click on ‘Initiate Transaction’

• If the CIF of the account number entered is an e-KYC CIF, then click on ‘e-KYC’ option

• Enter the OTP sent to BPM’s mobile number

• Click on ‘Verify OTP’

• Click on the consent check box

• Click on ‘Biometric Authentication’

• Request the depositor for biometric authentication

If the CIF of the account number entered is a non-e-KYC CIF, then the depositor must submit a pay-in slip.

The BPM can print the receipt/ acknowledgement. The customer will also receive a system-generated SMS after the successful completion of the transaction.