Many citizens have been cheated when investing in NBFC FDs. People invest in NBFC fixed deposits as they offer higher interest rate than Bank FDs. SBI has hiked FD interest rate to 6.8% for fixed deposits between 1-2 years. Many bank FDs offer interest around 6.5%. Senior citizens enjoy even higher rates.
You may be tempted to invest in NBFC FDs as they offer a higher interest than bank FDs. Bajaj Finance FDs offer interest rate of 8.75% to 9.1%. Senior citizens are offered even higher rates. LIC HF fixed deposit rates are 8.15-8.3% for 1-5 years. Senior citizen FD rates are 8.4-8.55%. These are really reputed NBFCs and offer high interest with almost no chance of default. Fixed deposits of Fincare Small Finance Bank offer around 8%, ESAF Small Finance Bank around 8.75%, AU Small Finance Bank around 7% and Ujjivan Small Finance Bank around 8%.
For those who don’t know, NBFCs are engaged in the business of loans, stocks, bonds, debentures, securities, leasing, insurance, hire-purchase and chit business. Some of the reputed NBFCs are HDFC, Reliance Capital, LIC Housing Finance, Rural Electrification Corporation (REC), Mahindra and Mahindra Finance, PNB Housing Finance, TATA Capital among others.
IndianMoney tells you to register a complaint against NBFCs if you have been cheated. You can register the complaint with NBFC Ombudsman. IndianMoney is India’s leading financial education company which looks to curb the misleading sales practices rampant in the financial services sector. Want to know more on fixed deposit? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
For years people who were cheated by NBFCs had no one to complain. Citizens who were cheated in NBFC FDs or credit cards couldn’t register complaints in case of deficiency of services or deposit defaults. RBI has stepped in and launched the NBFC Ombudsman Scheme for redressal of complaints against NBFCs.
Many citizens have not received timely payments of interest and Principal on deposits. If you have a grievance against NBFCs contact the NBFC grievance redressal officer. You will find the name and details of NBFC grievance redressal officer displayed at the NBFC premises.
NBFC cannot offer interest rate higher than 12.5% across any tenure. The tenure must not be less than a year and more than 5 years.
STEP 1: File a written complaint with NBFC before filing complaint with NBFC Ombudsman. If the NBFC doesn’t respond within a month or you are not satisfied with the response, file complaint with NBFC Ombudsman.
STEP 2: If you have not received a reply from NBFC, approach the NBFC Ombudsman within a year and a month after the date of representation to the NBFC.
STEP 3: You may approach the Consumer Court, Consumer Forum or even the Company Law Board. If you are lodging complaint with NBFC Ombudsman, make sure not to lodge complaint with Consumer Court, Consumer Forum or Company Law Board.
Are you cheated by banks or NBFCs? Lodge a complaint on Iamcheated.com which is a free online consumer complaints portal, which registers consumer complaints online and helps resolve them. If you have been cheated by financial service providers or if you do not receive any response from them, post your complaint on Indianmoney.com complaints portal IamCheated.com.
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