Fixed deposit or senior citizen scheme with unusually high interest
An agent offers a deposit or scheme for senior citizens at an interest rate well above any bank's.
Community reports: 0
How it works
- A friendly, well-dressed agent visits or calls with a fixed deposit or "senior citizen scheme" that pays far more interest than any bank, or a fixed monthly income.
- They show brochures, certificates and photos with officials, and pay the first few months of interest on time, so you invest more and tell your friends.
- The company is not allowed to take deposits, and one day the payments stop, the office closes and the agent stops answering.
What it looks like
Example messages. Numbers and links are masked.
Uncle, special senior citizen plan: put Rs 5 lakh and get Rs 10,000 every month, guaranteed. Banks give much less. Only for this month.
Our company is registered under the Companies Act, fully legal, see this certificate. Interest 18% per year, paid on the 1st of every month. (said by the agent)
Red flags
- Interest far above any bank's rate
- Guaranteed monthly income with "no risk"
- Company registration shown, not an RBI licence
- Cash or personal account payments
- Bonus for bringing in other seniors
The one question to ask
If this deposit is safe and legal, why does it pay so much more than your bank?
Already paid or shared details?
Stop putting in more money and keep all receipts, certificates and messages. Report the scheme at sachet.rbi.org.in and to your local police, and if you paid online, also file a complaint at cybercrime.gov.in.
1930 · cybercrime.gov.in
Also seen as
- Unknown "cooperative" or society offering very high rates
- Monthly income plans sold door to door
- Land or gold deposit with "assured" returns