Finance, Forex and Investments

Have Indian banks appointed agents to sell recurring deposits?

I recently met someone who claimed to be from a company that collects recurring deposits for Nationalised Indian banks.He said they will first open an account for me in a bank & keep a box in my shop. I am to deposit any amount daily in the box. at the end of the month they total the money in the box, put THEIR money in the RD account at the bank, show me the bank receipt & then take the money from my box. is this a scam or is this for real?

Public Comments

1. This sounds like a scam. As far as I know, Indians banks would not accept variable amount of money for different installments for RD. None of the nationalised banks have agents to open accounts, weather savings or recurring. Yes Post Offices do have agents, for this but they will tell a fixed amount of installment amount and also the amount on maturity, at the time of opening the account it self. If you are really interested in opening a recurring account and want someone to collect it from every month, get in touch with a postal agent or the postman. This is safest way, don't fall victim for a small amount. We used to have an agent in our area who used to come to our home every month to collect the amount.
2. ITS ABSOLUTELY A SCAM. DONT BELIEVE THEM.
3. Its a 100% scam. Reasons: 1. No bank - nationalized or not, private or international have agents, they have employees. If asked for they can show you their visiting / business card and their employee card. 2. There are two kinds of agents in India. 5% of the time there are certified IRDA agents who sell insurance and NCFM agents who sell mutual fund and / or shares of different kinds depending on their licence. If asked for you can see their licence, which looks a little bigger than a driving licence. 95% of the time, people who sell anything related to financial instruments and call themselves agents. They do not have any certifications authorized by the Indian government and henceforth no licence. Actually they work for some other certified agents in part-time basis. These people, most of the time, neither they have any knowledge of the product they are selling nor any intention for the good of the customer. Their only aspiration is to achieve their targets by hook or crook. Beware of these people. 3. lastly to open a recurring deposit contact the nearest branch of your choice and open a recurring deposit. Sometimes its necessary to have an bank account where you are opening the recurring deposit.