Company not paying interest on fixed deposit

[neku]

I had made a fixed deposit with a company and it is not paying the interest as promised. I have visited the office twice, it was closed the first time due to fire, and the second time they are extremely evasive. They have also not refunded the principal on the fixed deposit on the due date. What is the best option to get the money invested and the interest due on the fixed or term deposit with the company?

 

[Suba]

Before answering your question, there are several factors that must be considered, whether the company/deposit platform has a permit and is registered with the government. If you use an illegal platform, it means you are being deceived. If the platform is legal, you can report it to authorized institutions, especially those that oversee investment and financial matters.

 

[neku]

The business is a registered co-op society which is authorised to receive deposits. I will wait for a week to check if they pay as promised, otherwise I will complain.

 

[Suba]

There are many types of Co-op societies, are they also recognized as deposit insurance institutions like banks, so that if they go bankrupt your money is still safe.

 

[Augusta]

This is why we need to be careful with where we deposit our monies. Just make sure you are getting it right from the beginning to avoid any kind of scam.

 

[Springtime]

To play safe, I always deposit money in a reputable bank. Not other financial institutions which may offer a better interest rate.

 

[King Belieal]

I just hope that the financial institution that you deposited your money in is registered and regulated by the apex bank of your country. You can report to the apex bank if so. If it is not registered, you can kiss your money goodbye.

 

[Stardom22]

The thing is very similar to that in my country. Most banks never pay interes on the fixed deposit accounts

 

[Fidelia]

The thing is very similar to that in my country. Most banks never pay interes on the fixed deposit accounts

Is it that these institutions don't give you contracts for you to review the terms and sign before you commit to open a fixed deposit account with them?