fixed deposits in multi state Credit society ltd

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rajesh (Querist)

07 October 2016 hi sir multistate credit society ltd offered 11% interest rate, can I deposit in fixed deposit. pls advice sir thanks

Prof. Bajaj

Prof. Bajaj (Expert)

07 October 2016 In my opinion, one needs to be ultra cautious while dealing with Co-operative Banks and Credit Societies. There are many cases wherein they have not repaid the deposits.

rajesh

rajesh (Querist)

07 October 2016 sir I m asking multistate credit society and not credit society..... so many society converted to bank ,they are working fine if any problems than y government given permission?... pls replay.....

Prof. Bajaj

Prof. Bajaj (Expert)

07 October 2016 By definition, multi-state multi-purpose cooperative societies are bodies which are operational in more than one state. Among them are credit societies, banks, sugar and textile mills. However, while the banks come under the dual control of the central registrar and the Reserve Bank of India, credit societies are answerable only to the registrar.

Why Government give permission ? I dont think I can answer that. Even Cigarettes and Liquor sellers have permissions from Government. Does that make them a healthy product ?

Anyways, if you are convinced to invest, nobody can stop you. All the best !!

rajesh

rajesh (Querist)

07 October 2016 can I take mutual funds for better returned.

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