1. Investor need to check that the NBFC ? has the specific authorization issued by RBI to accept Public Deposit.
2. The depositor should check and ensure the Deposit scheme offer is as stipulated by RBI- especially in context of its Period, Rate of interest etc.
3.The depositor needs to check the correctness on their Deposit Receipt- especially Name (s) of the Depositor(s),Date 0f Deposit & its Maturity, Rate of interest offered,(with its compounding, if any), Amount in Words and Figures. Most important ?signatures of the Authorized Officials.
4. In the case of brokers/agents etc collecting public deposits on behalf of NBFCs, The identity / credentials of the agent must be verified.
5. The depositor should check the rating of NBFCs before they deposit with the said NBFC , as RBI does not accept any responsibility. Rating is mandatory. So, it must be ascertained. Please note ,Only 5 rating agencies namely, CRISIL, CARE, ICRA and FITCH, Ratings India Pvt. Ltd and Brickwork Ratings India Pvt. Ltd are authorised.
6. Depositor need to do discrete inquiry about the financial soundness of the NBFC.
7. No investment needs to be made in NBFC having downgraded rating.
8 In case an NBFC defaults in repayment of deposit, The depositor should approach Company Law Board or Consumer Forum or file a civil suit in a court of law to recover the deposits. Please note, a depositor can approach any or all of the redressal authorities i.e consumer forum, court or CLB.
9. There is no Ombudsman for hearing complaints against NBFCs, however , in respect of credit card operations of an NBFC, The consumer should approach Banking Ombudsman, if a complainant does not get satisfactory response from the NBFC within a maximum period of thirty (30) days from the date of lodging the complaint.
10 . In case of Overdue Deposits of NBFC, The Depositor must claim the interest as on Date of Maturity of his Deposit with NBFC, otherwise the overdue Interest will be paid only from the date of claim.
11. Customers should note the Name, Address of the Grievance Redressal Officer and controlling Office of the Reserve Bank of India. It must be made available in the premises of the NBFC .