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POSTED BY ON June 5, 2013 6:00 am COMMENTS (4)
Hello all,
I have come across Unitech group’s fixed deposit plan where its offering 12-13% interest pa. Is it credible to park money with the group.
I am planning to go for premature withdrawal of one of my FD with SBI and go for it. Would it be wise to do so?
http://www.unitechgroup.com/unifd/index.asp – URL for Unitech Group
Regards,
Shah Faisal
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Its very simple .
If you are going to get 12%-13% . Then it will not be without risk . Be mentally prepared to accept a situation where Unitech defaults and you do not get money in time and then the whole pain .
Manish
One word answer – No
Unitech has defaulted in the payment of interest for the corporate FDs issued in the past.
Strongly recommended to avoid.
Shriram Transport or Mahindra Finance are relatively better but the interest rate will be little lower than Unitech.
The problem with most corporate FDs is that upon maturity they do not repay automatically. There is manual work involved. They send an FDR by post, on which a revenue stamp need to be affixed and signed and sent back to them. Upon receiving they send a cheque. Lot of precious time is lost. It is a major pain if you have changed the address in the interim.
Dear Sha, please google a bit for the stories of houses not handed over to the buyers in various housing schemes of Unitech or the quality of work done by it. You ‘ll get your answer. 🙂
Thanks
Ashal