Hi ALL
By mistake,Instead of Fixed deposit I opened a recurring deposit online of Rs 5 Lakhs for a period of 2 yrs..(thinking that Only this amount will be deposited)…
But the statement says my maturity amount + Interst after 2 yrs will be Rs 1,31,14,223
I was in a shock that how come there will so much returns
1.Hence If I am not wrong does that means every month Rs 5 lakhs will debited from my account for the period of 2 years…(amounting to Rs 1,20,00,000 ,(Rs 1 Crore 20 Lakhs) Am I correct???
2.If the scenario 1 is correct,then I do not have so much money with me…what am I suppose to do??
3. What penalities will I have to bear(if any)?
If scenario 1 is correct,I would like to stop this recurring deposit …how to do this etc…
Pls help me and advise me accordingly..
Regards
Samad