Refund from recurring deposit scheme .


Hello Sir ..

 


one of the my relative deposit money under recurring deposit scheme of  
HBN Dairies & Allied Ltd, they operates the scheme through joint venture , the total term of said scheme was 5 years after that company return the above amount with some interest amount .in my case they deposit the amount up to around 3 years and now they ( relatives ) discontinued the said deposit scheme .

but when he goes to their  branch office to get back the deposited amount , the officials of the company say money will be refunded only n only after the completion of term i, e 5 years  .

my question is whether  i am  get my money before the term ..what is my position now ?

secondly the company accept the deposit under recurring deposit scheme through joint venture setup ..is it legally permissible because they carry banking business without permission of rb

 

thanks in advance ..

 
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