If you have opened an account or planning to open an account with Reliance Money - ask this question to yourself.
How safe is your bank account??? Probably the first answer will be Yes.Why it would be unsafe ? Now I would tell you something which you do not know.
They have taken Power of Attorney to Operate, Debit and Block your Bank Account !!!! Is it true. Yes. Go and check the form if you have xerox and ask for new form if you do not have. See the Power of Attorney they are taking. It is written "Voluntary" but they are not opening an account if you have not given them power of attorney.
They have refused to open my father’s trading account as he did not sign Power of Attorney. I have made a complaint to SEBI and awaiting their reply. Be careful. The intentions of Reliance Money does not seems to be good.
Giving a Power of Attorney to Operate the bank account is something which no investor will be willing to do knowingly. So in a disguise of bundle of forms - they are taking it without the knowledge of investor.
Though I feel they would not be using it to misuse your funds - because if they do so - Court of Law will punish them badly . But nothing can stop them to get your bank statement/data from Bank Accounts which is very personal and the information can be used/misused/ and probably sold to anyone. Dont’ you feel so ?
--Manish Dhoot