@pk , thanks for your comment. These are formal investment products from very large banks. They provide higher interest rates than typical saving accounts from those banks. These product are typically participated using those banks online app which also tracks balance and intertest. There is a pooled account opened at the bank that is shared by all the participants (i.e. all the participants money are deposited in that account).
A similar product I can find here in the US is raisin.
The person involved is a green card holder. There is no NRA in this.
