Why we should not approach Banks for investments

Am not against banking services or anything , I have high regards on our banks and I firmly believe they are the pillars of any economy .  If banks are strong economy grow strong . 

I have  a big problem with Bank Relationship managers who try to sell wrong products  to their customers to achieve their targets and revenues .  They generally have huge targets and they are trained to provide misinformation and do wrong product selling to their customers (be wary)

One can easily understand , when you you step in bank and ask for a PPF , they try to sell you a ULIP (sadly by saying all disadvantages of PPF) 

If you ask about FD they can sell you Tier 1 bond (they compare with FD) . This has happened with yesbank customers and still happening with many . 

If you want to buy a sukanya samridhi scheme ( beautiful product from Govt of India) they sell you child insurance plan . 

"Never ask a barber if you need a haircut " same way "Never ask a banker where should I invest" ? you will be trapped . They sell home loans connecting insurance with that , they sell wrong products by proving all misinformation . They mostly sell you ULIPS  by assuring you returns . 

Bank is like a mall . You can shop for credit cards, gold, life insurance, health insurance, accident insurance, mutual funds, financial advisory, and more (beware but all comes with misinformation) .

Better approach a financial planner  who does unbiased advise . 


Conclusion : Do not enter a bank unless it is absolute necessary (visit only for banking services not for investment services)


for more on financial planning reach us on pcswealthadvisers@gmail.com



PCS CAPITAL were first generation entrepreneurs in financial services . It was formed with foundation stone for creating long-term wealth for the investors through various financial products like Mutual fund s , Insurance , Fixed deposits and Alternate Asset products . We help you understand your financial objectives and make appropriate plan to realise them with proper risk management. rnYou can leave your contact details for professional help in your investment journey.

Comments

  1. Rajarapu pavanNovember 23, 2020 at 7:23 PM

    Yes, you are right.
    Even I faced same situation in SBI bank.
    Thanks you very much for your information.

    ReplyDelete
  2. UnknownNovember 23, 2020 at 8:51 PM

    Yes I have exp with axis bank , they tried to sell ulip when I went for FD

    ReplyDelete
  3. ReddyNovember 24, 2020 at 5:38 AM

    Most of them do so.

    ReplyDelete

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