Banks might sell products you don’t need | Fusion - WeRIndia

Bankers can be hard to deal with for customers. They are trained in selling products to you. Sometimes they sell you products you don’t need by convincing you that you actually need them. You need patience and also the ability to firmly say “no”. Here are some examples as of to how that can happen.

Fixed deposits

Say you have a fixed deposit at a private sector bank, then you could end up with an entire different product. Since the banker knows you already have fixed deposit, he might try to convince you to buy something else with higher interests. He might try to sell you a ULIP. Even though the returns are higher, there is higher risk.

Personal loans

If you have taken personal loans and are paying loan installments, you can expect calls and messages to take a top-u loan. It is always better to say no to this top-up unless you are desperate.

Credit card EMI

Paying credit card bills on time will not give any gain to the bank. If there is an outstanding amount you will have to pay more interest. So, you might receive calls asking you if you want to convert it into small EMIs. Agreeing to this will help the bank gain interest. So, be careful.

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