Currency Demonetised- What does your bank sell?
Banks play a pivotal role in day-to-day activities of every individual. On the advent of demonetisation of INR 500 and 1000 notes, people rush to banks to exchange or deposit money in their accounts. May it be the teller of the branch or your relationship manager would definitely approach you for investments.
Do banks really care about customers? Yes! they do, and depend on us. They indeed promote their as well as third party products such as gold coins, mutual funds, insurance schemes, complex derivatives and structured products.While, in principle, there may be nothing wrong in this, but there should not be selection of products based on fees and comission earned.
Are you offered with a product that ensures 15-20% returns with tax benefits; printed growth projections of your Investments? Even you can make an excel sheet of projecting annual growth with fancy numbers for a period of five, ten or fifteen years.They would have a deep emphasize on your child's education or your retirement. Open your eyes!!
Is your banker( he/she) is focussed on making you to invest in a specific scheme/product or rather gives you alternative options? Beware of incognito charges levied on those products will not be disclosed. Say entry load, professional fund management fees, etc.
Ask yourself :
Does the scheme suit my risk Profile?
Is the product/scheme offered will make me achieve my financial goals?
Will I be able to to anticipate near future and emergency expenses with or without the corpus invested?
How liquid is my investment? What is the lock-in-period?
How much pre- closure or exit load charges would be imposed?
Things to ensure:
Are the real figures of cost and returns in insurance, MFs, etc are disclosed? Do a little reseach before you invest. Remember real numbers are masked.
Think twice before you buy an ULIP. Better to have your insurance and investments separate. We must also consider the existing portfolio of investments before adding to it.
Safe and prosperous investing folks!!
Banks play a pivotal role in day-to-day activities of every individual. On the advent of demonetisation of INR 500 and 1000 notes, people rush to banks to exchange or deposit money in their accounts. May it be the teller of the branch or your relationship manager would definitely approach you for investments.
Do banks really care about customers? Yes! they do, and depend on us. They indeed promote their as well as third party products such as gold coins, mutual funds, insurance schemes, complex derivatives and structured products.While, in principle, there may be nothing wrong in this, but there should not be selection of products based on fees and comission earned.
Are you offered with a product that ensures 15-20% returns with tax benefits; printed growth projections of your Investments? Even you can make an excel sheet of projecting annual growth with fancy numbers for a period of five, ten or fifteen years.They would have a deep emphasize on your child's education or your retirement. Open your eyes!!
Is your banker( he/she) is focussed on making you to invest in a specific scheme/product or rather gives you alternative options? Beware of incognito charges levied on those products will not be disclosed. Say entry load, professional fund management fees, etc.
Ask yourself :
Does the scheme suit my risk Profile?
Is the product/scheme offered will make me achieve my financial goals?
Will I be able to to anticipate near future and emergency expenses with or without the corpus invested?
How liquid is my investment? What is the lock-in-period?
How much pre- closure or exit load charges would be imposed?
Things to ensure:
Are the real figures of cost and returns in insurance, MFs, etc are disclosed? Do a little reseach before you invest. Remember real numbers are masked.
Think twice before you buy an ULIP. Better to have your insurance and investments separate. We must also consider the existing portfolio of investments before adding to it.
Safe and prosperous investing folks!!
