Reading up is the only way to protect oneself against unscrupulous advice
Mis-selling has really gone out of bounds and so often I come across stories of people who have been duped. Here is what I have seen, heard and experienced myself. A 72-year-old was called by the bank manager of a private bank on maturity of his fixed deposit and recommended to move it to a scheme that could give him “10% guaranteed" return. Thankfully, he checked with me and he was stopped from investing in an insurance product. In my own case, the few times I visit the bank, turns out a sour experience. The aim of the people working in the branch seems to be to sell insurance policies. Forget the service managers, even the teller will ask you for investments. Since when are tellers qualified to give investment advice? I wanted to open a locker and approached a public and a private sector bank. Both wanted me to buy a “five-year investment scheme" in order to open the locker and quoted these as being “bank rules". I would like to ask the Reserve Bank of India (RBI) if it is mandatory to buy an insurance product to open a locker?