Closed FD with LVB last month........ but was surprised to see many senior citizens making fresh fd's with the bank...... The bank staff kept telling me that everything is fine and nothing to worry.....
I am guessing these are the types of banks that give 9-10% interest on FDs? Because this explains why mostly senior/retired folks lose their money here.
Indian newspapers are the worst. My Google Discover feed would always have one of the articles from LiveMint type websites where they would be highlighting these smaller banks which give up to 11% interest on FDs to senior citizens.
as for bank employees... few days ago, went to yes bank enquiring about capital gain tax saving bonds. the guy completely ignored my requirement and started pushing for a 35 year long plan that would get me a yearly pension at the end of 35 years. i was like dude do you really think your bank would exist or i would be alive 35 years from now?
I guess days of 9-11 are gone.. These banks are probably giving 7 or 8 when SBI/HDFC are dropping to 4 or 5 (I read an article only yesterday that HDFC is dropping to 3 or something for the short range, with savings account balance yielding 2.5, if I am right)