How can you negotiate with banks for the best deposit rates?

Before starting negotiation, You need to know that your long term success will be attained through win-win deal for you and your bank. Then you have to prepare options available from more than 1 bank in details. Options must studied in details from all sides. For example:- - Interest rate' - Balance availability - Minimum balance to be kept - other fees to be applied - Current relation with each bank and other provided services.

I think this is the best technique to accept my offer. The situation is, some banks offer very low rates, but I never go there because of their strength and other capacities. However, their lowest rate offer is a weapon for me to express my confidence in negotiation. In practice, only banks reduce their rates if someone offers less than that, and they only gain if the customer is not aware of it.

In my experience negotiations with the banks can only be done when you have a volume of money which you are willing to put in one bank. Every bank has there own pros and cons but you can always see the personnel you are dealing with and the services provide and ease of getting the work done. All banks are fairly placed in the current situation for the FD rates and other fixed income products.

Although, maximizing on your deposits is idealistic, you may want to consider looking further into the relationship you have built with your bank. Where one bank may offer a higher interest rate, another bank may offer more value in other services and products. Stability and reliability are two important factors to consider.

Look for financial aggregators or comparison websites that specialize in displaying FD rates from various banks. Popular financial websites often have tools to compare FD rates.

Research plays a very vital role when it comes to selecting any product or services that you want to use. These days there are various tools where you can actually research and evaluate your best suited product. Also check the financials and technical stability as you are seeking a long term relationship.

Negotiations are very subjective and it varies from person to person depending upon what the person is looking for. While you negotiate have a good faith and trust and also have a realistic expectation and a strong base. Having a strong base is like having a tree with deep roots which helps in nourishing the plant. Having a big banking base helps you to grow and negotiate better.

Banks are there to meet your financial needs and goals via loans, investment and other attached products and services. When you negotiate with the banks you should be very careful and creative and open to all the possibilities of negotiating. Banks offers a wide range of opportunities to negotiate in different ways with different products. All you need to do is choose correct products and then negotiate. It can be in terms of cards giving cash back, better rates for loans, reduction in PF fees, reduction in rates and etc. Be creative and flexible and be fair to have a win-win situation.

Built a long term relationship with a higher networth with your RM with any bank, the Manager who is looking after you will provide you the best of services and also will negotiate on behalf of you with the company itself. Building a relationship is the best investment that one can have.