Posted on: 22-12-11 18:05:42
Would n't you tend to lose money by investing in India as the Indian Rupee is sliding down ?
I think in case of NRE FDRs they hold the money in USD / CAD and they would refund you in USD/CAD regardless of how much Re has slid against the USD/CAD for the period ....
Is this correct ?
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Fido.
Quote:
Originally posted by Fido
Would n't you tend to lose money by investing in India as the Indian Rupee is sliding down ?
I think in case of NRE FDRs they hold the money in USD / CAD and they would refund you in USD/CAD regardless of how much Re has slid against the USD/CAD for the period ....
Is this correct ?
NRE funds are in Indian Rs. If you are worrying about currency fluctuations then go with FCNR account. I don't think u will get same interest rate in FCNR account.
It is an investment game and there are chances that you can lose some money due to Rs sliding down. But other option is also possible that Rs appreciates. Who knows if Rs which is close to 52 against dollar may end up 40 in a year or so. If that happens you will end up gaining 30% return in a year.
It is a best option for those who has money parked in foreign banks saving accounts (getting only 0.000... % return to put money in NRE FDs)
I see a very +ve hope on Rs side. If it does not stop sliding then who stops the govt to open FDI.
Can I open an NRE a/c in one of those banks? I have been in India for a year now. I have an NRE a/c in a public sector bank but that does not pay interest like these private banks. I have canadian passport/OCI etc. The interest rates offered by the banks are really good.
KM
Quote:
Originally posted by ashedfc
HDFC Bank offers 9% interest on NRE deposits
The bank now offers non-resident Indians the same deposit rates as offered to resident Indians.
http://profit.ndtv.com/News/Article/hdfc-bank-offers-9-interest-on-nre-deposits-294594</font>
Hi ashedfc,
Is this for all the amounts invested? I think 9 % is onl for 100 lakhs and above right? Correct me if I am wrong.
Regards,
Thanks a lot ashedfc for this new information. It has given me a pointer to "YES BANK", which offers 9.6 % on deposits up to 15 lakhs for a period of 16 months.
HDFC is not giving that upto 1 crore. Their 9 % is for deposits above Rs. 1 crore. Itne dollars kab ayenge yaar, he he.
9.6 % and that too repatriable, sounds just perfect. I have just registered with them and they would call me back I think. I will have all the questions answered. I would post it here for every one's benefit.
Regards,
VJ.
