With Rupee falling every day and touching a new all-time low of almost $1 to Rs 65, many of NRI Indians are asking this question, is it a right time to transfer money to India or is it the right time to invest in FCNR deposits on Indian banks. If you have transferred dollars to India recently, many are just a fortnight ago, you might be regretting your decision to miss this increase in exchange rates. But there are many Indians, which are also thinking to take advantage of both increase in exchange rates as well as high-interest rates offered by Indian banks. Since NRE fixed deposits are not that attractive, due to recent fall in rupees values, in fact, you would earn more than FD if you keep your money in dollar itself, but FCNR (Foreign Currency Non Resident) deposits are unique, it keep money in the foreign currency itself e.g. in USD, GBP, SGD, AUD or JPY, depending upon your FCNR deposit currency.
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Recently one of my readers asked me that he wants to invest some money on NRE fixed deposits but confused on whether to go for foreign banks like Citibank, DBS, Standard Chartered, Deutsche Bank or Indian banks like ICICI, Kotak, HDFC, SBI, Axis Bank or Union Bank? I asked him, whether he has any existing NRE saving account , he says he doesn't have any existing NRE saving account? Then I ask him what is more important for you? the interest rate or convenience? and his answer was the interest rate. Read more »
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