If you are an NRI (Non-Resident Indian) then you have access to a unique bank account called NRE (Non-Resident External) account which allows you to keep your money in Indian rupees. This account then further allows you one of the best, fixed deposit investment options known as NRE fixed deposit, which currently provides fixed and interest rate e.g. 8.75% from Deutsche bank, resulting in a cumulative yield of 10.3% for a 5 years NRE fixed deposit. It's not just the Deutsche bank but other private and public sector banks like SBI, ICICI, HDFC, Kotak Mahindra, YES Bank they all provide very good returns on NRE fixed deposits.
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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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