Posted on: 10-10-08 22:38:22
i have sent Rs. 500000 to india last week as the exchange was good. if i have to put this in FD the minimum period is 1 year. but i need this money after 9 months. wht are other investment options?
if this is to put in mutual fund which one is best?
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Quote:There are FDs for shorter periods of time as well, starting from 45 days to 90 days, etc.
Originally posted by uday62
i have sent Rs. 500000 to india last week as the exchange was good. if i have to put this in FD the minimum period is 1 year. but i need this money after 9 months. wht are other investment options?
if this is to put in mutual fund which one is best?
Your best bet is probably a 90 day FD, followed by a 45 day FD.
If they won't let you do an FD for 500,000 for less than 1 year, then split the money.
IMO, mutual funds are not the best place for short term investments right now.
You could end up losing big time.
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You may find suitable Mutual fund here: http://www.mutualfundsindia.com/rankfund_rpt.asp
Hi guys,
I did same. I've transferred Rs. 5 lakh into NRE account. I am getting 3.5% intereset which is nothing in compare of interest rate for local indian person.
I am thinking to transfer into NRO fix deposit where I can get 10% interest. Bank will deduct 30% tax on interest income. So, I'll get around 7% interest on NRO fix deposit.
I have NRE account with Citi Bank and thinking to open NRO fix deposit with Citibank itself because of it is easy to open for me in compare of submitting documents with NRO fix deposit application.
Is it safe to keep money with Citibank in compare of SBI or other nationalize banks? (Worrying because of market unstability)
What else do you suggest?
Thanks in advance.
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Success is Never Ending and Failure is Never Final.
SBI is safe.
I would like to open NRO fix deposit account with SBI. Anyone have an experience with the same?
I am living in Ottawa and can not visit any branch in Toronto.
Do you know any toll free number for NRI services at SBI? Is there any number for 24 * 7 customer service?
Thanks in advance
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Success is Never Ending and Failure is Never Final.
Quote:
Originally posted by meitsme
Hi guys,
I did same. I've transferred Rs. 5 lakh into NRE account. I am getting 3.5% intereset which is nothing in compare of interest rate for local indian person.
I am thinking to transfer into NRO fix deposit where I can get 10% interest. Bank will deduct 30% tax on interest income. So, I'll get around 7% interest on NRO fix deposit.
I have NRE account with Citi Bank and thinking to open NRO fix deposit with Citibank itself because of it is easy to open for me in compare of submitting documents with NRO fix deposit application.
Is it safe to keep money with Citibank in compare of SBI or other nationalize banks? (Worrying because of market unstability)
What else do you suggest?
Thanks in advance.
Hi, I've a question on the 7% earned, won't we loose on exchange rate volatility? The CAD to INR was INR 43 few days ago and today it is INR 39. One can only make money if CAD falls against INR but if it becomes stronger while repatriating the interest earned on INR won't be able to offset. I would request all CD finance gurus to enlighten us on this.
There is one more type of account, FCNR. The accounts are in foreign currency of your choice, we can keep it in CAD which has a 5.05% rate of interest. Fully repatriable and interest earned is tax free in India, one question here, will this mean we pay tax in Canada on the interest earned?
Can someone assist in this?
Thanks……Jona
