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Posted on: 18-06-09 09:06:16
Quote:When did you buy it and what's the term?
Originally posted by tamilkuravan
I have a GIC at ING Bank which gives me 3.35 %
Their current rate for a 3 year GIC (which fits Fido's time-frame) is 2.25%.
5 year is 3.00%.
These are the posted rates - are they flexible on the rates like the banks?
To what extent?
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Quote:As reliable as any of the main banks.
Originally posted by meghal
This GIC direct website seems interesting, but is it reliable?
Quote:They are primarily a GIC broker.
It does not gives any information whether the site acts as a mediator between banks and customer, or they themselves are able to give such high interest rate.
Refer -
http://gicdirect.com/index.php/GIC_Rates/Company-Profile
Also, any GIC you buy thru them is automatically covered by the CDIC insurance, so it's as good (or bad) as buying from one of the major banks.
Following link contains a list of some of the banks they broker with -
http://gicdirect.com/index.php/GIC_Rates/Which-financial-institutions-can-I-access-through-GICdirect
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Fido, I'm sending you a PM on the same note....... Jona
Guys,
I am in similar situation. I want to invest around 50K to 60K CAD. [Because of not much interest in Canada, these money I already have transferred to India and currently making average 8% interest]
I got an offer of buying a residential plot of 368 yards in Ahmedabad, India. It is the scheme of more than 500 plots by known builder (Anil Bakeri). Builder is selling plot at Rs. 6000/yard. I got an offer of Rs. 5500/yard from reseller. This property is good for investment. There is no doubt.
I just need to decide that should I invest at this point or wait?
Currently there are not many txns of buying or selling plots due to economy situation.
What do you say?
I can use these money to buy a house in Canada [I have not decided to buy house in Canada yet]. But again I thought I can get mortgage on low interest in Canada. Why should I use those money here? Let it grow in India.
What do you think?
Looking for suggestions....
Thanks
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Success is Never Ending and Failure is Never Final.
Quote:Have you accounted for inflation in that 8%?
Originally posted by meitsme
But again I thought I can get mortgage on low interest in Canada. Why should I use those money here? Let it grow in India.
8% is the nominal rate.
Inflation in India tends to run a lot higher than in North America.
For example, the inflation rate in India (as measured by the WPI) until last year was over 6%.
I'm sure it's a lot lower this year, but the stimulus spending between last fall and up until early 2010 will likely drive it up again.
As well, how do you plan to repatriate the money eventually here?
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Quote:
Originally posted by meitsme
Guys,
I am in similar situation. I want to invest around 50K to 60K CAD. [Because of not much interest in Canada, these money I already have transferred to India and currently making average 8% interest]
I got an offer of buying a residential plot of 368 yards in Ahmedabad, India. It is the scheme of more than 500 plots by known builder (Anil Bakeri). Builder is selling plot at Rs. 6000/yard. I got an offer of Rs. 5500/yard from reseller. This property is good for investment. There is no doubt.
I just need to decide that should I invest at this point or wait?
Currently there are not many txns of buying or selling plots due to economy situation.
What do you say?
I can use these money to buy a house in Canada [I have not decided to buy house in Canada yet]. But again I thought I can get mortgage on low interest in Canada. Why should I use those money here? Let it grow in India.
What do you think?
Looking for suggestions....
Thanks
I would recommend to keep the money in india as you will be getting more yeild than in canada..i did the same thing (Post office MIC +RD) which gets almost 11%..ofcourse there is cap of how much you can put...but always there are work arounds...
as far as the house in canada...i am in the same dilema..but the interest rates are low here and you r still making money...hence this should not interfear of bringing the money back to canada. Ontop of it bringing back the money @ 42/CAD is not advisable at this time for sure..
hope this helps
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MK
Thanks guys,
Still looking for suggestions to invest in residential plot in Ahmedabad, India.....
Pratickm,
I am going to use these money either in Canada or India.
1) If I'll have to use in India, it suppose to increase by more than 8% (inflation rate). If I'll keep money here, it is not going to increase by 8% and I'll keep loosing my money. By making 8% on saving, at least I am not loosing if I want to use in India.
2) If I'll have ot use in Canada, I have taken risk of exchange rate. But I am getting interest of 8% in india and expecting it will be in my benefit after paying exchange rate. [I had transferred money at the rate of 1 CAD = 43 Rs]
I don't know the exact process to repatriate the money. But I don't think so it is difficult to bring those money back to Canada.
Thanks
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Success is Never Ending and Failure is Never Final.
