NRE Interest Rate : 9.25%.

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Fido
Member since: Aug 06

Posts: 5286
Location: Canada
Post ID: #PID

Posted on: 06-01-12 15:27:35

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Fido.

VJ
Member since: Mar 04

Posts: 441
Location: Mississauga-Canada
Post ID: #PID

Posted on: 06-01-12 17:38:18

I have done a research and also opened my first NRE FD.

Since I have been with ICICI bank, I continued with them and also got an advantage of their quick process. Everything happens ONLINE with them.

They give - 9.25 % for 390 days (9.58 % effective due to quarterly compounding).

Yes Bank - 9.6 %

SBI - 9.5 %

IDBI -9.5 % (Wanted to open with them but very slow in process).

According to me, if you want to PARK money in INDIA for RETIREMENT days (post age 55, those 3 months of winter times in INDIA), this is a very good income you are making without any monitoring etc..

Regards,

VJ.

mkannuri
Member since: Nov 06

Posts: 409
Location:
Post ID: #PID

Posted on: 07-01-12 00:53:35

what about SBI. is any one opened in SBI can share their experience in terms of the process and repatriation and other feedback if any

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MK

tamilkuravan
Member since: Jun 05

Posts: 5775
Location: God's own country
Post ID: #PID

Posted on: 07-01-12 06:06:28

Good one.
Now it is time for Canadians to reap the benefits / pleasure of being born with an Indian citizenship with the exchange rate hitting Rs. 50 to a CAD.
Jai Chandrakantha !

Peace

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I am a Gents and not a Ladies.

VJ
Member since: Mar 04

Posts: 441
Location: Mississauga-Canada
Post ID: #PID

Posted on: 07-01-12 10:34:47

Quote:
Originally posted by mkannuri

what about SBI. is any one opened in SBI can share their experience in terms of the process and repatriation and other feedback if any

Yeah, I spoke to them and found that it takes approx 2 weeks. You can also visit their local branch here and submit all the docs. They will take care of sending it to India etc..

visit - onlinesbi.com and you will get good help.

Regards,

VJ.

mkannuri
Member since: Nov 06

Posts: 409
Location:
Post ID: #PID

Posted on: 07-01-12 13:01:04

Thanks VJ,
I was suppose to go today, but they told me it will take at least 1 hour for the process and asked me to come before 11am. I guess i have to go next Saturday then.

So, do you think this is the best nationalize bank for NRI deposits in terms of comparable interest rates and processing time frames...
Or did you find any other banks better than this one.

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MK

Nightmare
Member since: Apr 06

Posts: 1170
Location:
Post ID: #PID

Posted on: 07-01-12 15:17:19

India has signed tax information exchange treaty with Canada. NRE interest income is taxable in Canada. I hope CDs factor this fact. Further MMS/Sonia might lose election in UP and go for bankrupting India all the way in which case rupee would go down to 60.

The FD interest rates make sense only if the interest is offered in dollar denominated FDs

Contributors: Fido(9) VJ(5) mkannuri(3) Nightmare(2) JRF(2) web2000(2) john26(1) infocan(1) tamilkuravan(1) rajcanada(1) busybe(1)

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NRE Interest Rate : 9.25%.

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