Best avenue for investment in India for Canadians


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ashedfc   
Member since: Jun 10
Posts: 2153
Location: GTA

Post ID: #PID Posted on: 19-06-12 15:17:10

Good strategy (provided you intend to use the money there; or not to bring the proceeds into Canada).
Avoid NRO accounts, as any interest earned in NRO will be taxed in India

For such deposits NRE accounts are best. Open an NRE FD account &
- The money stays external (though its in Rupees)
- No tax to Govt of India
- You can take out your money without any RBI restriction.
- Interest earned can grow compounded or
- You can take simple interest where monthly interest earned can be deposited into your savings account (& you can use it for whatever purpose you choose to).

The only drawback is the currency value in future.
Rupees can go down (or it may go up in the future). As some point of time RBI will interfere & prevent further fall of Rupees. So now CAD at 55 INR seems very attractive.

But keep in mind,
India has very high inflation rate, a 9% growth in Rupees might only cover the inflation
vs (similar to)
Canada has low inflation rate (2%), but GIC's here are paying almost the same (or even less)..



Contributors: ashedfc(4) febpreet(3) Fido(3) sikka(2) Delhite(2) tamilkuravan(2) JRF(1) jigz787(1) elmer fudd(1) san-hugo(1) web2000(1) desi28(1)



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