How to get Indian Interest on Cad$ & get that interest transferred in Cad$?

Jump to Page:
< Previous [ 1 ] [ 2 ] Next >

daavidy
Member since: Aug 12

Posts: 58
Location:
Post ID: #PID

Posted on: 16-08-12 10:15:39

Hello,

How to get Indian Rate of Interest on Cad$ & get that interest transferred in Cad$?

In brief:
- I have Cad$ seating idle in my Saving a/c in Canadian Bank, which gives me
interest of 0.5 to 1.5% (if in Fix deposit then, 2-3%).
- I understand that this money in India would have received interest of 8 -
10% in Fixed deposit a/c.

My situation:
- I am in Toronto.
- I do not have anyone in India, who can take care of my bank a/c in India.
- Any transaction has to be done by me from Toronto, either in-person or
online.

My concern:
- Is there any way, I can open bank a/c and Fixed deposit account in Indian
Bank in Canada so that I can receive rate of interest of India's bank and get
that interest transferred in Canadian Bank OR India's bank in Canada in
Canadian $?

If it is possible,
- How can I open such a/c?
- Which bank do you suggest?
- How this transactions are to be done?
- Would I have to pay taxes (in India / Canada) on interest earned on Fix
deposit?

OR

If above-mentioned is not possible then,

Can you suggest any other option to earn better interest on my Cad$$?

Eagerly awaiting for your replies

AshwaniG
Member since: Jul 04

Posts: 1484
Location: Convinient
Post ID: #PID

Posted on: 16-08-12 11:01:55

You can get 8-10 % interest ONLY if you change your CAD to INR . INR has lost almost 10 % in last few months against CAD and is expected to lose more .
You do the math if it is worth it because by exchanging your money twice you will be actually not even making 1 % , instead you may be losing some .

Experts can add more to it .

If you do a search there was a discussion on similar topic recently with lot of beneficial information .

AG

-----------------------------------------------------------------
Growing Old Is Mandatory ..Growing UP is Optional

daavidy
Member since: Aug 12

Posts: 58
Location:
Post ID: #PID

Posted on: 16-08-12 21:31:31

Hello AshwiniG,

Thanks for reply.

Ok. Even if I have to convert Cad$ in to INR and then, convert the interest (earned in INR) back into the Cad$ (exchanging twice), will probably earn more than .5 to 1.5% RoI from Saving a/c in Canadian Bank.

For eg.
Can you please compare calculation of following:
-Cad$1,00,000.00 RoI in Canadian Bank Savings account at 1%
V/S
-INR5,00,000.00 (eg.Cad$1=INR50.00) RoI in India's Bank at 9%?

Bigger the amount of Cad$, bigger the difference.

Thanks for your response and awaiting for your more feedback.

Earing of every single $ counts a lot, atleast in my case....

rajcanada
Member since: Jul 03

Posts: 2713
Location: Kitchener, ON
Post ID: #PID

Posted on: 17-08-12 10:05:05

You can try contacting ICICI Bank Canada or State Bank in Mississauga/Toronto to see if it can be done.

For the banks in India, it is not easy to open a bank account in India on the internet. Usually you have to be available in person. Some banks do verification of your local address also. Also it is not possible to bring that interest money back to Canada through online banking. You have to go in person, fill up the forms, get draft made or wire it to Canada.

-----------------------------------------------------------------
Give free food http://www.thehungersite.com ||

daavidy
Member since: Aug 12

Posts: 58
Location:
Post ID: #PID

Posted on: 17-08-12 20:55:54

Hello ashedfc,

You are right. There is no one to take care of bank a/c or IT in India. I am in Canada for good. So, NRO is not a feasible option.

So, FCNR is a better option? How much is a difference of Interest, in comparision to Canada's bank? And, post tax, how much can be the benefit?

OR as I requested, please suggest some option, where stagnant money can work for me.

@rajcanada : It's okay for me to go in person to the bank branch in Canada (every 1 or 3 months) and get draft of interest, if I get more interest in in comparision to Banks in Canada. As I wrote earlier, there is no one in India, who can take care of bank a/c in India and now, there is no address in India (landing fees...!!)

rajcanada
Member since: Jul 03

Posts: 2713
Location: Kitchener, ON
Post ID: #PID

Posted on: 20-08-12 05:59:09

Quote:
Originally posted by daavidy

: It's okay for me to go in person to the bank branch in Canada (every 1 or 3 months) and get draft of interest, if I get more interest in in comparision to Banks in Canada. As I wrote earlier, there is no one in India, who can take care of bank a/c in India and now, there is no address in India (landing fees...!!)

You will have to go to India and fill up the forms in person at the bank which is required by RBI. You cannot hold account in INR outside India.

-----------------------------------------------------------------
Give free food http://www.thehungersite.com ||

daavidy
Member since: Aug 12

Posts: 58
Location:
Post ID: #PID

Posted on: 20-08-12 19:47:14

At least no luck in ICICI Canada.

Btw, any one has visited branch of ICICI, Canada?

Teller was really good but, they do not have any other person to explain differences/help.
Cost cutting?! Every question has one answer ... Contact Call Cenre.

They do not have banking officer or financial advisor. Bank had only two tellers...That's all...

I was little disappointed,

Contributors: daavidy(6) avantikaarora(2) rajcanada(2) geetakhanna(1) AshwaniG(1)

Jump to Page: < Previous [ 1 ] [ 2 ] Next >

Show Printable version

Send this page to a friend

Add to favorites

Discussions similar to: How to get Indian Interest on Cad$ & get that interest transferred in Cad$?
	Topic	Forum	Views	Replies
	Interest rate/prime rate - need help	Real Estate & Mortgages	1697	2
	Is there such a thing as a secured loan?	Just Landed	1867	6
	Which bank is better to apply for loan in India?	Moving Soon	1922	4
	RSP loan to payoff vehicle loan ( 1 2 )	Financial Planning	2567	8
	Great Money Saving Tip	Financial Planning	2377	3
	Fixed or Variable for the current scenario ( 1 2 3 )	Real Estate & Mortgages	3944	16
	T5 - Interest income from bank ( 1 2 )	Accounting and Taxation	10764	12
	PC Bank	Just Landed	2292	2
	Canada Mortgage Rates ( 1 2 3 )	Real Estate & Mortgages	4642	19
	Suggestions for best interest rates	Financial Planning	2021	1
	Can someone explain Prime rate for mortgages ( 1 2 3 4 )	Real Estate & Mortgages	6659	22
	T5 interest less than $50	Accounting and Taxation	3071	4
	Tax return in India for OCI	Accounting and Taxation	2568	0
	Unsecured Line of credit	General	1733	0
	Loan to an Indian company from Canada	Ask Immigration Expert	1297	0
	70% jump in interest rates on NRE (tax free) FDs ( 1 2 )	Our Native Country!	4210	11
	T5 Question	Accounting and Taxation	1826	6
	How to get Indian Interest on Cad$ & get that interest transferred in Cad$? ( 1 2 )	General	4070	11
	Double Taxation ( 1 2 )	Accounting and Taxation	2692	8
	NRE FD interest - is it TAXABLE in Canada	Financial Planning	1947	2
	Tax calculation on Fixed Deposit	Accounting and Taxation	3662	3
	Pls help with declaring interest on fixed deposits in India ( 1 2 )	Accounting and Taxation	2427	8
	Rate cut. ( 1 2 3 4 )	Business	8248	22
	Intelligent Santa and Banta.:)	General	1251	1
	Bank accounts in India ( 1 2 )	Our Native Country!	5992	12

Charcha

How to get Indian Interest on Cad$ & get that interest transferred in Cad$?

Discussions similar to: How to get Indian Interest on Cad$ & get that interest transferred in Cad$?