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) rajcanada(2) avantikaarora(2) AshwaniG(1) geetakhanna(1)



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

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 1768 2
Is there such a thing as a secured loan?
Just Landed 1921 6
Which bank is better to apply for loan in India?
Moving Soon 2007 4
RSP loan to payoff vehicle loan ( 1 2 )
Financial Planning 2684 8
Great Money Saving Tip
Financial Planning 2430 3
Fixed or Variable for the current scenario ( 1 2 3 )
Real Estate & Mortgages 4100 16
T5 - Interest income from bank ( 1 2 )
Accounting and Taxation 10861 12
PC Bank
Just Landed 2348 2
Canada Mortgage Rates ( 1 2 3 )
Real Estate & Mortgages 4783 19
Suggestions for best interest rates
Financial Planning 2096 1
Can someone explain Prime rate for mortgages ( 1 2 3 4 )
Real Estate & Mortgages 6911 22
T5 interest less than $50
Accounting and Taxation 3143 4
Tax return in India for OCI
Accounting and Taxation 2624 0
Unsecured Line of credit
General 1787 0
Loan to an Indian company from Canada
Ask Immigration Expert 1358 0
70% jump in interest rates on NRE (tax free) FDs ( 1 2 )
Our Native Country! 4344 11
T5 Question
Accounting and Taxation 1886 6
How to get Indian Interest on Cad$ & get that interest transferred in Cad$? ( 1 2 )
General 4245 11
Double Taxation ( 1 2 )
Accounting and Taxation 2797 8
NRE FD interest - is it TAXABLE in Canada
Financial Planning 1993 2
Tax calculation on Fixed Deposit
Accounting and Taxation 3746 3
Pls help with declaring interest on fixed deposits in India ( 1 2 )
Accounting and Taxation 2537 8
Rate cut. ( 1 2 3 4 )
Business 8526 22
Bank accounts in India ( 1 2 )
Our Native Country! 6138 12
Simplii Financial Bank by CIBC has 3 % Interest rate for Savings Account -
Financial Planning 3767 2
 


Share:
















Advertise Contact Us Privacy Policy and Terms of Usage FAQ
Canadian Desi
© 2001 Marg eSolutions


Site designed, developed and maintained by Marg eSolutions Inc.