For Indians in USA: Do you use FCNR accounts for your savings? Any drawbacks? What do you do with your $$$ savings?
I was thinking the same. Doesn't seem to have any disadvantages compared to CD
Are FCNR accounts risk free and generate 4% fixed return ?
Yes..when you keep them in psu or nationalozed banks
Wondering why people put money in bonds or other safe investments , when you can get better return here ? Any catch?
Fcnr gives 4% returns. I am not sure if there is any catch. AFAIK, there is none. Just that if u withdraw before maturity period you wont get any interest.
Google pros and cons of FCNR accountd
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Not sure what Indians do but, I personally deposit my savings in Las Vegas.
I've heard they give you free shots when you do this