How many Indians have NRI account, specifically for FDs (~6-7%) interest rates. I’m trying to weigh the +’s and -‘s of the FDs. There is the IRS, the conversion rates fee. Any other investment opportunities back in India? (of course one would be stock markets)
Real estate in Bangalore or Chennai or Hyderabad
You can “gift” your money to your parents and they can do a PPF in their names and can get 8.5% interest (if they are senior citizen)
🤦🏻♂️ currency conversion loses value
I have one for 5 years now. Rate is around 7% which is inflation+convertion neutral or maybe beats it by 1-2%. I get the 1099 form from them and use it for irs tax return like any other 1099.
But with the rupee consistently devaluing, are you not concerned that your investment will be worth less if you ever have to bring it back?
It not substantial enough that I worry about brining it back. If anything I'm more concerned(at a non urgent priority) about taking my assets here to Canada or India. Have talked to a few asset management folks too about it.
There is no point. Investing in 2.5% CD in America is a better return.
There is also FCNR accounts if you are worried about currency fluctuations. Interest rate you get is about 4%.
Don’t think you’re outsmarting the market by moving money to INR and earning high interest. The market instantly adjusts for differences in exchange rates. After the difference in inflation and forex rates, there won’t be any profit to be had, + there will be fees and forex risk. INR isn’t even the only currency with such high interest rates.
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FDs? WSB spotted?
What is WSB?
It’s a place where you can earn good boy points and exchange them for chicken tendies.