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Your 50,000 pounds or 50,000 Rupees: Check what returns you might get from the Banks. AA 50,000 pounds UK savings @5.5%= 229-45 = 183 pm (-45 being TDS @20%) BB. 50,000 pounds UK Current @2.4%= 100-20 = 80 pm ( does not apply to all banks, some offer 0.5% only) The same in Goa/India: CC. FC A/c (Foreign currency a/c) 192 pm with no tax deduction @ 4.61% DD. NRE Fixed Deposit (Rupee a/c) 118.75 pm @ 2.85% EE. NRE SB Saving A/c (Pass book) 145 pm @ 3.5% FF. NRO or Domestic Fixed Deposit A/c 375 -75 =300 pm (-75 being TDS) Notes: 1. All above rates are current rates Feb 2008 (higher rates). 2. All figures in GBP (British Pounds) If GBP is substituted by INR, the figures should still work fine i.e. 50,000 GBP will become 50,000 Rupees, 145 GBP pm will be Rs.145 pm and so on (except FF below, where there will be no tax deducted) 3. If you have say 10,000 only then divide any of the above AA, BB, CC,DD, etc by 5 4. If you have say 30,000, multiply the above (3) result by 3 5. FC a/c, you loose all interest if deposit broken/encashed before first one year. One can take back the entire proceeds to UK in GBP (Pounds). Another advantage of this a/c is that one can wait till you get your targeted exchange rate (say higher rates like Rs.85/pound, currently 78) and then break the deposit and convert the same into Rupees. Present Interest rates on other currency FC a/c USD 2.10, EUR 3.5, CAD 3, AUD 6.9, JPY .25% 6. Presently, you are better of keeping your money in NRE SB a/c than NRE fix Deposit as SB a/c fetch more interest. Compare DD & EE above (this applies to all including Gulfies) 7. If your previous NRE FDR maturing soon, they may automatically renew it at the prevailing lower rates, one can instruct the bank to credit the entire proceeds to SB a/c. Once the rates are higher than SB a/c, one can then instruct the bank to transfer or open a new FDR a/c, some banks accepts such instructions by simple email provided that your email ID previously known to them. Money in SB a/c are flexible, one can even withdraw by using ATM card, payment by cheques etc. 8. If you check FF above, you will notice that you earn more than twice even after TDS if the same deposited into domestic or NRO a/c . this applies to all NREs or NRGs. 9. Senior citizens get upto 1% more on domestic FDR A/c. Please consult your banks or financial advisors for more details Your queries/ suggestions/clarifications/ comments welcome =============================================== Courtesy: JoeGoaUks financial services: We have now reduced our fees from 1% to less than 1% i.e. .99% of your total investment. Visit/consult us only when your investment is 5 lac and above. =============================================== [EMAIL PROTECTED] for Goa & NRI related info... http://in.groups.yahoo.com/group/GOAN-NRI/ For Goan Video Clips http://youtube.com/joeukgoa or http://is.rediff.com/profilevisitor.php?mem_id=48419 __________________________________________________________ Sent from Yahoo! Mail. A Smarter Inbox. http://uk.docs.yahoo.com/nowyoucan.html
