---------------------------------------------------------------------------
**** http://www.GOANET.org ****
---------------------------------------------------------------------------
South Asian Film Festival in Goa from Fri (June 27) to Mon (June 30)
At Kala Academy, and ESG, Panaji, Goa
http://lists.goanet.org/pipermail/goanet-goanet.org/2008-June/076384.html
---------------------------------------------------------------------------
Bank Deposit: Domestic/NRE Interest Rates, Tips etc
NRE Bank Deposit interest Rates etc
Rates as on 1.7.08
For 1 year term
3.50% on saving bank a/c (NRE SB)
3.31% on NRE fixed deposit
5.70% on GBP Currency
2.56% USD
4.64% EURO
9.50% for NRO or Resident Indians (Higher Interest earned is Taxable)
Ok, let's take an example.
Supposing you have Rs. 4 lacs to invest with a bank (Risk Free Investment)
The following table will show where and how you can be better of by earning
highest income on your 4 lacs investment. (for less amount say 2 lacs, just
take the half of the amount shown in the columns)
Supposing, you have Rs.4 lacs to invest in bank deposits (Term 1 year)
Scheme/ Interest You Premature withdrawal
Deposit May earn Say in 6 months
NRE Fix Dep 13,500 5,000 (int. at 1% less)
NRE SB a/c 14,500 7,500
NRO /Resident 30,500 13,600 (int. 1% less)& after TDS
RFC (GBP5000) 285GBP Nil
See if you can view the above in rich text /table here
http://in.groups.yahoo.com/group/GOAN-NRI/message/5802
Notes:
- As can be seen from above, that even after paying tax (about 20%), you are
far more better of if invested in Resident SB or NRO a/c which fetch interest
up to 9.5%
- If you had an SB a/c in a bank before opening NRE a/c, that SB a/c may
automatically become NRO a/c (as one cannot have SB a/c & NRE a/c in the same
bank/branch).
- Use any old SB a/c with any banks that you may have before going abroad.
- Or use your Spouse/Children/Parents SB a/c.
- Indian Senior Citizens usually earn up to 1% more
- FC a/c above, one can take back the principal and the interest to the country
where you earned tthat currency.
- FC a/c, when the currency exchange rate is at its peak or the highest, one
can convert the same on the same day into Rupees. However, one cannot do so
during the first one year of the deposit.
- If any of your existing fixed deposits matured recently or maturing in near
future, it is advisable to break iand leave it in your NRE SB a/c where you
will fetch interest more than what any banks currently offer on NRE fixed
deposit a/c. Once the rate goes up, you can then transfer the same to Fixed
deposit a/c. Most banks will take your intructions upon receipt of a simple
email from you (depositor).
Note: The above info is for guidance only.
Please consult your bank for more details.
Any other ideas on safe Bank investment welcome
Suggestions/correction/clarifications etc also welcome
Or try forwarding this to your Banks in India and should you get any
reply/Clarification etc, please also share with us here.
Thanks.
[EMAIL PROTECTED]
for Goa & NRI related info...
http://in.groups.yahoo.com/group/GOAN-NRI/
For Goan Video Clips
http://youtube.com/joeukgoa
__________________________________________________________
Not happy with your email address?.
Get the one you really want - millions of new email addresses available now at
Yahoo! http://uk.docs.yahoo.com/ymail/new.html
