Falling bank interest rates etc Interest rates in UK keep on falling The base rate was 4.5% in Oct 2008 then Nov it was 3%, Dec 2%, Jan 2009 it was 1.5%, Feb 1% and March it was 0.5% On my ISA a/c I was earning @5.7% since July 2007. and I was quite happy with what I got as monthly income. Now I get 5.2% less which mean I get only half percent interest which is then divided by 12 month and the resultant monthly income is such a meager amount that it made me to think to move the entire money to Goa. Now, let us see where one can be better of with the prevailing rates of interest etc Let us suppose I have 3000 pounds = Rs.2,34,000 @78 In the UK Tax Free (For 1 year term) Interest earned 15 pounds or Rs.1,170 @.50% In India the same: In FCNR deposit (foreign currency i.e. GBP) Interest earned would be 82.8pounds or Rs. 6,458 @2.76% Or 129pound or Rs.10,062 per year if fixed for 5 years i.e. @4.5% The same if converted in Indian Rupees: NRE Int. earned Rs.7,839 @3.35% NRE S.B a/c Rs. 8,190 @3.5% - the best option at the moment for NRE NRO or Resident deposit a/c Int earned Rs. 17,082 @7.3% (interest earned may be subject to TDS 30% on NRO or 20% Resident) For the same amount and for the same period.. Where is minimum earning of Rs.1,170 and where is Maximum earning of Rs. 17,082? You decide! May sound bit complicated. Don’t worry. You can always consult the expert JoeGoaUk. His fees are same as the year 2004. i.e. 1% of your total investments (subject to a minimum limit)
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