fixed invest in India

Sensi

I've found that foreigners can deposite in NRA acccount and get 11.1% for a fix term of one year.
Has anyone done this? Is it safe? What is that maximum investment that is covered by the govenment? I'v heard 1 lak only and then i hear 100k usd and then i heard it is unlimited. Will i be hard to get the money out of India?

Nick-H

Have you? Please tell us where!

Actually, telling us where is a prerequisite to anyone hazarding a guess as to it's safety! There is a lot of difference between The State Bank of India and the Villager's Co-operative Bank of Koffarpuram.

My current experience is being able to get 9.5 to 10.25, depending on bank and period of deposit, as a resident. Non-resident accounts offer very much less.

gillheri

Hello Sensi
I would also be interested in that... Why don't you check with the banks? They will tell you exactly.
NRA or NRI? The latter is Non Residential Indian. In that case I believe that they can open an account as you prescribed..
As a tourist you can not open an account. I have tried to do that a few years ago, so it might also have changed...
But if you are foreigner with an employment visa you can open one.
But the best way to find out is to check with the banks...
Good luck

Kingfisher

Actually, it is possible for a tourist to open an NRO account -- the information appears to restrict this to NRIs, but at least ICICI doesn't seem too fussy about this, and the account can remain open indefinitely as long as a minimum balance is maintained.

I'm not aware of any limits on amounts of deposit and I don't think there is any government guarantee. Tax is assessed at 30%.

Todays interest rates at ICICI can be found here:

http://www.icicibank.com/pfsuser/ici.../int_rates.htm

leonle

It is safe.My friend has done it before.

"A Stock Investors Dream - bestgrowthstock"

Nick-H

Sheesh... No dream these days, only nightmares.

But I don't think Sensi is talking of investing in stocks.