200 rupee notes.

#16 Dec 9th, 2018, 18:04
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#16
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Originally Posted by edwardseco View Post If you withdrew 19000 would they give you some change or just another 1K note.?
No 1k anymore. I guess they would give you two five hundreds or one five h and five one h's, besides nine 2000's. I notice they give the min no of 100's come what may, so people withdraw, say 2900 at a time to get at least four hundreds and one five hundred, and do this a few times so they still stay below 20k max for a day at the same-bank atm while still getting a few 500 and 100 rupee notes.

SBI used to give me 40k a day earlier, dunno if this is still valid
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#17 Dec 9th, 2018, 19:21
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Originally Posted by Nick-H View Post I thought that the foreign-card limit had been 10k for some time? Just to make the most convenient way for travelers to put cash in their pockets harder and much more expensive.

If you can swing a local account, redninja, no second thoughts... Just do it!
My local (Chennai) friends say itís a no brainieró everything I read on IM makes me think otherwise ó 10 to 15% on term deposits, the joys of compound interest, i would never have to work again ó here in srilanka up to 15% is easily doable, but 90% of people have a safe in their house, because they donít trust the banks , meanwhile idiot me is still getting slugged nearly $20 per $200 ( ₹10,000 ) withdrawal. Expensive food for thought.
#18 Dec 9th, 2018, 19:37
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Which Indian bank is promising you 10% on a fixed deposit? (Serious question)
#19 Dec 9th, 2018, 19:39
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I think it is a Sri Lankan bank.

Edit: A five year deposit seems to be close to 15, see link below.
Reminds me of the good old days when I used to get 22 percent on a NRNR deposit in India, and similar on FCNR if dollar appreciation was added

https://www.sampath.lk/en/interest-rates-local
#20 Dec 9th, 2018, 20:03
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Originally Posted by vaibhav_arora View Post Which Indian bank is promising you 10% on a fixed deposit? (Serious question)
Some of the newer banks, ie old micro finance companies who have been granted a banking license are offering between 8.5 to 9 per cent. Just make sure that they are covered under the deposit protection scheme before you invest.
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#21 Dec 9th, 2018, 20:12
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Originally Posted by redninja View Post My local (Chennai) friends say itís a no brainieró everything I read on IM makes me think otherwise ó 10 to 15% on term deposits ... ... ...
I wish... but not from any trustworthy bank or finance company in India, for the past decade or so. I think 7-9% might be doable. And hey, even my current ("Savings") account pays 4%

You can get extra half percent as a senior citizen. Maybe... bleach your hair?
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#22 Dec 9th, 2018, 20:39
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Sir for an extra half percent I will pull them out myself.
#23 Dec 10th, 2018, 05:52
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#23
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Originally Posted by vaibhav_arora View Post Sir for an extra half percent I will pull them out myself.
We can always help.
#24 Dec 10th, 2018, 08:14
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#24
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Originally Posted by Nick-H View Post I wish... but not from any trustworthy bank or finance company in India, for the past decade or so. I think 7-9% might be doable. And hey, even my current ("Savings") account pays 4%

You can get extra half percent as a senior citizen. Maybe... bleach your hair?
The 15% was HNB in srilanka, fixed for 5 years.
Iím 59 so doesnít that make me a senior citizen?
I thought 10% was easily doable in India, I get about 1.2% on basic savings in Aust , you would be lucky to crack 3% on fixed term.
From IM information I thought only a short term bank account was available for me. ó I would be more than happy with 9% in India, as long as I retain full control over the account.
#25 Dec 10th, 2018, 08:25
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#25
Senior citizen in India for most/all financial purposes is 60.

At that age, (not a comprehensive list), additionally, for a resident Indian (dunno for foreigners/NRIs, there are restrictions)
- 40000 interest from bank accounts/post office schemes/senior citizen savings scheme (SCSS) etc is tax free annually (younger folk get 10000)
-8.7 percent interest on SCSS, essentially a government backed fixed income scheme. Max can invest is 1.5 million rupees per head.
-half percent more on bank Fixed Deposits than for younger residents

Today 10 percent is not doable with fixed income, and after tax it is impossible. Speculation on bonds/stocks excluded. Second/Third rung banks may offer 9 or a little more (unsure about exact numbers) but tax will take away anywhere between 0 to a third of the income, depending on your tax slab and amount invested, and your money is a little less secure than with the top banks.
#26 Dec 10th, 2018, 08:40
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#26
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Originally Posted by redninja View Post The 15% was HNB in srilanka, fixed for 5 years.
Iím 59 so doesnít that make me a senior citizen?
I thought 10% was easily doable in India, I get about 1.2% on basic savings in Aust , you would be lucky to crack 3% on fixed term.
From IM information I thought only a short term bank account was available for me. ó I would be more than happy with 9% in India, as long as I retain full control over the account.

Have you considered the tax implications in your home country, and also if you are going to be truthful in filling in the deposit form it might be difficult as most ask for nationality.

If you were resident here you could get around this by ticking the resident individual box.
#27 Dec 10th, 2018, 08:50
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Cool so Iím young for another year , thanks for the info Capt.
As a rough guess how much in legal feeís would I have to pay to get residency in India from marrying my bullet .
Bring back travelers checks.
#28 Dec 10th, 2018, 09:07
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#28
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Originally Posted by JOHNLORD View Post Have you considered the tax implications in your home country, and also if you are going to be truthful in filling in the deposit form it might be difficult as most ask for nationality.

If you were resident here you could get around this by ticking the resident individual box.
Yes boss I read you loud and clear, all up front here ó sorry itís when I see those big percentage points my mind starts to drift .
A short term Indian account and card to spend a few lakh would save me quite a bit in transaction fees.
#29 Dec 10th, 2018, 09:58
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#29
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Originally Posted by redninja View Post Yes boss I read you loud and clear, all up front here ó sorry itís when I see those big percentage points my mind starts to drift .
A short term Indian account and card to spend a few lakh would save me quite a bit in transaction fees.
Like I said, the new banks, might accomodate you, but remember to check if they fall within the deposit insurance scheme.

The new banks are trying their best to get customers, so they are often willing to turn a blind eye with regard to nationality etc.
#30 Dec 10th, 2018, 14:33
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#30
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for an extra half percent I will pull them out myself
Now before you do that consider the real yield on such, 4 1/2 percent minus inflation (is that tax free?). The only way to go is shares, say Amazon shares. Yes, I know 25% down and don't ask about my apple (small a deliberate). But, as the sage from Omaha says the time to buy is when there is blood in the street. On top of that I just placed a big book order with them so that should help. If inflation gets higher we might have to wear Gerald Ford's WIN buttons..

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