Potential of 7.50% Interest for up to 3 Year Term Deposit in India Non-Resident Account - State Bank of India

[Deactivated] on 14/02/2016 - 05:28
Last edited 14/02/2016 - 12:19 by 2 other users

Moved to Forum: Original Link
[Requested by OP/Not available to Australia]

It looks as though you can open a State Bank of India account from anywhere in the world and get better interest (7.5%) on deposits.

I don't know enough details about this, but thought I'd pass it on to you guys to look into as it looks good.

Interest rate for SAVINGS ACCOUNTS is only 4%

Other links -
http://www.sbisyd.com.au/Deposits_Service_Info.html
http://www.deposits.org/world-deposit-rates.html

I read the bank is majority government owned, largest in India, and its origin dates back to 1806. And now are in Oz (3.4% interest)

Financial

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Comments

  • MrCAMEL on 14/02/2016 - 11:46

    I had 5 or 6k in a bank in Mongolia for a year at 15% while I was there. Not bad money for nothing. I wish I had more.

  • idjces on 14/02/2016 - 14:51

    My understanding was that as a general rule the currency exchange will lower at the rate of inflation (outside of other factors), negating the higher interest rate gains.

    So essentially you'll really just be speculating on currency movement.

  • Peck on 14/02/2016 - 19:19

    It's all academic, because the link does not work!

  • GameChanger on 14/02/2016 - 19:41
    +2

    Barbitage we love u!

    Please share more of your investment ideas.

    • [Deactivated] on 15/02/2016 - 01:55

      Thanks I needed that. Plussing you for good taste.

  • ribze1 on 14/02/2016 - 21:21

    Is this was such a good deal then the big Super Funds would be parking 20% of their (your) assets in one of these TDs.

  • jontymate on 15/02/2016 - 10:07
    +1

    I have 3 different Non-Resident Indian accounts in three major banks including SBI.
    SBI has lower interest rate but it is a much safer bank being government entity.
    There is 0% tax on all NRE accounts through out India. I been investing in those banks for last 10 years. It use to be 11% interest rate.

    I think you need to provide some sort of residence proof of India.

    I am born and brought up in India but now I have Australian passport with Indian PR.

    • jellykingdom on 15/02/2016 - 11:32
      +1

      So what do you use as your proof of residency? my wife has her OCI (not sure if that is the same as NRI), but never owned property or lived there under her own name

      • jontymate on 15/02/2016 - 11:58

        I had all those account before I got my Australian passport so opened those accounts on Indian Passport.
        Not hundred percent sure about you need the proof or not.

        OCI should do the trick.

        Cheers

  • ca4cpa on 15/02/2016 - 11:51
    +1

    Balance sheet of SBI says :

    Considered as one of largest bank in India.
    Net worth for SBI AUD 25,687,600,000 (1 AUD = 50 INR) Link (http://www.moneycontrol.com/financials/statebankindia/balanc…)

    Net worth for CBA AUD 52,000,000,000 (1 AUD = 1 AUD) Link (http://www.republicast.com/publications/cbaar2015/)
    Net worth for ANZ AUD 57,303,000,000 (1 AUD = 1 AUD) Link (https://www.shareholder.anz.com/sites/default/files/2015_ann…)

    I will say it is trustworthy based on there balance sheet.

    Quick search from google found this one:
    Interest on NRE account has exempt from tax in India. (Link from another bank : http://pnbindia.in/new/Upload/En/FAQs%20NRE.pdf)

    Equivalent income will be reduced your Tax-free threshold in Australia (example as below).

    If you have earn AUD 7700 for investment of $100,000 in India.
    Your tax free amount will reduced from $18000 to $10300 (as income earned overseas will deducted first.)

  • sund00bie on 15/02/2016 - 15:23
    +2

    Get balance transfer from from Citi in Australia at 0%, send monies to India.

    Profit

  • puremajik on 15/02/2016 - 16:07

    India's rate of inflation is 5.69% whereas Australia is 1.7%.

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