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BTW whats the average amount deposited in NRE NRO. .just curious how much money these NRIs make and deposit... you are considered a special customer in Indian banks if you have 10L FD lol.. so who becomes special per the NRI standard?
Really very curious to know how much you all earn in US on an average, how much you can save and how much NRIs on an average deposit in Indian banks.......
Okay googled adn found out the difference between NRE and NRO account
But you are neither an NRE or NRO now.. u r indian... so why not go for the regular account... of course it pay you only 3.5%.. you can always keep your money in FD and take ask for a sweep in facility.anytime you want you may sweep in... adn there is also no charge for breaking FDs....
So i if want to buy a home in US i can borrow at 0% rates? Then why arent they buying real estate like no tomorrow? Are lending rates for home loans also 0%??
Is treasury note the equivalent of an FD?...
RN,
The interest rate of a four weeks Treasury note this week is 0.01%.
Yes, it is not a typo. It is almost zero. Like Yen carry trades of yester years, now people are in to dollar carry trades. Borrow at 0% and earn more at a higher rate in a different currency at no risk. This has been going on for the last couple of months now,...
okay whats money market account i dint get it...
Whate are NRE or NRO accounts? And whats the difference.
Also you dint answer my question on FED INTEREST rate.. what does that 0% imply? Does it mean housing loans are given at 0% rates???
And how liquid are money market accounts? 100%?...
Oh. OK. Now I understand. You are talking about locking up your money for 12 months etc as FD. But then I lose the liquidity that I cherish the most.
Thx
...
why 8% interest rate in money market account is a decent return. Are they as safe as FDs.. what are money market accounts btw? I am clueless about these things.
And on our FDs too we pay tax.
But what does FED get by lending at 0%.... What does that 0% fed interest rate imply?? couldnt quite get.. does it imply lending to banks or lending to customers.. whats the interest rate for an FD like instrument in US?...
Dear Atre, there r 2 part of ur question.
1. Can I get loan to purchase land to construct house on it later on - Yes.
2. "ll I get any Tax benefit - No U `ll not get any Tax benefit on this loan. To get Tax benefit on this loan, construction of house is compulsory & that`s too within 3 years from the purchase date of the land.
Thanks
Ashal ...
netdo,
Here FDs give us 10% interest rates now.. so whats 3.5% unless of course as an NRE you cannot open FDs....
Q
Here in India 3.5% interest is scoffed at.
UQ
RN,
What happenend? I am left wondering why RBI, in India, has left me to be scoffed at?
Am I missing something for not to be scoffed at?...
can i get loan to buy land for my home in that can i get tax rebate of interest...
netdo,
Quote
on buying those pinkand dark green colored multistoried hole in the wall flats in slum areas all around in magnificent cities like Hydrabad and or Chennai
Unquote
haaaaaaaaaaa
And you said gold biscuits stored in lockers.. especially southindian women will ask their men folk to buy them those goldy goldy things.HAAAAAAAAAAA.. my hubby warned me IF YOU ASK ME THOSE GOLDY GOLDY THINGS LIKE A DUMB WOMAN I WILL DIVORCE YOU.. and he also said he wouldnt want to buy any of those pigeon holes you mentioned. haaaaaaaaaaaaaaa
...
RN,
Perhaps you can drill some sense in to RBI because for some strange reason, it puts a cap of 3.5% on interest payable on NRE or NRO accounts. If you want to beat that, the next option is money market account that pays about 6-8% but taxable at the source upon redemption. All these assumes you do want/need T+2 liquidity.
As a result, no one bothers to bring real capital to India, just living expenses. Those who do bring in the capital, such as those post year 2003 IT employees from Satyam and Wipro etc , spend it on buying those pinkand dark green colored multistoried hole in the wall flats in slum areas all around in magnificent cities like Hydrabad and or Chennai.
RBI is apparently impressed with these dollar remittance to India for the purchase of land and flats, gold biscuits in the locker and records India`s growth at 6-8%. What a bloody joke called Industrialization of India....
Justice has to penalie based on each ount/charges faced by the defendent. The tip off artist actually had 150+ years of cumulative prison term. Some times the judge allows concurrent penalty. So one 7 year is good or 2 charges.
For Madoff, guess even a prison in hell is not enough for ripping off so many old people who can not even recover from the loss now....
netdo,
You keep your money only in money markets at the dismal 3.5% interest?
Whatttttttttttttt?
isnt that too low an interest rate or has America put you in the mode of inertia with its dismal interest rates? Here in India 3.5% interest is scoffed at....
