Investing Money in India

[kaps]

Hi, I want to Invest money in India because of good interest rates.
Please advice on how should I go about it and which are the best options. Pros and Cons from your own experience. Thanks

 

[newtone]

Go right ahead and invest, interest rates here are what I would normally give a beggar on the street. Just open an Indian account as NRI in India, transfer money and watch is grow!

 

[kaps]

Just open an Indian account as NRI in India, transfer money and watch is grow!

Which bank is the best for such accounts for Canadians. And what will be the process.

I went to the SBI Canada Downtown branch and they said I have to contact any Indian branch directly and they are not helping to set up the NRI account. Please advise. Thanks

 

[newtone]

This might sound a little weird but do it when you plan your next trip to India. If you are a PR you dont have to disclose that, just show your Indian passport to the bank just open the account and give your family home address in India. Transfer the money from Canada to the Indian account. Watch it grow

 

[kaps]

This might sound a little weird but do it when you plan your next trip to India. If you are a PR you dont have to disclose that,

I am not sure when I will go to India and I am not a PR.

Any other options for Canadian Citizens (with Indian roots) to do the NRE or FCNR deposit from within Canada?

 

[kristidavis1991]

If you want to Invest money in India then - property

 

[mrbeachman]

This question comes up often on other forums.

If you are not a resident of the country (which is the case with most countries in Asia) you will have a hard time opening an account in your name.

Even if you do manage the bank will most likely ask for a document from Canadian embassy.

Then you will be on CRA radar.

Not worth it for a partly interest rate as CRA penalties are significant for non-disclosure.

 

[Oscar7]

[size=9pt] Inform the CRA and pay tax on the interest earned i.e. do it the right way. Even then one would make more than what it would sitting in a Canadian bank account.

Agree with Beachman, never good to have those CRA / IRS (or whatever name you call them by in a country) come smelling your sh1t. Have the monkey off the back!

[size=9pt] Kaps, You might want to check this out for HDFC Bank:

http://www.hdfcbank.com/nri_banking/accounts/General_Faqs.htm

Similarly check for options at ICICI Bank:
http://www.icicibank.com/nri-banking/bankAccounts/bankacount_overview.page

Seems there are options where you put your detail and these guys can call you.

 

[kaps]

Thanks Guys!

I was hoping to get some insight from Canadians from Indian background who already have investments in India. Is it even worth to invest in FCNR or NRE FD's in Indian Bank Branches. If anyone has any kind of bad experience please share.

9% PLUS interest rates looks tempting but is it worth for Canadians? Like in the end (money conversion, CRA return etc) are we able to make money out of it or these are some legal scams?

 

[techtalk]

FCNR FD interest rates are very less. Best option is NRE FD. But you got to Indian citizen to get one.
Other options include investing in Indian MF or Canadian MF investing in indian stocks.

You don t have to visit india to open NRE account. You can search in google and find some contact number to indian banks NRI desk.

 

[techtalk]

Link to kotak NRE Deposits. http://www.kotak.com/Kotak_BankSite/nri/accounts-deposits/deposits#NRE Term Deposits

 

[hi am there]

Hi guys..I need ur help. Got my PR.travlg soon. I want to open an NRI account. I contacted icici bank.initially they asked for foreign adress proof, other details etc etc.then they said I cannot open nri account since I dont have job offer.
Latr they calld me and offerd NRI account. And askg for my landing paper's copy and visa copy.is it safe to giv these documents? ?
Also tel me whts CRA??
Thank u

 

[chatwant]

Don't open an nri account for the sake of interest rates..Let me give u an example..suppose u open a Nri ac and transfer around 40 thousand dollars and with today's conversion rate and conversion charges that would come around to 22 lakh inr and if the bank is offering you 9% p.a it would roughly come around to 23 lakh 50 thousand inr. If u convert that it would be roughly arnd 2600 dollar in a year and with cad goin up u can't even make that.so in short with the dollar rate goin up plus the conversion charges u can't make more than 1500 dollars in a year.Properties are the best bet if you want to invest in India.

 

[kaps]

Don't open an nri account for the sake of interest rates..Properties are the best bet if you want to invest in India.

Thanks chatwant.
Buy and Sell property OR Buy and rent it out?

 

[apsarkar]

What about mutual funds with good returns like 15-20% per annum over the long run?