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Retrogression, priority dates and Visa bulletins Issues surrounding the retrogression of the priority dates for the various employment based categories

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  #16 (permalink)  
Old 10-23-2008, 06:02 PM
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Originally Posted by India76 View Post
I have been thinking about same thing. I think i will open NRE account soon to convert some dollars to rupee.
Can anyone suggest which bank should I use? Can I open it from US?

Is there any other option other then NRE account?
By the time you complete required formalities and get an accout created, doller rate would have come down to 40..!!!!

For me citi nri took looooooooong time to get the acocunt created.
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  #17 (permalink)  
Old 10-23-2008, 06:46 PM
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Originally Posted by ndbhatt View Post
I maybe wrong but funds in NRO account aren't repatriable. Funds in NRE account are repatriable. SBNRE with ICICI pays 3.5% interest.

Can someone confirm this?
Also how much do these banks charge if one tries to get back funds converted back to $ in US banks, any idea?

Thanks in advance,
Bhatt
So this is what I would do. I would invest the amount in NRE (in rupees)account which will fetch you say around 3.5% APY. Take a loan from this account at a rate of roughly 5.2% APY. Invest the loan amount in an NRO account, which will fetch you 10.60% or so. Even after paying the taxes on interest rate and paying back the loan amount, you have a net gain of interest rate that you could earn. I did this recently and if the amount is big it makes absolute sense to do it.
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  #18 (permalink)  
Old 10-23-2008, 07:04 PM
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Originally Posted by trump_gc View Post
So this is what I would do. I would invest the amount in NRE (in rupees)account which will fetch you say around 3.5% APY. Take a loan from this account at a rate of roughly 5.2% APY. Invest the loan amount in an NRO account, which will fetch you 10.60% or so. Even after paying the taxes on interest rate and paying back the loan amount, you have a net gain of interest rate that you could earn. I did this recently and if the amount is big it makes absolute sense to do it.
My two questions:

A. How much time did it take to get a loan on your NRE rupees account?
B. Which bank did you perform this transaction with?

I heard that money earns money. Now, I am learning innovative ways to see this in action.
Thanks,
Bhatt
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  #19 (permalink)  
Old 10-23-2008, 07:08 PM
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SBI is much safer bank to open an NRE account.

if you open it with ICICI, and for some reason going forward it goes bankrupt/closes down then your deposit is issued only upto Rs 1,00,000 for all account i.e. NRE, Resident account and FCNR Account.

as per DICGC assurance, "Each depositor in a bank is insured upto a maximum of Rs. 1,00,000 (Rupees One Lakh) for both principal and interest amount"

so think twice before opening an account with Private banks like ICICI, HDFC etc..
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  #20 (permalink)  
Old 10-23-2008, 07:14 PM
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Default SBI is the best

I strongly suggest SBI NRE account. They transferred my money Best case 12 hrs and worst case 2 days. ICICI they take sometimes 10-12 days the rate is not guaranteed of the day sent, they use market rate on the day of deposit into our NRE account.



Quote:
Originally Posted by augustus View Post
Somebody please tell me which bank is good for NRE accounts?
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  #21 (permalink)  
Old 10-23-2008, 07:35 PM
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Default

Quote:
Originally Posted by ndbhatt View Post
My two questions:

A. How much time did it take to get a loan on your NRE rupees account?
B. Which bank did you perform this transaction with?

I heard that money earns money. Now, I am learning innovative ways to see this in action.
Thanks,
Bhatt
Bhatt,
The loan should be immediate once u give ur ok to the bank u deal with. Of course it has to be one of those private banks like hdfc, icici, etc,,,so if they know u and u had been banking with them, then they would just do all this with you immediately...private banks are fast and efficient,,,well yes SBI may be safe, but point is banks in India are much more regulated than elsewhere, so I trust them,,,its upto u how much u think it is safe or risky to go with private bank
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  #22 (permalink)  
Old 10-23-2008, 07:36 PM
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Quote:
Originally Posted by augustus View Post
Somebody please tell me which bank is good for NRE accounts?
Bank of Sc3; It gives 100% interest (till the deposits are made). Withdrawals are allowed any time (up to a daily limit of Rs0.00 only). Deposits are not insured, and license to perform banking operations doesn't even exist as a figment of anyone's imagination.


Well my current thoughts is not to go with any of the "private" banks. Better stay with any of the nationalized banks.
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  #23 (permalink)  
Old 10-23-2008, 07:38 PM
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Default Proceeds from NRO FD

Quote:
Originally Posted by ndbhatt View Post
I maybe wrong but funds in NRO account aren't repatriable. Funds in NRE account are repatriable. SBNRE with ICICI pays 3.5% interest.

Can someone confirm this?
Also how much do these banks charge if one tries to get back funds converted back to $ in US banks, any idea?

Thanks in advance,
Bhatt
Does anybody have experience with NRO FD account? If I want to close NRO FD upon maturity, where will the principal+interest go? I can't put it back in NRE savings account because this is not allowed. Funding NRO FD with NRE savings account is allowed though.

Do I have to open NRO savings account alongwith NRO FD account so that I can put proceeds from NRO FD upon maturity in NRO savings acct?

This is the only account which gives 10.5%.

However you will have TDS at 30-33% on interest. So the only way to get this TDS back is to file tax returns in India (which will need PAN) and get an income-tax refund (assuming this is the only income in India and not exceeding 1.5 lacs)
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  #24 (permalink)  
Old 10-23-2008, 07:57 PM
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Default

Quote:
Originally Posted by ndbhatt View Post
I maybe wrong but funds in NRO account aren't repatriable. Funds in NRE account are repatriable. SBNRE with ICICI pays 3.5% interest.

Can someone confirm this?
Also how much do these banks charge if one tries to get back funds converted back to $ in US banks, any idea?

Thanks in advance,
Bhatt
Yes I would like to know that too....wahts teh std rates/procedure for withdrawing money from NRE and back to our US bank accounts?
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  #25 (permalink)  
Old 10-23-2008, 08:10 PM
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Quote:
Originally Posted by Deepika View Post
I strongly suggest SBI NRE account. They transferred my money Best case 12 hrs and worst case 2 days. ICICI they take sometimes 10-12 days the rate is not guaranteed of the day sent, they use market rate on the day of deposit into our NRE account.
Do we need to have SBI A/C for transferring money?
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  #26 (permalink)  
Old 10-23-2008, 09:22 PM
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Default No

U can take a DD or wire it to any bank in india
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  #27 (permalink)  
Old 10-23-2008, 11:35 PM
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Default Some Nice Info For All You Brainiacs Out There

all of you guys who are thinking of doing, all this rupees to dollar conversions etc should know this fact.

---inflation in india is usually between 5-12 % historically.

---inflation in USA is mostly 2-3 % historically

SO, your effective interest gain(interest minus inflation rate ) on any money invested is non -existant / negative percentages !!!

if it was so simple , everybody in USA would be doing this US $ to Rupee coversions(i.e investing at higher interest paying CD/FD's in india) and hitting jackpot every day!!!.

chill out , and try to concentrate on your career/business !

lage raho %^%^%$^ !!!
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  #28 (permalink)  
Old 10-24-2008, 02:56 AM
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Originally Posted by mikoo View Post

if it was so simple , everybody in USA would be doing this US $ to Rupee coversions(i.e investing at higher interest paying CD/FD's in india) and hitting jackpot every day!!!.
Not if you can repatriate the money easily. If you do plan to retain the money, inflation does play a big role in the money you put in today to the time you actually intend to use it.

That said, inflation can have dramatic effects on the devaluation of the rupee. While it is already at a low, if the government intervenes (it should, 12% inflation), then they may want the rupee to grow stronger, there by controlling imports, limiting exports and retain the goods in domestic markets instead of overseas.

You are hedging but the odds of rupee falling further may not be that high. It might hit 51 or 52 but RBI will intervene and bring it back.

Last edited by lskreddy; 10-24-2008 at 06:08 PM.
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  #29 (permalink)  
Old 10-24-2008, 04:22 AM
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Go to
www.everbank.com

You can open an FDIC insured account in INR at 4.65% introductory yield in 10 mins. Remember, currency play is a dangerous game, you are indirectly hedging your bets against something else to fall (in this case dollar) to make money. If you want to repatriate to India at a high conversion rate that's all right, but if you want to convert because you think Rupee is cheaper to buy against dollar that's like betting for dollar to fall against Rupee (or Rupee to gain against dollar). Buying low sell high works for long positions not for currency, currency trading is pure hedging like bet against or for something.
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  #30 (permalink)  
Old 10-24-2008, 11:21 AM
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Rather than the dollar appreciating .. it more like the rupee devaluing in latent worth. While USD is certainly gaining against other currencies, rupee is falling at a much sharper rate.

In a year.. the BSE Sensex went from 20k to 8k

All the NRI/Bigboy investments, that led to the astronomical rise in property rates in metros in India, have been pulling out (exchanging rupee for dollars)

Why?.. veritable crash of the real estate market and to meet the margin calls on foreign positions.

Look at the USD/INR rates for the last 3 months (even on days when USD was falling against a basket of currencies.. it was appreciating against the rupee... that was all unloading)

The chaiwalla at the galli on the city street rakes in 9 lacs a year. It costs 2.5 cr to get a 3 bedroom apartment in mumbai. That is all devaluation.
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Last edited by hopefulgc; 10-24-2008 at 11:31 AM.
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