Where to put your Money now ? Indian Savings account or US Savings account ?
I have been sick lately and not been able to keep up with the blog. Sorry folks ! Anyways, if you are working and saving money in US, you might be saving up your money in a US Checking or Savings account. Most of us, want to accumulate a lump sum and then use it for a good cause to buy a plot or house in our home country. If you are sending your money directly every month to your savings account in India, you are doing a very good Job. But, in case you are not, you are losing interest on your savings…
Here is a quick comparison I compiled by research…
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Interest Rates Comparison India
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||
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Time Period
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India Rates %
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US Rates %
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15 days to 45 days
|
2.75
|
0.3
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46 days to 90 days
|
3.75
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0.3
|
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91 days to 180 days
|
5.00
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0.45
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181 days to less than 1 year
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5.75
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0.5
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1 year to less than 2 years
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6.25
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0.95
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2 year to less than 3
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6.75
|
1.99
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3 year to less than 5 years
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7.00
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2.28
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5 years to less than 8 years
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7.25
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2.97
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8 years and up to 10 years
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7.50
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3.45
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Imagine, you keep $5000 in your savings account in US for one year, you get only 1% roughly and it is $50. and same thing if you send to India, you get 6.25% and it is roughly $312. So, You earn at least six times more if you save your money in India rather than saving up here. All you have to do is, every month when you send ask your banker to deposit it as a fixed deposit for 1 year. Worst case is you get at least 3 %.
Well, You can make a lot more money if you invest in stocks or give money on loan to your friends. But, there is risk…here there is NO Risk !
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{ 10 comments… read them below or add one }
Informative article. The question that comes to my mind now is: The interest earned on Savings Account in India, it should be viewed as taxable income in US. What I mean is, I am assuming that any tax earned on a savings account at the end of the year should be reported for tx purposes to the IRS in the US. If I had a savings account in the US, this is what I would be doing? What is your opinion on this?
Wonderful!! Thanks a lot for the valuable info
Welcome Arjun !
Kumar,
This is a nice Blog, good wrk.
Thanks Munna !
Thanks Srikanth ! I have replied to your question as post : http://www.redbus2us.com/2009/12/is-fee-different-when-you-pay-than-what.html
hi admin……..ur blog is amazing for future students …..whose destination is usa …..my self srikanth applied for spring 2010 ..i choose siuc whose fee in i20 is 5lakhs per semerster..all my frds are sayin to wait for fall adn apply for low fee colleg …wht do u suggest ..fee in i20 is different ,when we pay to college .???is this true
Chaitanya, I have replied to your question check it :
http://www.redbus2us.com/2009/11/how-to-get-part-time-job-on-campus-in.html
Thanks ! Chaitanya, if I am not wrong, you are looking for a part time job on campus right ? correct me if I am wrong. I will do a post tomorrow. check back !
hello sir…i have read all the post written by you…it was amazing…i would like to know the details about how to find a part time job…i'm a student…coming to US in jan 2010…