Note : This post was written over 5 years ago, most of the content may not be relevant, please check the current rates and everything.
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…
Interest Rates Comparison India
India Rates %
US Rates %
15 days to 45 days
46 days to 90 days
91 days to 180 days
181 days to less than 1 year
1 year to less than 2 years
2 year to less than 3
3 year to less than 5 years
5 years to less than 8 years
8 years and up to 10 years
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 !