Re:I'm 25 years old and I am lost
by neilsharma on Thursday August 14, 2014 @03:42PM
(#8179434)
Another option is to put the money in foreign accounts. I don't know this space at all, but interest rates at consumer banks in India are 9-12%. Even after currency exchange rates, you'd probably make >= 4%/year
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Re:I'm 25 years old and I am lost
by notahacker on Thursday August 14, 2014 @07:22PM
(#8180345)
That interest rate is because on average, rupee inflation has been at over 9% in the last two years, and was over 11% at the beginning of the year.
http://www.tradingeconomics.com/india/inflation-cpi
If I'd opened a bank account last time I visited India, converted sterling to rupees, to saved in an Indian bank account at 12%, I'd end up less pounds than I started with.
Putting money in consumer banks in India really only makes sense if you live there.
No such thing as a free lunch, though. Plenty of people's savings went poof that way.
Re:I'm 25 years old and I am lost
by neilsharma on Thursday August 14, 2014 @06:09PM
(#8180123)
Why? Indian banks defaulting? Corruption/theft issues? I haven't tried this method -- just regurgitating advice other's have given me. Always thought it seemed more profitable than keeping money in US banks, and India always seemed accommodating of foreign money coming in.
For example, savers around the world were enticed by Iceland's high interest rates, and then this happened: http://en.wikipedia.org/wiki/2008%E2%80%9311_Icelandic_finan...
Turned out those savers were the suckers needed by those banks, in an attempt to remain solvent.