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Indian Bank Account? 9% interest rate

#16 User is online   Democorruptcy 

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Posted 17 March 2012 - 02:21 PM

View PostAteMoose, on 16 March 2012 - 10:25 PM, said:

I was talking to an indian colleague about his forth coming wedding and he let slip they he was saving up to pay for it own wedding, even though his dad had just retired at 60 and had equiv £1/2 a million in an indian bank account! I asked him what his father did to be so rich, he worked for the inidian train company and had saved all his life not buying things... and was now living off the interest of.... 9%! Compound Interest hey!

Google confirms IR is true...
http://www.bbc.co.uk...siness-17377488

Is this sustainable, is this the new carry trade? To a layman sounds like india is going to get a rather nasty icelandic style currency crash? If not is there any reason why I cant open an indian bank account?

Over the long term the pairing has looked relativly stable:
http://www.xe.com/cu...to=INR&view=10Y

It sounds like if you have assets/savings in india you will be doing rather well


One of the reasons why our property has demand from foreigners?

Savings paying 9% used to fund a 5% mortgage in the UK?
If you say "democorruptcy" quickly, it sounds a bit like "democracy". In a "democracy" people vote for politicians who represent their interests. In the UK's "democorruptcy" people can only vote for expense fiddling thieving MPs who are in the hip pocket of big business and the finance sector.

The Funding for Lending Scheme (FLS) is stealing from savers to make them pay for crimes by bankers. Via lower interest on savings, all the bank fines for PPI, LIBOR and interest rates swaps are now being paid by savers so that bankers can keep pocketing bonuses.

"We need to make a really big change: from an economy built on debt to an economy built on savings" - David Camoron Jan 2009
"Printing money is the last resort of desperate governments when all other policies have failed" - George Osborne Jan 2009
- So what do Camoron & Osborne do? Print money and leave interest rates at 0.5% when inflation is over 5%

If it is asserted that civilization is a real advance in the condition of man -- and I think that it is, though only the wise improve their advantages -- it must be shown that it has produced better dwellings without making them more costly; and the cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.
 http://classiclit.ab...en-Part-2_4.htm

Did you recognise the two robbers in my avatar? Clue: One got a knighthood and inflation linked pension, the other a 150 year prison sentence.

#17 User is online   Democorruptcy 

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Posted 17 March 2012 - 02:31 PM

Anyway why chose a currency that is level with Sterling?

Surely instead of India it's got to be Mongolia?

13% bank interest AND 15% currency appreciation!!

http://www.mongolban...olbankrate.aspx
If you say "democorruptcy" quickly, it sounds a bit like "democracy". In a "democracy" people vote for politicians who represent their interests. In the UK's "democorruptcy" people can only vote for expense fiddling thieving MPs who are in the hip pocket of big business and the finance sector.

The Funding for Lending Scheme (FLS) is stealing from savers to make them pay for crimes by bankers. Via lower interest on savings, all the bank fines for PPI, LIBOR and interest rates swaps are now being paid by savers so that bankers can keep pocketing bonuses.

"We need to make a really big change: from an economy built on debt to an economy built on savings" - David Camoron Jan 2009
"Printing money is the last resort of desperate governments when all other policies have failed" - George Osborne Jan 2009
- So what do Camoron & Osborne do? Print money and leave interest rates at 0.5% when inflation is over 5%

If it is asserted that civilization is a real advance in the condition of man -- and I think that it is, though only the wise improve their advantages -- it must be shown that it has produced better dwellings without making them more costly; and the cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.
 http://classiclit.ab...en-Part-2_4.htm

Did you recognise the two robbers in my avatar? Clue: One got a knighthood and inflation linked pension, the other a 150 year prison sentence.

#18 User is offline   getknk 

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Posted 17 March 2012 - 11:47 PM

i think its worth punt to put in 9% compound interest
that's 2000 quid to increase to 27000 quid in 30 years..
might put some pension there then !! :)
HousePrice Charts - http://www.diaryfoli...-prices-graphs/
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