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Savings in India vs USA    AK   03/09/2018 01:40 PM  

I wonder how everyone does their saving here. I am very new to this as I just got my first job. I checked here if I save in bank the interest rate is less than 2% but in India it is many folds high. I was thinking of putting in NRE account and then paying tax on the interest here. Not sure what are the other options. And what do other people do? Any guidance would be great. Thanks in anticipation.

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Re: Savings in India vs USA    Raman   03/09/2018 04:03 PM  

Good question. Wonder what is everyone else doing .

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Re: Savings in India vs USA    E   03/09/2018 05:22 PM  

If you are not planning to buy house here or you are not planning to invest for long term, go with what you thought of opening NRE account and earning interest there.. you can easily repatriate that amount back to US in case of need and the interest you earn will still be more than the rate at which you convert money back.. There are banks which give you 6% interest rate on NRE/NRO account..

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Re: Re: Savings in India vs USA    Saving   03/11/2018 08:54 PM  

I have a question. What r the better options to save money in India to get monthly interest.

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Re: Savings in India vs USA    AB   03/11/2018 09:16 PM  

Not sure NRE/NRI Saving is the best option unless you want fund to be liquid.

Legally you are taxable in US for whatever you earn in NRI FD

What I do is putting that money into stock which give me some handsome money ! Last 3 years it has given return more than 50%. If you have time and good risk appetite then stocks is the best option !



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Re: Re: Savings in India vs USA    Ak   03/11/2018 09:46 PM  

Thank you. I would like to do that but have no experience with stock market. Do you know anyone who can provide guidance? Thanks!

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Re: Re: Re: Savings in India vs USA    AB   03/11/2018 09:51 PM  

etrade provide free account. It also provide some research tool which allow us to filter stocks. I do use them and apply my reasoning too ! There are other trading accounts too but I use etrade

There are many mutual fund kind of thing but I really do not go there !


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