Depositing funds in India

PocketChange · Sep 26, 2008

Can americans deposit funds in India?

Intererest rates seem decent...

http://www.statebankofindia.com/viewsection.jsp?lang=0&id=0,16

Not a ton of cash but just to diversify outside of dollars and euros. Seems to be the least connected currency to the dollar.

alientrader · Sep 26, 2008

you trust indian banks?????

peilthetraveler · Sep 26, 2008

You will do better with austrialia, brazil, and new zealand. They are paying 5.25% to 6.25% interest on 3 month CDs If you feel like a little risk, try S. Africa...get 8.75% there. If you want something a little closer to home, try mexico...get 5% there.

http://www.everbank.com/001CurrencyCDSingle.aspx

Min 10k deposit i believe though.

Surdo · Sep 26, 2008

If you don't mind a little currency risk, Banco Central Dominicana pays 18%/YR on a 36 month RD Peso CD!

http://www.bancentral.gov.do/instrumentos_inversion.asp

TraderZones · Sep 26, 2008

Quote from Surdo:

If you don't mind a little currency risk, Banco Central Dominicana pays 18%/YR on a 36 month RD Peso CD!

http://www.bancentral.gov.do/instrumentos_inversion.asp

Is this the DR? possible to hedge their currency?

operator · Sep 26, 2008

Iceland has about 16% rates, not bad.

http://www.sedlabanki.is/?PageID=224

Thermactor · Sep 27, 2008

Quote from operator:

Iceland has about 16% rates, not bad.

http://www.sedlabanki.is/?PageID=224

Why are those rates so high? That's unusual for such a developed Western country.

dandxg · Sep 27, 2008

Quote from Thermactor:

Why are those rates so high? That's unusual for such a developed Western country.

The don't allow non-residents to open accounts I tried already. Either does NZ or Australia. I don't know why Patriot Act. Actually National Bank of NZ said I could open an account in person if told them I had an intention to stay for more than 2 months. Kind of deal killer flying from Denver to NZ to open an account. Having read a few articles on Iceland they were subject to currency runs a couple of times by large US funds due to their small, overall size. In Canada the best rate I could find was 3% I recall, paltry. In Ukraine and Serbia they pay 18%, but not too stable.