POSTED BY April 30, 2014 10:25 am COMMENTS (6)ON
I work in US. The checking and savings account interest rate is very little here. I got to know that NRE account in Yes Bank will get us 7% interest rate for deposits of more than 1 lakh INR.
So, this seems a very good idea. My question is how much does it cost to transfer money from Indian to US bank account.
If I transfer 50k Rs per month to NRE account, then considering 7% interest rate, at the end of 1 year, I will get around 25k as interest.
Also, NRE accounts are exempt from tax. What I want to know is that if I want to transfer money from India to US account, will I be in loss or profit ? Also, could anybody share per day interest rate calculator which is used for calculating interests in Indian bank accounts?