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Festgeld with ICICI
Posted on 16.07.2010 17:57
Festgeld with ICICI
I am already having a ICICI NRI account where the interest rate is only 3%,few days ago i saw ICICI also offers interest rate of 3.75% at www.icici.de.
This seems to be better option to get more interest on Euros than 3% on INR.
Does anyone got experience with this festgeld account with ICICI.
raj2001
Member since 10.06.2008
Posted on 19.07.2010 09:34
Re: Festgeld with ICICI
I already have festgeld a/c with icici, its quite safe.
punnu78
Member since 08.07.2010
Posted on 19.07.2010 11:48
Re: Festgeld with ICICI
Why not put the money on one's name in India. Of course the ones you could believe like father, mother, grandpa/ma/ brother.... or even a friend whom u trust?
in that case you get (in INR) like 8 to 10 % interest?
kramasundar
Member since 30.01.2009
Posted on 19.07.2010 13:41
Re: Festgeld with ICICI
Yes it is very much possible to invest in the name of father, mother, grandpa/ma/ brother.... or even a friend but when you want to get the money back to Germany into Euros then you need to pay tax and show source of income.Being an NRI one cannot do this legally and one should keep the money in NRI account which one can get back into Euro's any time.
raj2001
Member since 10.06.2008
Posted on 19.07.2010 14:10
Re: Festgeld with ICICI
Yes... i agree... if you want to convert it back to EURO... i never thought of that 
kramasundar
Member since 30.01.2009
Posted on 20.07.2010 08:50
Re: Festgeld with ICICI
Check FCNR deposits with Indian Banks, with FCNR deposit you keep your money with them in your selected currency, (Euro, US $, AUS $) AUS $ offers highest interest rates (around 6.xx% per year)
and at the end of deposit period you could get online transfer back to your german account, or just extend deposit period!
bmilan
Member since 06.09.2006
Posted on 20.07.2010 19:09
Re: Festgeld with ICICI
FCNR FDs give 6.xx only in AUD but not for Euros unfortunately, dont know why. I doubt if there is any possibility in current market and other situations getting more than 3.xx interest from Bank either Indian or local(Germany) on Euros. At least I dont find any. If there are any, please do share.
Thanks,
alien0in2de
Member since 31.08.2008
Posted on 20.07.2010 20:39
Re: Festgeld with ICICI
Thanks for all your replies,its unfortunate that one cannot get interest rates above even 3% on Euros with any of the banks.Investing in property and stuffs in India is good option for those who want to return to India but for those who want to settle here and purchase a house some day its not an option investing in India as getting the money back in Euros to the German account there is a big loss with tax and etc.
raj2001
Member since 10.06.2008
Posted on 23.07.2010 19:18
Re: Festgeld with ICICI
What about transfering money from India to Germany?
Does anybody know? My parents lived here for more than 30 years. Saved some money there and also have a house/property in hyderabad. We want to sell that and bring the amount here, since we are now settled here. How about this money, is it possible to transfer it legally and in straight forward manner through banks? Does we have to pay tax for this amount in Germany? I think, since it is an income from outside Germany, selling our property, we dont have to pay tax, if we are able to show proof?
Does anybody has any idea ..?
hellothere
Member since 22.07.2010
Posted on 24.07.2010 07:43
Re: Festgeld with ICICI
@hellothere
I am looking to buy a house/property in hyderabad if you are looking to sell it then please contact I will try to find out more details ..
Email:dvenu99@hotmail.com
Have a lot of fun ..
MATRIX
matrix
Member since 16.05.2005
Posted on 25.07.2010 16:14
Re: Festgeld with ICICI
@hellothere,
Please also let me know some more details on the property at kalingaz@yahoo.com
@Matrix : Let us be in touch to get to know more on potential issues with property issues in hyd.Please feel free to contact me in case you are intrstd.
ISSUES
Member since 14.06.2010