Now that FCNR rates have gone up, are you moving your deposits?
With the new RBI update, a lot of banks have recently changed the interest rates on their FCNR deposits. Currently, I have invested in mutual funds and equities, but with the new FCNR rates I am wondering if it worth parking some of my funds there for long-term. Since most of my savings are deposited in my foreign bank account moving to a FCNR account does give me the benefit of not converting to INR.
I am also deciding whether to open an FCNR account with my current bank or look for a bank that offers more benefits such as remittance of funds back to India.
Would look forward to your suggestions and experiences on NRI deposits.