HSBC bank is offering (http://www.hsbc.co.in/1/2/personal/bank-accounts/fixed-deposits/interest-rates) 8% interest rate on 3 year deposit. This seems quite attractive for NRIs. We can transfer money to NRO account and get 8% return compared to 1% or so we are getting here. I am quite tempted, however there are two things I need to sort out before taking the plunge:
1) Currency risk - There is possibility that rupee can depreciate against US dollar. This can result in reduced gains or evel loss of principle. I am not very bullish on US dollar given the fiscal deficit of US and hence willing to take this currency risk.
2) How to bring the money back: I have to find out process of bringing money back to US. If you know about this send me a note
