As a NRI Should I Keep My Savings As Dollars Or Rupees ?
This is the most often asked question by NRI community to their financial planners .
The answer to this depends on circumstances and motives .
If the motive is speculation about which side the scale is going to tilt , then it is better to keep the savings in both dollars and rupees in equal proportions . In such a planning , one currency will hedge the other .
If the answer is sought due to difference in interest rate of dollar and rupee account, in reality there will not be any gains or losses due to choosing one currency over the other . Eventually when the dollar FD matures , the investor gets both interest and can convert it into rupees at the prevailing depreciated rupee levels . Choosing one over the other has no specific advantage.
If you have any needs of future payments to be done in dollars, then it is definitely advisable to keep your savings in the form of dollars . Many investors have such needs to cater to their payments towards loans taken abroad as well as educational expenses of their children .
People who have an intention to retire and stay outside of India as well have are inclined to pass on legacy to their children may maintain savings in the form of dollars to the required extent.
Dr. Chandrakanth Bhat can be reached on whats app on +971 50 148 4595
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NRI Money Clinic is a YouTube channel created by Dr. Chandrakantha Bhat , an investment consultant and financial planner in Dubai . It aims to spread financial literacy and educate on money matters for resident and non resident Indians . The channel discusses subjects like Fixed Deposits , Taxation , Mutual Funds , Insurance , Specific Issues pertaining to NRI community and every other investment opportunity. Dr. Chandrakantha Bhat can be reached on Whatsapp on +971 50 148 4595
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