Last edited by freeier; 27-09-2022 at 05:42 PM.
As an update, now banks like SBI are offering 4.9% for 1 year and 5% for 18 months.
on which currency/ies please?
Thanks. Looks like they want USD desperately!
Nothing surprising or alarming there, INR is depreciating and RBI reserves slowly depleting, large and rich diaspora of NRIs have always been saviour whenever India needs foreign currencies, SBI being the largest public sector bank leading the cause and playing its role here, private sector banks are not too far behind..
Indeed... I'd put SBI going under into almost the same bracket as HSBC going under. I.e. the morning that happens the loss of your life savings will be the least of the world's worries.
Regretting taking the 3.6% HKD 3.4% USD HSBC expat pricing on 12m TD a few weeks ago already. Will bite on their 4.5% GBP current offer though as even if rates are going to 6% that feels like it'll have to be done gradually. Hooray for -6% real return.
USD is more commonly use in banking.. banks take in USD they also loan out USD.. mostly the hk banks need HKD as they do loans onshore... the foreign banks will convert the hkd they receive into USD for their balance sheet usage.
Anyway the main reason is also USD 1y rates are higher than HK 1y rates in the interbank market now.