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Canada Immigration Forum > Immigration Topics > Skilled Worker / Professional Immigration > Topic: WHICH CANADIAN BANK OFFERS BEST RETURN ON FIXED DEPOSIT
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Author Topic: WHICH CANADIAN BANK OFFERS BEST RETURN ON FIXED DEPOSIT  (Read 1031 times)
Can10
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« on: October 22, 2010, 05:24:40 pm »
I intend to deposit a reasonable amount of money in a bank in Canada that offers good return on it. Does anyone have any idea on the subject.

I shall be grateful for your inputs.

Very best regards
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wilson
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« Reply #1 on: October 22, 2010, 08:54:07 pm »
Quote from: Can10 on October 22, 2010, 05:24:40 pm
I intend to deposit a reasonable amount of money in a bank in Canada that offers good return on it. Does anyone have any idea on the subject.

I shall be grateful for your inputs.

Very best regards
According to my knowledge there is no "Good return " from any Canadian Bank if you deposit your money with them. But they of course get "good return from you" if you take any cash advance,  late payments of credit card dues, loans or any other kind of financial assistance from them. Few of the banks give you better interest rate on term deposits. Compare 'Presidents Choice', 'CIBC', and CD  Trust.
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explorer101
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« Reply #2 on: October 22, 2010, 11:11:16 pm »
Quote from: Can10 on October 22, 2010, 05:24:40 pm
I intend to deposit a reasonable amount of money in a bank in Canada that offers good return on it. Does anyone have any idea on the subject.
I shall be grateful for your inputs.
Very best regards

All banks in Canada offer peanuts on savings account interest  @ 1.25% yearly. It is better to borrow from them, interest  @  2.15% floating yearly for house mortgage. If you want better appreciation then look for investment in mutual funds or stocks, but that can be risky also. Property prices also do not increase in Canada too much and is likely to fall because of credit crunch.
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jnathan
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« Reply #3 on: October 23, 2010, 03:23:09 am »
Has anyone tried HSBC Canada? They are the only bank in EU that didnt face any loss due to the global credit crunch since 2007.

Moreover, Try some Arab banks which runs on Petro-Dollars; should be lucrative.
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Can10
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« Reply #4 on: October 23, 2010, 05:25:43 am »
Thank you dear wilson, explorer101 and jnathan for your valuable inputs.

I did some online research myself about return/interst rate that Canadian Banks offer and reached the same conclusion. Definitely its not a viable option.

However the idea of investing in Arabian Gulf States (GCC Countries) could be thought of. I think earnings made on investements outside Canada is taxable in Canada, as we will be receiving and expending these earnings in Canada. I am going to find out how much return Arabian Banks can offer on investment and will share my findings with you guys.

However in the meantime, can someone tell me what percentage of tax is applicable in Canada on these earnings?

Appreciate your comments.
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pb55
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« Reply #5 on: October 23, 2010, 05:43:28 am »
How about State Bank of India interest rates on foreign currency fixed deposit?

Do you have a branch of SBI there?

Any one with SBI experience please share.
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jnathan
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Med's Request: Withdrawal Request sent....Was waiting for files to return....instead of returning the files, VO sent the MR !!
« Reply #6 on: October 23, 2010, 06:20:49 am »
not all policies are fair by Indian Government and there are huge corruption in India.
India is unreliable.
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App Sent to CIO..17 Jan 2010
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IN Procss: Oct 12,
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pb55
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« Reply #7 on: October 23, 2010, 02:15:27 pm »
Yes I agree GOI not very fair. But SBI offers very good interest rates on Foreign currency. Any one with experience with the bank can share.
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