I blogged about my achievement of having $100k savings before age 28 some time back. One way I could achieve this was to make sure my money grows through FDs. However, in recent months, the interest rates have been dropping. I used to see CIMB offering 1.8% p.a for a $10,000 fresh funds deposit, now it’s 1.2% p.a for a 6 months tenure with a minimum $20k deposit.

One year ago, I chanced upon the State Bank of India¬†offering a 1.6% interest p.a on minimum $10k deposit. It was the best deal I’ve seen then. I was contemplating about putting my money into a foreign bank but went ahead thinking that the¬†Deposit Insurance Scheme would insure me.

Prior to making my deposit, I popped into the bank to enquire on the FD rate, just to be sure it was 1.6%. The bank …