The idea is common in countries with low domestic interest rates, but you get unwanted exposure to FX rates as well: i.e. you can end up richer in INR but poore

The idea is common in countries with low domestic interest rates, but you get unwanted exposure to FX rates as well: i.e. you can end up richer in INR but poorer in USD. Japan is the classic example of this - lots of consumers who bought structured products like power-reverse dual coupon notes to get exposure to higher foreign interest rates got annihilated when JPY appreciated vs USD in the 2005-2010 time period.