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Maintaince Fund - Fixed deposit

Archived UK Tier 1 (General) points system forum. This route no longer exists.

Moderators: Casa, Amber, archigabe, batleykhan, ca.funke, ChetanOjha, EUsmileWEallsmile, JAJ, John, Obie, push, geriatrix, vinny, CR001, zimba, meself2, Administrator

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evan
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Joined: Tue Feb 17, 2009 4:34 pm
Location: UK

Maintaince Fund - Fixed deposit

Post by evan » Mon Feb 23, 2009 3:23 pm

Hi there,
I would like to apply for Tier1 Gen immidiately before new rules take place. I have enough fund for my application to proof requ. maintaince fund but in a local saving system in UAE (Dubai) called "National Bond", it can be cashed any time and that is mentioned in the saving certificate. Do you think it will work???
Otherwise can i use my wife fund in her account home (not a joint account)??

I'm not planning to apply for dependent (wife and kids) now.

Please advice

Thanks

evan
Newly Registered
Posts: 28
Joined: Tue Feb 17, 2009 4:34 pm
Location: UK

Please help

Post by evan » Tue Feb 24, 2009 1:31 pm

Dear all,
any advice regarding the above will be highly appriciated..
If I apply for me as main applicant and also for my family as dependents, then i can use my wife's account which have all our savings to proof maintaince fund for all of us????

Thanks

ChetanOjha
Moderator
Posts: 2771
Joined: Thu Dec 28, 2006 12:49 am
Location: London
United Kingdom

Post by ChetanOjha » Tue Feb 24, 2009 4:39 pm

HI,

I received the below reply from Home Office Team, Hope this will answer your query:
----------------------------
Dear Mr Ojha,

Thank you for your enquiry.

Please be advised that maintenance (funds) can include:

cash savings in your account(s) that have been in your account for at least three months before your application;
cash savings in a joint account(s) that have been in your joint account(s) for at least three months before your application;
The balance must show that you have had at least £800 in your account at all times over the three-month period for applications submitted within the United Kingdom, and £2,800 for applications submitted outside the United Kingdom.



Evidence must be in the form of cash funds. If you are able to access your cash ISA account instantly, then this will be acceptable evidence of maintenance (funds).

The personal bank or building society statements should clearly show:

your name;
the account number;
the date of the statement;
the financial institution's name and logo;
transactions covering the three-month period;
that there is enough funds present in the account; and
that there has been enough money present in the account for the past three months.
If your bank statements has all the above information, you do not have to provide a letter from your bank.

For applications made either in the United Kingdom or overseas, all evidence must be dated no more than one month before the application is submitted.



You must have the minimum level of maintenance (funds) available and score 10 points in this section, or your application will be refused.



----------------------------

z00ps00p
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Location: Blighty
Contact:
United Kingdom

Post by z00ps00p » Tue Feb 24, 2009 6:10 pm

As long as the instrument can be liquidated instantly and you can get a letter from your bank stating this, it is acceptable as proof of maintenance funds. I applied using a letter from my bank listing my fixed deposits and indicating that these would be cashed immediately upon request (and my application was successful). It's easier to work with a letter since it lays out the facts straightforwardly and is clearer than a bank statement.

Additionally, I recall a stipulation that bank statements you provide should show regular deposits and withdrawals. Clearly that is not going to be the case with a National Bond. However, whoever issued the bond should be able to provide a letter stating when the bond was made, how long it has been held with the organisation, and what the policy on premature liquidation is.

evan
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Posts: 28
Joined: Tue Feb 17, 2009 4:34 pm
Location: UK

National Bond

Post by evan » Wed Feb 25, 2009 12:40 pm

Thanks Guys,,

The point i'm afraid of that my saving in the UAE "National Bonds" which is not a Bank. Anyway, I'll visit them and see which kind of letter they can provide me. Hope it will work that way,,

Thanks again for responding

leeboydxb
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Posts: 5
Joined: Sat May 23, 2009 5:37 pm

Re: National Bond

Post by leeboydxb » Sat May 23, 2009 5:50 pm

evan wrote:Thanks Guys,,

The point i'm afraid of that my saving in the UAE "National Bonds" which is not a Bank. Anyway, I'll visit them and see which kind of letter they can provide me. Hope it will work that way,,

Thanks again for responding
has anyone applied showing UAE national bonds as proof of funds? do they accept it? will a letter from them help? please advise

push
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Joined: Thu Jun 21, 2007 1:32 am
Location: London
United Kingdom

Re: National Bond

Post by push » Sat May 23, 2009 6:32 pm

leeboydxb wrote:
evan wrote:Thanks Guys,,

The point i'm afraid of that my saving in the UAE "National Bonds" which is not a Bank. Anyway, I'll visit them and see which kind of letter they can provide me. Hope it will work that way,,

Thanks again for responding
has anyone applied showing UAE national bonds as proof of funds? do they accept it? will a letter from them help? please advise
Seems unlikely as Bonds might not be redeemable at the par value any time you want. So is the case with Shares.
regards,
push
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