Maintenance Fund Requirement

bhavin_IT · Post by **bhavin_IT** » Mon Mar 02, 2009 9:09 pm

Hi,

At present I am working in USA. I am having a joint account with my DAD in India which satisfies the maintenance fund requirement. Can I use only that account for Tier 1 application? or do I need to show US account also?

Thanks

tapindersingh · Post by **tapindersingh** » Tue Mar 03, 2009 12:51 am

You can use just one account for maintenance.

If you wish to rely on a joint account as evidence of available funds, you must be named on the account along with one or more other named individual and evidence must be in the form of cash funds. Other accounts or financial instruments such as shares, bonds, pension funds etc, regardless of notice period are not acceptable.

bhavin_IT · Post by **bhavin_IT** » Tue Mar 03, 2009 6:14 am

Hi Tapinder,

I appreciate your help man. The question i asked before was regarding FDs which is not going to work out. So i am thinking about using the joint account instead which is in india with my DAD eventhough i m in usa......

Can you please respond to this.

Thanks a lot.

Post by **ChetanOjha** » Tue Mar 03, 2009 3:19 pm

Hi Bhavin,

Your joint account in India should be fine as long as it meets the desired limit. You have to prove that the funds are/were available to you any time of need. Also watch out for the conversion rate.

bhavin_IT wrote:Hi Tapinder,

I appreciate your help man. The question i asked before was regarding FDs which is not going to work out. So i am thinking about using the joint account instead which is in india with my DAD eventhough i m in usa......

Can you please respond to this.

Thanks a lot.

bhavin_IT · Post by **bhavin_IT** » Tue Mar 03, 2009 8:02 pm

Thanks for the reply Chetan. So for the proof that it is available to me any time i am providing them

1) Last 4 months bank statement with manager's sign and bank stamp
2) Letter from the bank stating it is available to me any time on bank letter head signed and stamped.

Is it fine?

Thanks,
Bhavin.

Post by **ChetanOjha** » Wed Mar 04, 2009 8:23 pm

Should be fine. You will have 1 month to apply from the date of issue of your bank statement+bank letter.

bhavin_IT · Post by **bhavin_IT** » Wed Mar 04, 2009 11:52 pm

Thanks a lot for helping me guys........i think i m good to go then........i can apply before april1 2009 (rule change)...........Thanks a lot once again.........

tapindersingh · Post by **tapindersingh** » Thu Mar 05, 2009 1:41 am

Joint account is the best option.

Good luck and apply soon clock is ticking...

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Maintenance Fund Requirement

Maintenance Fund Requirement