Very Urgent- Minimum balance confusion

sach_ren · Post by **sach_ren** » Tue Mar 17, 2009 10:47 am

Urgent query

I am writing the below language in my covering letter under the maintenance section :

â€œMinimum bank balance over the last 3 months as per the Bank Statement and official letter from ICICI Bank is INR XXXXXX = GBPXXXXX â€œ

Kindly let me know if I am calculating my maintenance period from 15th Dec, 2008 to 17th March, 2009 then, do I have to take the minimum balance conversion rate from the last day of the maintenance period i.e. 17th march, 2009 or on the date of application i.e. 19th March.

debz · Post by **debz** » Tue Mar 17, 2009 10:59 am

hi sach_ren,

on which date are you going to post uor application? u can provide last 3 months' statement.. take care that the last statement is not more than a calendar month..

say for instance, uor statement period is 3rd of a month to 2nd of next month.. so if u apply today (i.e. 16th March), the latest statement that u have from the bank is from 3rd Feb to 2nd March.. with this statement as the last one, u can apply till 1st April..

reg conversion rates, they have suggested you to use www.oanda.com in the guidance docs.. i think, u can take the conversion rate as on uor date of application.. mention abt this in your cover letter.. plz cross check on this point in the guidance..

suds19 · Post by **suds19** » Tue Mar 17, 2009 11:05 am

sach_ren wrote:Kindly let me know if I am calculating my maintenance period from 15th Dec, 2008 to 17th March, 2009 then, do I have to take the minimum balance conversion rate from the last day of the maintenance period i.e. 17th march, 2009 or on the date of application i.e. 19th March.

It should be the last day of the maintenance period i.e. 17th march, 2009. Refer the exchange rates from OANDA website.

sach_ren · Post by **sach_ren** » Tue Mar 17, 2009 11:09 am

thanks debz,

I will apply on 19th march and i have taken the bank statment for showing the maitenance period from 17th dec, 2008 to 16th march, 2009 (Kindly confirm whether this is fine or not) . Additionaly i have checked the guidlines but unable to find out anything in terms of "minimum balance"... I just want to confirm whether i should take the conversion from oanda for the date of application i.e. 19th march or or the last date of maintenance period i.e. 16th march..

sach_ren · Post by **sach_ren** » Tue Mar 17, 2009 11:11 am

thanks suds19

So you mean to say that i can take a print out from the oanda website today itself even though i will b applying day after i.e. 19th march and today is 17th march

debz · Post by **debz** » Tue Mar 17, 2009 11:17 am

@sach_ren.

17th dec, 2008 to 16th march, 2009 is fine.. but let me know one thing first.. what is your usual statement period for this a/c?

reg conv rate, in my initial past earnings/EC i used the rate as on my date of application (1 pound was Rs. 90 then

)

evan · Post by **evan** » Tue Mar 17, 2009 12:46 pm

debz wrote:@sach_ren.

17th dec, 2008 to 16th march, 2009 is fine.. but let me know one thing first.. what is your usual statement period for this a/c?

reg conv rate, in my initial past earnings/EC i used the rate as on my date of application (1 pound was Rs. 90 then )

But Feb. 2009 was only 28 days.
Do u think that still counts 90 days ???

sach_ren · Post by **sach_ren** » Tue Mar 17, 2009 12:55 pm

Hi i think its 3 months and 28th feb wouldnt be an issue....

Folks i am still confused about the conversion rate issue.... can any senior member help me in this......

cooolz · Post by **cooolz** » Tue Mar 17, 2009 12:58 pm

I think there is no clear guidelines on this .
Lets us know where in the guidelines it is mentioned that you have to use last day for the exchange rate for maintenance fund period.

suds19 wrote:
sach_ren wrote:Kindly let me know if I am calculating my maintenance period from 15th Dec, 2008 to 17th March, 2009 then, do I have to take the minimum balance conversion rate from the last day of the maintenance period i.e. 17th march, 2009 or on the date of application i.e. 19th March.
It should be the last day of the maintenance period i.e. 17th march, 2009. Refer the exchange rates from OANDA website.

ssuresh83 · Post by **ssuresh83** » Tue Mar 17, 2009 1:30 pm

is it mandatory to attach oanda page for maintanace sections. i have nowhere mentioned in letter from bank as conversion rate taken from oanda. but i have used oanda rate.

will this have any problem

debz · Post by **debz** » Tue Mar 17, 2009 1:44 pm

28th feb is not an issue.. they use calendar month (not any arbitrary no. of days).. I read it somewhere in the official guidance..

Reg. past earnings (converting overseas earnings to pounds), plz refer to pg -22 -> point 115 & 116 (they clearly said that 'the official exchange rate we use is the one produced by Oanda' and that applicant should use the last date of the earnings claim period for the exchange rate)

Ref. maintenance fund conv rate, one can refer to page 34 of the guidance. They don't mention about Oanda.. but on pg 22, they mentioned that they use Oanda.. so, I would have considered Oanda for this secn too.. I used the exchange rate on the date of my application in 2007.. it worked for me.. convert 2800GBP to INR as of the date of my application.. and see to it that your a/c balance has never gone below this in the bank statements even for a single day in the 3 mnths..

simplest way to put in cover letter is stating that in the past 3 months, u have maintained more than 2800 GBP (equivalent Rs. xx, taking conversion rate as xyz from Oanda as on the date of application) as required by the point based system.

dfurletti · Post by **dfurletti** » Tue Mar 17, 2009 10:52 pm

Im am in a similar problem, i am submitting statements dated 10th December to 17th March, However, my claimed period is 16th December to the 17th of march.

As i sold some shares to meet the maintenance requirement the balance from the 10th - 14th december is well below the mainenance fnd requirement and there is a big deposit on the 15th.

Do you think i will run into trouble? Or it will be fine as long as i make it very clear the dates i am claiming for?

Thanks

sach_ren · Post by **sach_ren** » Wed Mar 18, 2009 7:04 am

Thanks debz... The info provided by you is literally sufficient.. Thanks a ton...

YA11 · Post by **YA11** » Wed Mar 18, 2009 9:11 am

Hi, I applied to my bank for bank statements on 11th of March but they are taking time so I don't think I would be able to apply before 18th March. Can I use the same statement to apply next week? Someone told me that the bank statement should be within a week of your date of application.

Thanks

sach_ren · Post by **sach_ren** » Wed Mar 18, 2009 9:41 am

Hi YA11,

Why did u apply for bank statement.... u just go to any branch of your bank and they will give u statment in 5 mts (Make sure you tell them to sign and stamp it)

YA11 · Post by **YA11** » Wed Mar 18, 2009 9:51 am

I applied in HDFC Bank and they say it takes them three working days to give the statements. Would I be fine using the same statements?

sach_ren · Post by **sach_ren** » Wed Mar 18, 2009 11:41 am

Brother .... its better if you go personally to get the statements plus you also have to get the letter from the bank stating that the minimum balance has not gone below GBP 2800 in the past 3 months...

YA11 · Post by **YA11** » Wed Mar 18, 2009 12:00 pm

I went to the bank but they said that I have to apply it through phone banking and said it would take three four days for them to send them at my mailing address.

Is the letter from the bank compulsory?

sach_ren · Post by **sach_ren** » Wed Mar 18, 2009 12:50 pm

As per my understanding the letter is compulsory...

Senior members please guide on this issue....

suds19 · Post by **suds19** » Wed Mar 18, 2009 12:56 pm

sach_ren wrote:As per my understanding the letter is compulsory...

Senior members please guide on this issue....

Don't request senior members for their guidance, if you haven't gone through the guidance notes at least once.
Also please refrain from misguiding others based on your understanding.

You only require one evidence for maintenance fund and bank statements will suffice.

suds19 · Post by **suds19** » Wed Mar 18, 2009 1:00 pm

YA11 wrote:I applied in HDFC Bank and they say it takes them three working days to give the statements. Would I be fine using the same statements?

Why don't you apply for email statement of HDFC bank for the said period. You will get it in PDF format within 48 hours. Take a color printout and get it signed & sealed by nearest branch and submit it. This is exactly what I had done and my application was successful.
No letter from bank required, only statements will be enough.

YA11 · Post by **YA11** » Wed Mar 18, 2009 1:57 pm

suds19 wrote:
YA11 wrote:I applied in HDFC Bank and they say it takes them three working days to give the statements. Would I be fine using the same statements?
Why don't you apply for email statement of HDFC bank for the said period. You will get it in PDF format within 48 hours. Take a color printout and get it signed & sealed by nearest branch and submit it. This is exactly what I had done and my application was successful.
No letter from bank required, only statements will be enough.

Thanks for the clarification. I will apply for email statements then in case I don't get them by tomorrow.

YA11 · Post by **YA11** » Wed Mar 18, 2009 2:01 pm

Can you please also clarify whether the date of claim of maintenance funds should be within a week of application?

tvn_ramesh · Post by **tvn_ramesh** » Wed Mar 18, 2009 4:08 pm

YA11 wrote:Can you please also clarify whether the date of claim of maintenance funds should be within a week of application?

For maintenance funds.. the latest date of the bank statement should be within 30days for both In-country and out of country applications...

Hope this helps..

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Very Urgent- Minimum balance confusion

Very Urgent- Minimum balance confusion

Re: Very Urgent- Minimum balance confusion

Re: Very Urgent- Minimum balance confusion