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you can show as many statements as you want.AkashS wrote:Hi All,
I am almost ready to apply for Tier-1 and just waiting for few documents. I have couple of doubts and I'll be thankful if you guys can help me in clearing those doubts:
I have 3 Accounts:
One is HDFC Salary Account where I am maintaining Rs. 200000 minimum at any given time. Car and Personal Loans EMI is also deducted from this account.
Second is my ICICI Bank Account where I am maintaining Rs. 10000 at any given time. This account is not used so frequently.
3) Third is a Joint Saving Account with my wife where I am maintaining Rs. 14000 at any given time.
So total amount in these three accounts is at least Rs. 224000 which is eqv to GBP 2850 at current rate. I hope that is how they will calculate the fund that total amount is not going below 2800 GBP at any given day.
Now my query is that can I take statement from all these three banks and they will be accepted? Also, it is mentioned in the guidance note that The exchange rate of overseas currency will be made using the OANDA rate conversion on the date of application. So if on the date of application it is even more than GBP 2900, will it be accepted or in case it is slightly lower and I wait for 1-2 days more and then make my application through VFS, will that also be accepted?
Today, I checked with ICICI bank and they told me that they cannot issue a letter saying that the minimum balance at any time, maintained by me, during last 3 months was at least Rs. 10000. Now I want to ask if I can simply produce Bank Statement without any such letter.
However, HDFC bank is agree to provide such letter and also 12 months bank statement as my salary is being credited into HDFC Bank.
As I asked earlier also, I also have one IDBI Bank where I am maintaining at least Rs. 14000 at any given time in last 3 months. Just wanted to cross check with you that as for GBP 2800 at the rate of Rs. 79.20/ GBP, I’ll be required to show at least Rs. 222,562 during last 3 months. I am maintaining Rs. 224,000 at least during last 3 months.
Am I ready to go now once I get salary letter and payslips from HR. Please advise ASAP before Pound rate goes high and it does not make GBP 2800 with my Rs. 224000. Thanks.
Regards,
Akash…
I am applying for myself at this time. As mentioned, I am going to produce Bank statement from 3 different banks.push_hsmp wrote:Looks all fine to me (unless Rs depreciates further).
Thats what I feared. I looked at the fx GBP-INR forward rate curve and it does not look very positive from your perspective but there could be some fluctuations so wait for a week or so and see.AkashS wrote:I just checked in Oanda.com that Pound rate is now 80.89. It means my total saving of last 3 months is not enough to make it GBP 2800.
Should I start from new and deposit some more amount in my saving account so that even Pound rate goes high up to 85 or 86, I'll be able to make it in that case also.
Or Should I wait for 2-3 days and when the rate of Pound is less than 80 again, can I make the application?
Please suggest. Thanks.
Regards,
Akash...
I will need to check if I can open an account where I can deposit money into Pounds. However, in this case, I'll need to wait for another 3 months but that will be much more safer than any option as I'll be having GBP 2800 at any time regardless of the Pound-INR rate.push_hsmp wrote:Thats what I feared. I looked at the fx GBP-INR forward rate curve and it does not look very positive from your perspective but there could be some fluctuations so wait for a week or so and see.AkashS wrote:I just checked in Oanda.com that Pound rate is now 80.89. It means my total saving of last 3 months is not enough to make it GBP 2800.
Should I start from new and deposit some more amount in my saving account so that even Pound rate goes high up to 85 or 86, I'll be able to make it in that case also.
Or Should I wait for 2-3 days and when the rate of Pound is less than 80 again, can I make the application?
Please suggest. Thanks.
Regards,
Akash...
Option of converting the savings into pound:- (1) Can you, as a resident Indian keep deposits in pound? In my opinion not (2) This resets the clock to 0 and you will have to wait for 3 months.
Which date did you have the balance in the past three months?
I have calculated the average balance at any given day and also attaching the calculation. The lowest amount was Rs. 226619 on 27/04/2009. This is slightly above from the current Pound rate for 2800 GBP in Indian Rupees (Rs. 226467). After that the lowest amount was Rs. 227346 on 19/04/2009.push_hsmp wrote:Add up balances in all the three accounts and tell us what is the minimum and when was the balance minimum. Also tell us how much was the second lowest "total balance" after the above date and when.
Hi Push_HSMP,push_hsmp wrote:The minimum balance after 30th April is 240542.90 on 18/05/09. The option you now have is to wait for a few days and see if the rate eases of a bit. At the same time put some money into your account now.
If the rate does not come down in next few days you will have to wait till 29th July (3 months from 30th April) and also pray that INR/GBP does not creep above 85.91 by then otherwise you would hit floor level of GBP 2800 for the balance as on 18th May.
Are you sure you absolutely have no other deposits - FD etc. which can be added to your existing Bank balances?
Thats what I have said in my postAkashS wrote:The Min Balance after 30th April is 240542 which is 2969 GBP at the current rate (I calculated at 81). Even it it touches 85, I'll still be having more than 2800 GBP as average balance in my account.
You can provided on the date of application the GBP equivalent is more than 2800.AkashS wrote:Can't I show the amount which I mentioned as proof of GBP 2800+ saving as it is more than 2800 at any given time (226690/- as on 27/04/2009). Or should I simply wait for this month (July) and then apply for the Visa.
Whenever the pound rate is in your favour - it could happen tomorrow/ day after - cant predict - so keep a tab on the fx rateAkashS wrote:Please suggest if I maintain the current balance, when can I apply? Can I apply within a wee if Pound rate does not go high form here.
Hi,push_hsmp wrote:Thats what I have said in my postAkashS wrote:The Min Balance after 30th April is 240542 which is 2969 GBP at the current rate (I calculated at 81). Even it it touches 85, I'll still be having more than 2800 GBP as average balance in my account.You can provided on the date of application the GBP equivalent is more than 2800.AkashS wrote:Can't I show the amount which I mentioned as proof of GBP 2800+ saving as it is more than 2800 at any given time (226690/- as on 27/04/2009). Or should I simply wait for this month (July) and then apply for the Visa.
Whenever the pound rate is in your favour - it could happen tomorrow/ day after - cant predict - so keep a tab on the fx rateAkashS wrote:Please suggest if I maintain the current balance, when can I apply? Can I apply within a wee if Pound rate does not go high form here.
Thanks. I'll see if the rates will remain under 80.75, should I apply as my lowest balance is Rs. 226690 which is making 2800 GBP at the rate of 80.95.push_hsmp wrote:Yes you should if the rate is favourable.AkashS wrote:Pound rate is now further down by 15 Paisa. Can I apply now
I hope it will come under 80 in 2-3 days by the time I'll get my documents ready. Please suggest. Thanks.