Doubt on funds maintenance in bank account

[lucky3]

Hi,

I have few doubts regarding maintaining funds in bank account. They are:

1) Can I maintain 2800GBP assuming conversion rate of 1GBP = 75 (Its around 68 now)? which conversion rate is generally followed?
I am planning to apply immediately after I maintain required funds in bank account.

2) If I can have 2,10,000 rupees in my bank account by 25th of this month, whats the earliest date I can apply for tier-1 VISA? Is it june 1st or july 1st 2010 or even later as I need to maintain funds for 3 months?

3) Is the amount of 2,10,000 is sufficient or do I need to show more? what's amount generally shown by people applying for this VISA?

Thanks in Advance

[aruni4470]

Hi,

I have few doubts regarding maintaining funds in bank account. They are:

1) Can I maintain 2800GBP assuming conversion rate of 1GBP = 75 (Its around 68 now)? which conversion rate is generally followed?
I am planning to apply immediately after I maintain required funds in bank account. You have to use the exchange rate on the date of application. Below is the excerpt from policy guidance
The exchange rate of overseas currency will be made using the OANDA rate conversion on the date of application. www.oanda.com

2) If I can have 2,10,000 rupees in my bank account by 25th of this month, whats the earliest date I can apply for tier-1 VISA? Is it june 1st or july 1st 2010 or even later as I need to maintain funds for 3 months?
You should maintain it for 3 months, if you have it on 25th of this month, you will have to maintain it till 25th June, and you are good to apply anytime after that date.
3) Is the amount of 2,10,000 is sufficient or do I need to show more? what's amount generally shown by people applying for this VISA?
Showing the amount required is enough. Cant comment on the amount in INR as the exchange rate keeps changing and you should consider the exchange rate on the date of application.
Thanks in Advance

[lucky3]

Thanks aruni4470 for quick response. I have one doubt, Date of application you mean 25th mar or any date after 25th june?

If its any date after 25th june, I will not be aware of conversion rate at that time right? Thanks to all.

[aruni4470]

Thanks aruni4470 for quick response. I have one doubt, Date of application you mean 25th mar or any date after 25th june?

If its any date after 25th june, I will not be aware of conversion rate at that time right? Thanks to all.

Date of application is the date when you apply.

You will not know the exchange rate on that date in advance so, maintain as much as you can. so that even if the rate goes up you will not have a problem. as you mentioned in your earlier post, 2,10,000 INR should be fine. If i was you, I would maintain @80 i.e around 2,25,000. just to be on safer side even if the exchange rate goes upto 80, which is highly unlikely. but, better be prepared than being sorry later. all the best

[lucky3]

Thanks a lot aruni for quick help. One final doubt - Is the tier 1 general VISA validity for 2 years or 3 years. I heard its 3 years, but on weblink I can see it as 2 years. Which is correct? web link here-> http://www.ukvisas.gov.uk/en/howtoapply ... t#14476278

How long will I be able to stay in the UK?

The visa will be issued for a maximum period of two years.

[aruni4470]

Thanks a lot aruni for quick help. One final doubt - Is the tier 1 general VISA validity for 2 years or 3 years. I heard its 3 years, but on weblink I can see it as 2 years. Which is correct? web link here-> http://www.ukvisas.gov.uk/en/howtoapply ... t#14476278

How long will I be able to stay in the UK?

The visa will be issued for a maximum period of two years.

it was 2 yrs but now changed to 3 yrs. you will get 3 yrs (if the rules dont change again)

read paragraph 245D in the link below
http://www.ukba.homeoffice.gov.uk/polic ... es/part6a/

[lucky3]

Thanks once again aruni.
The link says:

245D. Period and conditions of grant

(a) Entry clearance will be granted for a period of 3 years.

(b) Leave to remain will be granted:

(i) for a period of 2 years, to an applicant who has, or was last granted, leave as a Tier 1 (General) Migrant,

(ii) for a period of 3 years, to any other applicant.

Does it mean I can stay initially only for 2 years, then came back and go again to UK?
Can't I work for 3 full years in UK? what does that Leave to remain for 2 years convey for us?

Thanks a lot for your help.

[aruni4470]

Thanks once again aruni.
The link says:

245D. Period and conditions of grant

(a) Entry clearance will be granted for a period of 3 years.

(b) Leave to remain will be granted:

(i) for a period of 2 years, to an applicant who has, or was last granted, leave as a Tier 1 (General) Migrant,

(ii) for a period of 3 years, to any other applicant.

Does it mean I can stay initially only for 2 years, then came back and go again to UK?
Can't I work for 3 full years in UK? what does that Leave to remain for 2 years convey for us?

Thanks a lot for your help.

Maybe i have confused you by giving that link. sorry.

1. you will be given entry clearance for 3 years i.e when you come to UK from another country. you can work for all the 3 yrs
2. once that 3 yrs is nearing expiry, you apply for extention and if you meet all the requirements, then you will be given leave to remain for another 2 yrs.
3. and once the 5 yrs is complete, if you qualify, then you will be given indefinite leave to remain which is nothing but PR

1. entry clearance = initial visa
2. leave to remain = extension
3. indefinite leave to remain = Permanent residency PR

to qualify for each stage, you need to meet different requirements, which you dont need to worry about at this stage. concentrate on your initial application and prepare for it. go through the policy guidance carefully and prepare your application.
http://www.ukba.homeoffice.gov.uk/sitec ... idance.pdf

[lucky3]

I really appreciate your help aruni. Thanks a lot.