Tier 1 Maintainence fund calculation and coversion

[sajinsanand]

Hi,


I have started maintaining the funds from 1st of june onwards in HDFC bank India. currency rate was 67.31. I have taken some amount form the fund on August 10, 2010 and the maintenence fund has gone just below 2800 GBP. From August 11, 2010 onwards I am maintaining the funds again.

For Tier 1 visa maintainence fund [90], which date is considered for the currency conversion?

Currency rate on the Date of submission of the application?

or

They will convert it based on the acutual currency date for each day of maintenance of the fund for 90 days?


Is it mandatory to maintain more money [more than 2800 GBP after conversion] in the bank account?

How is the minimum balance calculated for the 90 days?

Regards,
Sajin

[laskk]

Hi,


Currency rate on the Date of submission of the application?

They consider Currency rate on the date of application submission


Well if you want to b on safety side, then you should do maintain more (can't predict currency conversion rate.)


Use OANDA for the currency exchange rate.
http://www.oanda.com/

[sajinsanand]

as per the current exchange I am eligible to apply now.

But when I checked with the VFS bangalore, They said, the actual currency rate for each day [90 days] of maintaining the fund will be considered for the conversion.

I am confused now.

[desperado1306]

Do you really want to jeopardize your application for a small sum of money?

I am also maintaining funds for my spouse's dependant application and the rule of thumb is, if the current rate is GBP1 ~ INR65, I actually maintain funds for GBP1 -> INR70 because I'm sure unless Indian economy crashes, conversion rate is going to stay below my approximation.

SO, play safe!

[sajinsanand]

Got it.... Thanks I will apply after 3 weeks so that I will be safe to go ahead....

Thanks again

[aruni4470]

as per the current exchange I am eligible to apply now.

But when I checked with the VFS bangalore, They said, the actual currency rate for each day [90 days] of maintaining the fund will be considered for the conversion.

I am confused now.

Reading the Policy Guidance would have helped. Read page 33 which says

204. The exchange rate of overseas currency will be made using the OANDA rate conversion on the date of application. www.oanda.com

[neosumit]

VFS helpline numbers are of no use.They usually provide vague and incorrect answers.

You can get better information on this forum.

However reading the policy guidance is the best way to understand what amount you require in the bank.

As correctly pointed by Aruni, conversion rate on the date of application is considered, checked from oanda.com

In case, you hold a single account, apply with the last 90 days statement and a letter from the bank stating the minimum amount from the last 90 days.
The calculation for 90 days starts from the 'closing balance' date of the bank statement.

[sajinsanand]

In case, you hold a single account, apply with the last 90 days statement and a letter from the bank stating the minimum amount from the last 90 days.

The calculation for 90 days starts from the 'closing balance' date of the bank statement.[/quote]

Hi,

I am confused regarding the calculation of the maintainence fund. I am getting online bank statements from mid of one month to mid of next month eg: 12/06/2010 tp 11/07/2010.

From 01 June 2010 onwards I am maintaining funds in the account.

But on 21st July 2010, I withdraw some amount form the account [Balance = 2.03 lakhs] and it has gone below 2800 GBP[when coverted as per currency rate at that time].

From 10th August 2010 onwards I started maintaining funds again[Minimum: 2.20 Lakhs] and the current balance is almost equal to 5600 GBP.

Considering this situation when can i apply for the visa?

From 01 June 2010 to till date, my balance has never gone below 2.03 Lakhs

Considering the currency rate as 72, the balance required is 201600 INR.

Please help

Regards,

Sajin