Applying for AR, need to qualify for Maintenance points

[lyndon10]

Hello there. This is my first post. I have been visiting this forum for the last month or so and I think some excellent advice has been doled out. I hope to be on the receiving end of some myself.

I applied for a PSW just before the deadline. I received a notice of refusal a couple of days back. Honestly, I was half expecting it because I wasn't happy with the bank statement I submitted. I had begun reading about the AR process even before the decision.

I was granted all points save for the 10 for Maintenance. In a nutshell, my problem is that I held the required funds (and more) for the required period in two short-term deposits (what Citi calls a multi deposit). Both deposits matured a couple of weeks before the date of application. I collected the bank statement a couple of days before the appointment and found out, to my chagrin, that they refused to give me any evidence relating to the deposits. So all I could submit was my bank statement which showed money going into said deposits and then coming back in after the deposits matured. I was hopeful because the information was on the statement and if the ECO looked closely I was sure she would be able to tell.

She didn't look closely.

I'm now applying for AR, and I am providing an explanation of the bank statement that they already have (new evidence not allowed). My strategy is to:
1. Establish existence of deposits (point to the transactions and dates)
2. Mention that they have matured
3. Mention that the amount booked and credited upon maturity are the same plus interest. Therefore, the funds have been maintained for the tenure of the deposit.

I just thought I'd reach out to and see if anyone has been in a similar situation. Please note that this is not the same as the FD discussions I have seen in this forum. In those discussions the FDs were 'live' and would mature sometime in the future. In my case, I have deposits that have already matured.

I also have a couple of specific questions:
1. If a deposit has matured, will a bank issue a deposit cert/statement after the date of maturity? (if no then I can say this in my letter)
2. If a deposit has matured do I still have to address the condition 'money should be accessible at all times'?

many thanks

[stan7]

where did you make your application, within Uk or outside?

[lyndon10]

hey stan7. application made in India. any thoughts on my dilemma?

[stan7]

Sensitive times indeed , you are likely to give yourself away when you mention the term 'Mature'
Strictly speaking policy guidance, you must have these funds for 90 days (accessible)
even if the bank was willing to issue you a letter you would not be allowed to use it at AR.

[lyndon10]

I know. It's touch and go now.

Why would the term mature work against me? I've seen some discussions mentioning that FDs with proper documentation are acceptable. I'd think the the fact that they have matured should be a plus because it shows that I held the funds and now have full use of the funds.

The bank's website clearly says that funds in such a deposit can be withdrawn at any time. And this information is in the public domain. I wonder if they will accept this or consider it as new evidence.

[lyndon10]

On a related note. For now, I'm focusing on the definition of 'cash funds', and proving that a FD can be classified as 'cash funds' i.e. withdrawn at any time.

Please see: http://www.rbi.org.in/commonman/Upload/ ... 280611.pdf

and page 3 which deals with premature withdrawal of term deposits. According to the RBI a bank must allow depositors to prematurely withdraw funds from a term deposit. A bank can, at its discretion, disallow premature withdrawal by entities other thank individuals or Hindu Undivided Families.

The Master Circular containing this rule was published in July 2011. I suppose this means that there is no longer a need to specifically state that a term deposit can be withdrawn at any time. In India that is, since all banks must follow this rule.