Maintenance funds: Fixed deposits allowed?

[silverman]

Hello all,
I have been offered a sponsorship at a UK company and would be applying for Tier2 General in October 2013 from India. They had started the RLMT procedures on the 14th Aug, so I guess I'll have to wait until the 11th Oct for it be be picked up.

My question was regarding the Maintenance funds. The guidelines say that my 'account' should have atleast £900 in the last 90 days. My savings account doesnt have this amount but I have fixed deposits covering £900 and above. Please let me know if FD statements would be allowed or would I need to have this in the savings accounts per se.

[crippled]

the idea behind the maintenance funds is that you'd be able to support yourself for a short period of time atleast once you get to the UK.

fixed deposits are as good as nothing as you cannot use them for support. Maybe if the deposits mature before your visa application, you can show them you had the money for 3 months and your bank balance.

The idea behind the 3 months timeframe is to ensure (to an extent atleast) that you are not holding someone elses funds to show eligibility. Since the fixed deposit is yours, I think they might make an exception.

Again, grain of salt please.

[silverman]

the deposits are withdrawable but would have to forefeit the interest accrued. Maybe if i can get a letter from the bank stating that the value of the deposits is £900 if withdrawn on a certain date - would that work?
If the funds are now transferred to the savings account, i would miss the 90 day period when i apply.

[crippled]

a) an alternative would be to ask your sponsor to tick on "maintenance" if they are an A rated sponsor. You dont need to show maintenance in that case.

b) If I were you, I would move the deposit into my savings account ASAP. and support that with a document showing where these funds were prior to the date of withdrawal.

I'm not sure if they would even accept that, so I would be inclined to make a) happen.

[silverman]

thank you for you suggestions.

[manci]

the advice above is partially incorrect.
Read the Tier 2 policy guidance para 147 onwards
http://www.ukba.homeoffice.gov.uk/sitec ... idance.pdf

[crippled]

^ thanks for clearing that up. I think I added enough precaution to ensure silverman seeked more (legit) advice.

OTOH, it looks like a maintenance in your CoS by your sponsor is the only way to go (assuming its a restricted CoS and your sponsor is A rated).

[silverman]

Thanks Manci for you suggestion. the main point is on para 160 i assume.

"160. Evidence must be in the form of cash funds held in an account (this includes saving accounts and current accounts even when notice must be given). Other accounts or financial instruments such as shares, bonds, overdrafts, credit cards, pension funds etc, are not acceptable, regardless of notice period"

Arent Fixed Deposits a source of cash funds? They are withdrawable any time.
So, is the only option to get the maintenance from the sponsor? Yes, it is an A rated sponsor and a restricted CoS.[quote][/quote]

[crippled]

I would like to think it is (and hence the suggestion) - but the Visa approval process is very parameter driven.

Not all banks allow you do withdraw funds as and when required.An FD can be considered a financial instrument - hence rejected.

If your sponsor is A rated and you are getting a restricted CoS, double (and triple) check your employer ticked 'maintenance' while applying for CoS.

[silverman]

Yes, that's an option to ask the employer to tick on maintenance. The only concern is whether they would be willing to actually pay it. Unless maintenance from sponsor is just for the documentation purposes and I use my own funds in reality. I'll do some more research and find out if anything else is possible.

Again, thank you for your guidance and thoughts.

[crippled]

Best of luck! Hope you get this sorted.

[lawabidingimmigrant]

Most fixed deposits can be cancelled online via internet banking and amount is credited in your current / savings account with interest within seconds.

Fixed deposits are as good as money held in savings a/c. I used Fixed deposits during Tier 2 child visa.

Additional to Fixed deposit receipts, bank stmts, you can include cover letter from bank stating money is still held in the Fixed Deposit and can be made available in the account immediately upon FD cancellation.

[silverman]

that is excellent news. Thank you lawabidingimmigrant. Yes, mine FD too can be cancelled online (did one today)

[manci]

Yes, that's an option to ask the employer to tick on maintenance. The only concern is whether they would be willing to actually pay it. .

Certifying maintenance in the CoS only involves tocking a box, it doesn't cost anything. The sponsor merely guarantees that should it be necessary they will maintain you for 1 month.

If you will rely on your fixed deposit savings for maintenance make sure that the bank where the funds are is not on UKBA's list of excluded financial institutions:
http://www.ukba.homeoffice.gov.uk/polic ... appendixp/

[silverman]

that is the first route i am going to take, ask my sponsor to tick the box for maintenance. Is that all required or would i need another maintenance funds letter as well from them?
If it doesnt work, I will go the FD way. My bank is in the 'accepted' list.

[manci]

that is the first route i am going to take, ask my sponsor to tick the box for maintenance. Is that all required or would i need another maintenance funds letter as well from them? ticking the maintenance box on the CoS should be suffciient but it wouldn't do any harm to also obtain a confirmatory letter from them that can be submitted with your application.

If it doesnt work, I will go the FD way. My bank is in the 'accepted' list.

[trueblue19]

Yes, that's an option to ask the employer to tick on maintenance. The only concern is whether they would be willing to actually pay it. Unless maintenance from sponsor is just for the documentation purposes and I use my own funds in reality. I'll do some more research and find out if anything else is possible.

Again, thank you for your guidance and thoughts.

Technically speaking, They dont 'have to' pay it. They only have to tick the box.

However, most organizations have a relocation allowance as per policy. This is not a requirement from a visa perspective, but might be in your personal interest to haggle for this. As an example, some organizations (including mine) pay a relocation allowance + first month's salary as an advance (They indeed still ticked the 'maintenance' check-box on the CoS)