Spouse Visa - Cash Savings, can I close FD & use it as proof

[Simi2]

Dear all,

This is my first post here, but I have visited many times and am grateful to admin and members, your posts and replies have helped me loads, thank you.

I am the sponsor and I will be using the cash savings category for my husbands visa app. I have a Fixed Term Deposit in India, started in Nov 2014. Although I get monthly bank statements for it, can cash it any time without penalty or notice, I feel there is still a bit of a risk because the FD Certificate states a maturity date in 2018. So I will cash it in move it to my savings account and then apply for the visa.

On page 51 (paragraph 7.4.8 to 7.4.9) of Appendix FM Section 1.7 Financial Requirement, it says money from liquidated investments, bonds etc can be used. I would be most grateful if some one could kindly have a look at this and let me know if I've understood it correctly. The six month requirement will be met as I have held the FD for longer than that and the balance six months prior to visa app meets the financial requirement. Thanks ever so much.

[Wanderer]

CAsh savings have to be readily accessible - ie instantly.

[Simi2]

Hi Wanderer,

Thanks a lot for your reply.

When I close the FD it will be going into a savings account, which has instant access, passbook and monthly statements.

[Wanderer]

Hi Wanderer,

Thanks a lot for your reply.

When I close the FD it will be going into a savings account, which has instant access, passbook and monthly statements.

It'll need to have been held there then as liquid funds for six months.

[Simi2]

Thanks again Wanderer .... Looking at the guidance though it says the time the money was in non liquid form before its transfer to the liquid account can count towards the required six months ???

[Simi2]

Here's what I have been looking at, it's on page 51 ... I would really appreciate your comments .. Thank you

7.4.9.This means that, where the cash savings have previously been held as investments
(including where they have been held in an investment account which does not meet the
requirements of paragraphs 11 and 11A(a)), stocks, shares, bonds or trust funds that
were owned by and under the control of the applicant, their partner or both jointly, this
ownership period can be counted towards the 6 month period. So money held as cash
savings at the date of application can have been liquidated or transferred by the same
owner(s) from investments and may have been held as investments for the first part of
the period of 6 months prior to the date of application and as cash savings for the rest of that 6
month period (see the table in 7.4.3. for a summary of the cash savings
requirements). Evidence must be provided showing that:

•The investments, stocks, shares, bonds or trust funds were in the ownership and
under the control of the applicant, their partner or both jointly for that part of the 6
month period prior to the date of application before they were liquidated into cash
savings;

•The value of the investments, stocks, shares, bonds or trust funds at or before th
beginning of that 6 month period was at least equivalent to the amount of the cash
savings relied upon in the application; and

•The cash savings meet the requirements of Appendix FM-SE.

If this evidence is not provided, the cash savings previously held as investments, stocks,
shares, bonds or trust funds cannot be counted towards the financial requirement.

[Casa]

You're correct, they qualify.

[Simi2]

Hi Casa,

Thanks a bunch for your prompt reply, really appreciate it.

It doesn't specify any minimum time period, so could I do the closure of the FD and transfer to the instant access account even a week before submitting the online application?

I know it would be better to have it in the instant account much longer, but I will only be in India for three weeks to close the FD, get the paper work from the bank and get the application in while the documents are still in date.

Thanks a lot.

[michali]

When we applied we used two fixed deposit accounts which also allowed instant access. We asked the two banks to write letters confirming our account details and stating that we had immediate withdrawal access to the accounts.

[Simi2]

Hi Michali,

Good to hear from you, thanks for replying.

I've read your information in another thread and was really pleased to see you did it via the Fixed Deposits.

May I ask did they use the latest balance you provided or was it the balance six months prior to the application?

Many thanks