Tier 1 Rejected- Maintanence funds fixed deposit

[george_j]

Hello All

I had applied for Tier 1 on 18-Aug-08 from Indian and got a rejection letter on 18-Sep-08.

The reason for rejection is that the proof which i had shown for maintainence funds is not adequate to claim 10 points..

I had shown a letter from the bank where i hold a fixed deposit of 4,00,000 INR as proof for maintainence funds. The issue in particular was that the fixed deposit letter doesnt show its liquidity, however the guideliness as published doesnt say anything about liquidity.

Letter from bank confirming funds and that they
have been in the bank for at least three months: The
letter from a bank or building society should show:
• the applicant’s name;
• the account number;
• the date of the letter;
• the fi nancial institution’s name and logo;
• the funds held in the applicant’s account; and
• that the funds of £2,800 or £800 have been in the
bank for at least three months and the balance has
always been at least £2,800 or £800, as appropriate.

My sole cause of disapointment is that the FD i hold is totally liquid, and i can break that without a notice period whatsoever.

Is there anything i can do in such a case. Is it worth applying for Admin review


thanks
George

[apply4hsmp]

what does your letter say ? Why exactly have they refused ?

Can you please put the wordings for benefit of all ?

[sri_sunny]

I wrote 2 months back to BHC Chennai asking about whether FD could be part of maintenance funds and they replied with an extract from the policy guidance stating that only cash in SB accounts are accepted. My doubt in your case is, even if u wanted to submit any doc for FD, why would u not submit FD certificate rather than submitting the letter from the bank?

I can understand your feeling..... All the best

[geriatrix]

the guideliness as published doesnt say anything about liquidity.

Because the guidance only refers to liquid funds such as monies held in current / savings account (and not about funds held in shcemes such as term deposits).

My sole cause of disapointment is that the FD i hold is totally liquid, and i can break that without a notice period whatsoever.

This is the very purpose of the letter from the bank when an applicant is providing evidence of funds in term deposits (FDs) - that the bank confirms immediate availability of the money held in term deposits, and if there is a penalty for breaking the deposit before maturity then the bank must confirm the amount available to the applicant on immediate basis.

regards

[sumeets]

Hi,
My EC has been rejected due to maintainance funds...the ECO has written that i had provided the statements till the 10/08/08 however i had submitted the statements till the 06/09/08 and my application date is the 08/09/08. The satements ranging from the 10/08/08 till the 06/09/08 were print outs taken from from the bank/branch and stamped/attested accordingly. Is it a possibility that the ECO has overlooked the statements and in the letter it has been mentioned that " the refusal is not on any general grounds".
Should i go for an Admin Review and how likely is it that the decision will be in my favour......also can some one let me know that how long does it take for an Appeal or an Admin Review..................

[coolguyIndia]

Hi,

Sorry to hear abt EC rejection, I can understand the feeling. I have noticed one more similar case earlier also as in ECO stating that statements were not available, even though it was claimed by the applicant. I dont rem the guy's name, he applied for admin review and got negative response. This doesnt mean that it will be same for u... I guess ur best shot is to apply for admin review if u think u made fool proof application.... rem BHC maintains copies of all the docs submitted by u at the refusal post, in ur case respective BHC.

All the best ...

Regards

Hi,
My EC has been rejected due to maintainance funds...the ECO has written that i had provided the statements till the 10/08/08 however i had submitted the statements till the 06/09/08 and my application date is the 08/09/08. The satements ranging from the 10/08/08 till the 06/09/08 were print outs taken from from the bank/branch and stamped/attested accordingly. Is it a possibility that the ECO has overlooked the statements and in the letter it has been mentioned that " the refusal is not on any general grounds".
Should i go for an Admin Review and how likely is it that the decision will be in my favour......also can some one let me know that how long does it take for an Appeal or an Admin Review..................

[george_j]

what does your letter say ? Why exactly have they refused ?

Can you please put the wordings for benefit of all ?

"Letter from bank confirming a fd in<bank_name> deposited held for past 7yrs, Rs <amount_in_excess_of_2800_equivalent>.However the letter does not indicate whether the fd can be withdrawn as liquid funds at face vvalue and its not clear that the funds are immediately available as required
by the published guidance

[sri_sunny]

There is no harm in going for an AR.

If I were you, I would do that......

[spirit]

Try only if you r sure that all u provided is 100% meeting the conditions.

Can u answer the below PLEASEEE AURGENT,
Can any one reply ...reg ,1)can I include the FD booked from a Savings account &later the same FD has been redeemed to the Savings Account.
2) The FD booked and the account used for the Maintanance proofs ,both are savings accounts ,only with different SavingBankAccount Nos in HDFC India
3)I am going to submit the A) FD original certificate from the Bank
B) The bank statement downloaded, signed ,stamped& a authourised letter from bank for authenticity of these downloaded forms where the transaction of both FD booked and redeemed(or broken)was included in the Bank statement (,I.e., the aouthorised letter will be on a BankLetter head, signed,stamped stating the athenticity ofthe downloaded forms)
Can I include the FD amount also into the total Maintance,when considering for the Mantainace Attribute of Tier 1 general, will this be acceptable to the Process. (I do not understant why the Maintanace section rules are so insane...)
c)The 3 Months Statement before the date of application stating the suffient funds on Bank letter head,stamped,signed, authenticated
All the A,B,C documents as a set
THe FD booked is in Last week of May 2008 & redeemed in First week of Sep 2008, So I wiil produce Bank statement from May to sep with above conditions on bank letter haead, athenticated& stamped

[shaman]

Hello All

I had applied for Tier 1 on 18-Aug-08 from Indian and got a rejection letter on 18-Sep-08.

The reason for rejection is that the proof which i had shown for maintainence funds is not adequate to claim 10 points..

I had shown a letter from the bank where i hold a fixed deposit of 4,00,000 INR as proof for maintainence funds. The issue in particular was that the fixed deposit letter doesnt show its liquidity, however the guideliness as published doesnt say anything about liquidity.

Letter from bank confirming funds and that they
have been in the bank for at least three months: The
letter from a bank or building society should show:
• the applicant’s name;
• the account number;
• the date of the letter;
• the fi nancial institution’s name and logo;
• the funds held in the applicant’s account; and
• that the funds of £2,800 or £800 have been in the
bank for at least three months and the balance has
always been at least £2,800 or £800, as appropriate.

My sole cause of disapointment is that the FD i hold is totally liquid, and i can break that without a notice period whatsoever.

Is there anything i can do in such a case. Is it worth applying for Admin review


thanks
George

Hi,

For how long was the FD maintained before the time of application? There is a clause that says the mantenance fund should be maintained for atleast 3 months from the date of applicaiton.

[spirit]

Hi Gurus,
Can any one help reg the below PLEASEEE AURGENT,
Can any one reply ...reg ,
1)can I include the FD booked from a Savings account where the same FD has been redeemed to the Savings Account.
2) The FD booked and the account used for the Maintanance proofs ,both are savings accounts ,only with different SavingBankAccount Nos in HDFC India
3)I am going to submit the A) FD original certificate from the Bank
B) The bank statement downloaded, signed ,stamped& a authourised letter from bank for authenticity of these downloaded forms where the transaction of both FD booked and redeemed(or broken)was included in the Bank statement (,I.e., the aouthorised letter will be on a BankLetter head, signed,stamped stating the athenticity ofthe downloaded forms)
Can I consider the FD amount also into the total Maintance,when considering for the Mantainace Attribute of Tier 1 general, will this be acceptable to the Process.
c)The 3 Months Statement before the date of application stating the suffient funds on Bank letter head,stamped,signed, authenticated
All the A,B,C documents as a set
THe FD booked is in Last week of May 2008 & redeemed in First week of Sep 2008, So I wiil produce Bank statement from May to sep with above conditions on bank letter haead, athenticated& stamped[/quote] because this letter supports the FD certificate & cofirms the FD was redeemed to the Savings account (Ofcourse this is aldready stated in the transactions of the Downloaded statement)
4) Is it required that the Bank Letter written with Bank symbol on its head, ahould also state that FD can be broken any time by the customer wants & will be refunded when ever demanded.
Rgards,
Spirit
can mail me at spiritsofuk@gmail.com