Almost ready to go. Pls clear few queries

[AkashS]

Hi All,

I am almost ready to apply for Tier-1 and just waiting for few documents. I have couple of doubts and I'll be thankful if you guys can help me in clearing those doubts:

I have 3 Accounts:

One is HDFC Salary Account where I am maintaining Rs. 200000 minimum at any given time. Car and Personal Loans EMI is also deducted from this account.

Second is my ICICI Bank Account where I am maintaining Rs. 10000 at any given time. This account is not used so frequently.

3) Third is a Joint Saving Account with my wife where I am maintaining Rs. 14000 at any given time.

So total amount in these three accounts is at least Rs. 224000 which is eqv to GBP 2850 at current rate. I hope that is how they will calculate the fund that total amount is not going below 2800 GBP at any given day.

Now my query is that can I take statement from all these three banks and they will be accepted? Also, it is mentioned in the guidance note that The exchange rate of overseas currency will be made using the OANDA rate conversion on the date of application. So if on the date of application it is even more than GBP 2900, will it be accepted or in case it is slightly lower and I wait for 1-2 days more and then make my application through VFS, will that also be accepted?


Today, I checked with ICICI bank and they told me that they cannot issue a letter saying that the minimum balance at any time, maintained by me, during last 3 months was at least Rs. 10000. Now I want to ask if I can simply produce Bank Statement without any such letter.

However, HDFC bank is agree to provide such letter and also 12 months bank statement as my salary is being credited into HDFC Bank.

As I asked earlier also, I also have one IDBI Bank where I am maintaining at least Rs. 14000 at any given time in last 3 months. Just wanted to cross check with you that as for GBP 2800 at the rate of Rs. 79.20/ GBP, I’ll be required to show at least Rs. 222,562 during last 3 months. I am maintaining Rs. 224,000 at least during last 3 months.

Am I ready to go now once I get salary letter and payslips from HR. Please advise ASAP before Pound rate goes high and it does not make GBP 2800 with my Rs. 224000. Thanks.

Regards,
Akash…

[AkashS]

Any speedy help will be highly appreciated. Thanks in advance.

- Akash

[ganeshptrk]

Hi,
I presume you applying only for you and including your wife. In this case you can show bank statements from more than 1 bank. In fact, when applied for Tier 1, my maintenance funds is spread into 3 different bank accounts and one of them is a joint account with my wife.

No need to produce a letter from bank confirming the funds are available at any point of time. Just Bank statements are enough.

Regarding the exchange rate, I think it the date on the bank statement and not application date, the rate should be based on. Please check the guidance.

[ChetanOjha]

You can show more than one bank statements to prove the maintenance funds.

Your exchange rates would be at the time of application. It make sense to consider the exchange rates at the time of application as if you are issue 10 different bank statements for 10 months, if will be difficult to dig down the exchanges of 10 months i.e. historical exchanges rates rather than one exchange rate.

[manishmittal]

Hi All,

I am almost ready to apply for Tier-1 and just waiting for few documents. I have couple of doubts and I'll be thankful if you guys can help me in clearing those doubts:

I have 3 Accounts:

One is HDFC Salary Account where I am maintaining Rs. 200000 minimum at any given time. Car and Personal Loans EMI is also deducted from this account.

Second is my ICICI Bank Account where I am maintaining Rs. 10000 at any given time. This account is not used so frequently.

3) Third is a Joint Saving Account with my wife where I am maintaining Rs. 14000 at any given time.

So total amount in these three accounts is at least Rs. 224000 which is eqv to GBP 2850 at current rate. I hope that is how they will calculate the fund that total amount is not going below 2800 GBP at any given day.

Now my query is that can I take statement from all these three banks and they will be accepted? Also, it is mentioned in the guidance note that The exchange rate of overseas currency will be made using the OANDA rate conversion on the date of application. So if on the date of application it is even more than GBP 2900, will it be accepted or in case it is slightly lower and I wait for 1-2 days more and then make my application through VFS, will that also be accepted?


Today, I checked with ICICI bank and they told me that they cannot issue a letter saying that the minimum balance at any time, maintained by me, during last 3 months was at least Rs. 10000. Now I want to ask if I can simply produce Bank Statement without any such letter.

However, HDFC bank is agree to provide such letter and also 12 months bank statement as my salary is being credited into HDFC Bank.

As I asked earlier also, I also have one IDBI Bank where I am maintaining at least Rs. 14000 at any given time in last 3 months. Just wanted to cross check with you that as for GBP 2800 at the rate of Rs. 79.20/ GBP, I’ll be required to show at least Rs. 222,562 during last 3 months. I am maintaining Rs. 224,000 at least during last 3 months.

Am I ready to go now once I get salary letter and payslips from HR. Please advise ASAP before Pound rate goes high and it does not make GBP 2800 with my Rs. 224000. Thanks.

Regards,
Akash…

you can show as many statements as you want.

The exchange rate would be application date rate.

Attach a cover letter giving details of all your bank accounts and balances. This will ensure that the caseworker knows you have 3 bank accounts.

Joint account is acceptable.

[push]

Looks all fine to me (unless Rs depreciates further).

[AkashS]

Looks all fine to me (unless Rs depreciates further).

I am applying for myself at this time. As mentioned, I am going to produce Bank statement from 3 different banks.

Bank 1) This is my Salary account also and Minimum balance maintained at any time during last 3 months was Rs. 2,00,825/-

Bank 2) ICICI Bank. Minimum balance maintained at any time during last 3 months was Rs. 10075/-

Bank 3) IDBI Bank. This is a joint saving account between me and my wife. Minimum balance maintained at any time during last 3 months was Rs. 14603/-.

So total minimum balance at any time during last 3 months was Rs. 225503/- Which comes around GBP 2836 at the rate of 79.5 (Today's rate).

Now during next 1 week, Pounds rate goes further high and touches 82. In that case I'll simply not able to make application. But on the day when I make application, somehow it came down and touches 79 again or less than 80 at any cost, my amount will be more than GBP 2800. So will my application be considered as successful or not as on the application day, Pounds rate is less than 80 and my saving is making GBP 2800 or more.

Please correct me this is how they calculate the amount and divide my Pound rate on the day of application (or it is the Pound rate when EC receive my application).



Apart from that, I am also attaching the following documents:

1. Visa Application Fee to VFS (Can I pay through Credit Card? Hope VFS Bangalore will accept Credit card payment )
2. VAF9 Application form with UK’s approved size photograph
3. Covering Letter (mentioning what documents I am attaching for what purpose)
4. Passport (For Age Proof )
6. Degree and Transcript from the University (My Degree is from UK so I don't need any other proof to show English language ability)
7. Last 12 months payslip duly signed by company authority.
8. Last 12 months salary account’s statement from Bank.
9. Marriage Certificate (I am applying for myself at this time so do I need this?).
10. All three bank statement to show that I am maintaining GBP 2800 for last 3 months and the balance does not fall under 2800 £ at any time in last 3 months. (In my case Minimum amount was Rs. 225503 which is GBP 2836 at today's rate 79.5)
11. Job opportunity letter ( take the print out of relevant job from any job portal to show British high commission that you have relevant job openings in UK.
12. Currency convertion rate on the day of application form www.oanda.com (Hope this will remain under 80)

Please suggest me if I am missing something or is there anything that I should include. Thanks.

Kind Regards,
Akash...

[AkashS]

Hi Push_HSMP,

Please also suggest me if you want me to send you my 3 months bank statement from all three banks so that you can have a look and suggest me the best.

In case if there is some doubt that my application can be rejected because of the maintenance fund, I'll wait for another 3 months.

Regards,
Akash...

[AkashS]

I just checked in Oanda.com that Pound rate is now 80.89. It means my total saving of last 3 months is not enough to make it GBP 2800.

Should I start from new and deposit some more amount in my saving account so that even Pound rate goes high up to 85 or 86, I'll be able to make it in that case also.

Or Should I wait for 2-3 days and when the rate of Pound is less than 80 again, can I make the application?

Please suggest. Thanks.

Regards,

Akash...

[AkashS]

One more thing I wanted to ask. Can I convert my money into exactly 2800 or more GBP and open a new saving account. Will this be acceptable? In this way, Pound rate goes high or low, I'll be having at least GBP 2800 in any case.

Actually I should have done this when the pound was 70-71.

Please suggest me regarding this or suggest me if I can wait for 3-4 days and as soon as the rate of Pound came down, I apply for Tier 1.

Regards,
Akash...

[push]

I just checked in Oanda.com that Pound rate is now 80.89. It means my total saving of last 3 months is not enough to make it GBP 2800.

Should I start from new and deposit some more amount in my saving account so that even Pound rate goes high up to 85 or 86, I'll be able to make it in that case also.

Or Should I wait for 2-3 days and when the rate of Pound is less than 80 again, can I make the application?

Please suggest. Thanks.

Regards,

Akash...

Thats what I feared. I looked at the fx GBP-INR forward rate curve and it does not look very positive from your perspective but there could be some fluctuations so wait for a week or so and see.
Option of converting the savings into pound:- (1) Can you, as a resident Indian keep deposits in pound? In my opinion not (2) This resets the clock to 0 and you will have to wait for 3 months.

Which date did you have the balance in the past three months?

[AkashS]

I just checked in Oanda.com that Pound rate is now 80.89. It means my total saving of last 3 months is not enough to make it GBP 2800.

Should I start from new and deposit some more amount in my saving account so that even Pound rate goes high up to 85 or 86, I'll be able to make it in that case also.

Or Should I wait for 2-3 days and when the rate of Pound is less than 80 again, can I make the application?

Please suggest. Thanks.

Regards,

Akash...

Thats what I feared. I looked at the fx GBP-INR forward rate curve and it does not look very positive from your perspective but there could be some fluctuations so wait for a week or so and see.
Option of converting the savings into pound:- (1) Can you, as a resident Indian keep deposits in pound? In my opinion not (2) This resets the clock to 0 and you will have to wait for 3 months.

Which date did you have the balance in the past three months?

I will need to check if I can open an account where I can deposit money into Pounds. However, in this case, I'll need to wait for another 3 months but that will be much more safer than any option as I'll be having GBP 2800 at any time regardless of the Pound-INR rate.

I am taking Bank Statement for last 3 months plus. In my HDFC Bank the lowest amount was 200836 on 31st March and that day the balance in IDBI was Rs. 31000+ and in ICICI it was 10000+.

However, if you count lowest amount of any bank, the other bank was having more than lowest amount on that day so if we count the amount in all three banks at any given time, it is not falling below 230000. (Please let me know if you want me to send you Bank Statement).

That is what you wanted to ask or anything else?

Regards,
Akash...

[push]

Add up balances in all the three accounts and tell us what is the minimum and when was the balance minimum. Also tell us how much was the second lowest "total balance" after the above date and when.

[AkashS]

Add up balances in all the three accounts and tell us what is the minimum and when was the balance minimum. Also tell us how much was the second lowest "total balance" after the above date and when.

I have calculated the average balance at any given day and also attaching the calculation. The lowest amount was Rs. 226619 on 27/04/2009. This is slightly above from the current Pound rate for 2800 GBP in Indian Rupees (Rs. 226467). After that the lowest amount was Rs. 227346 on 19/04/2009.

Below is my Calculation for average amount on any given day in last 3 months. Please have a look at this and suggest me if I can apply? Moreover, if pound rates come down slightly, I'll still be able to make it or else I'll need to wait. it should not cross 80.93 at any cost if I want to apply successfully.

#########################


19/03/09 243397.22
20/03/09 243191.22
22/03/09 242866.22
22/03/09 242661.22
22/03/09 241920.22
23/03/09 241938.02
23/03/09 241939.80
23/03/09 241939.85
23/03/09 241938.02
25/03/09 243038.02
26/03/09 242783.02
29/03/09 242525.02
31/03/09 242025.02
31/03/09 306275.69
31/03/09 302275.69
31/03/09 296075.69
01/04/09 296730.48
02/04/09 291164.48
02/04/09 290889.48
03/04/09 289889.48
03/04/09 288319.48
03/04/09 287319.48
06/04/09 279674.48
06/04/09 246730.48
07/04/09 242395.23
08/04/09 241935.23
09/04/09 231498.23
11/04/09 232498.23
15/04/09 231971.23
17/04/09 231686.23
19/04/09 229146.23
19/04/09 227346.23
27/04/09 226619.23
30/04/09 284007.90
30/04/09 289007.90
02/05/09 287208.90
03/05/09 285408.90
04/05/09 279842.90
04/05/09 270342.90
04/05/09 268392.90
05/05/09 260977.90
07/05/09 252227.90
07/05/09 251427.90
07/05/09 249427.90
07/05/09 248427.90
07/05/09 247427.90
08/05/09 249158.90
08/05/09 248783.90
09/05/09 248083.90
11/05/09 247709.90
11/05/09 243209.90
11/05/09 243029.90
12/05/09 241739.90
14/05/09 241314.90
15/05/09 242314.90
16/05/09 242109.90
16/05/09 241940.90
17/05/09 241341.90
17/05/09 240942.90
18/05/09 240542.90
18/05/09 248932.52
20/05/09 248032.52
22/05/09 247429.27
22/05/09 247069.27
22/05/09 246709.27
23/05/09 244879.27
23/05/09 244729.27
23/05/09 244230.27
23/05/09 243842.27
27/05/09 243617.27
27/05/09 242572.27
28/05/09 242297.27
29/05/09 299952.94
30/05/09 299727.94
01/06/09 294161.94
02/06/09 293361.94
02/06/09 292361.94
02/06/09 291361.94
02/06/09 284748.94
02/06/09 285108.94
03/06/09 274998.94
03/06/09 274637.94
04/06/09 273062.94
04/06/09 272610.94
05/06/09 265195.94
05/06/09 261895.94
07/06/09 261712.94
08/06/09 259812.94
09/06/09 259382.94
09/06/09 260382.94
11/06/09 250382.94
11/06/09 249482.94
12/06/09 249466.38
18/06/09 248066.38
18/06/09 247366.38
20/06/09 247066.38

###########################

Thanks and Regards,
Akash...

[push]

The minimum balance after 30th April is 240542.90 on 18/05/09. The option you now have is to wait for a few days and see if the rate eases of a bit. At the same time put some money into your account now.

If the rate does not come down in next few days you will have to wait till 29th July (3 months from 30th April) and also pray that INR/GBP does not creep above 85.91 by then otherwise you would hit floor level of GBP 2800 for the balance as on 18th May.

Are you sure you absolutely have no other deposits - FD etc. which can be added to your exisiting Bank balances?

[AkashS]

The minimum balance after 30th April is 240542.90 on 18/05/09. The option you now have is to wait for a few days and see if the rate eases of a bit. At the same time put some money into your account now.

If the rate does not come down in next few days you will have to wait till 29th July (3 months from 30th April) and also pray that INR/GBP does not creep above 85.91 by then otherwise you would hit floor level of GBP 2800 for the balance as on 18th May.

Are you sure you absolutely have no other deposits - FD etc. which can be added to your existing Bank balances?

Hi Push_HSMP,

The Min Balance after 30th April is 240542 which is 2969 GBP at the current rate (I calculated at 81). Even it it touches 85, I'll still be having more than 2800 GBP as average balance in my account.

Can't I show the amount which I mentioned as proof of GBP 2800+ saving as it is more than 2800 at any given time (226690/- as on 27/04/2009). Or should I simply wait for this month (July) and then apply for the Visa.

We have one Rs. 50000/- as FD but that is on my wife's name. All this problem is happening because of this only as I was thinking that I can show her FD on my name also by producing some letter from her that she can give this money to me any time if required.

Please suggest if I maintain the current balance, when can I apply? Can I apply within a wee if Pound rate does not go high form here.

Regards,
Akash...

[AkashS]

I am also wondering how do they calculate minimum balance? Do they do in the same way how I did? Like calculating balance for each and every day and then seeing if the minimum balance is still above GBP 2800 at the rate of Pound on the application day?

[hoopsy]

Your kind advise is needed, I'm not sure what to say to this. Here goes:

A friend wants to apply for Tier 1, he has all the requirements but this is his dilemna...he was employed by a recruitment consultancy (let's call it company A) and they gave him a contract of employment. He was deployed to work in another company, let's call it company B. Apparently, company A is an outsourcing consultancy that company B uses they are one body. The problem now is that my friend has all his payslips from company B and his salary is also credited from company B. But all correspondence on his employment comes from company A. That means that if he uses letter from employer it will be from company A, while his payslips and bank statement are from company B. He wants to use only the payslips and bank statement to avoid complications, but he is worried that if HO contacts his employer it will be company A.
He does not have any document tying both companies together but they are of the same group of companies.
Advise anyone?

[push]

The Min Balance after 30th April is 240542 which is 2969 GBP at the current rate (I calculated at 81). Even it it touches 85, I'll still be having more than 2800 GBP as average balance in my account.

Thats what I have said in my post

Can't I show the amount which I mentioned as proof of GBP 2800+ saving as it is more than 2800 at any given time (226690/- as on 27/04/2009). Or should I simply wait for this month (July) and then apply for the Visa.

You can provided on the date of application the GBP equivalent is more than 2800.

Please suggest if I maintain the current balance, when can I apply? Can I apply within a wee if Pound rate does not go high form here.

Whenever the pound rate is in your favour - it could happen tomorrow/ day after - cant predict - so keep a tab on the fx rate

[AkashS]

The Min Balance after 30th April is 240542 which is 2969 GBP at the current rate (I calculated at 81). Even it it touches 85, I'll still be having more than 2800 GBP as average balance in my account.

Thats what I have said in my post

Can't I show the amount which I mentioned as proof of GBP 2800+ saving as it is more than 2800 at any given time (226690/- as on 27/04/2009). Or should I simply wait for this month (July) and then apply for the Visa.

You can provided on the date of application the GBP equivalent is more than 2800.

Please suggest if I maintain the current balance, when can I apply? Can I apply within a wee if Pound rate does not go high form here.

Whenever the pound rate is in your favour - it could happen tomorrow/ day after - cant predict - so keep a tab on the fx rate

Hi,

At the current Pound rate, my lowest balance as on 27/04/2009 is still higher than the current rate. In fact today it is about 50 Paisa down.

Can I watch the pound rate and if it is still below 81, should I go ahead and apply? I'll be showing the exact statement which I mentioned in my post.

Will I be eligible for Visa or not? Please suggest. Thanks.

[AkashS]

After seeing my balance during last 3 months, would you suggest me to apply if the pound rate does not cross my lowest total balance (226690. I mentioned 226619 but it is 226690 in real as I did not count 75 rs. more).

Regards,
Akash...

[AkashS]

Hi Push_HSMP,

If you can please spend some time and reply to me, I'll be able to apply within 2-3 days (if everything is fine). Otherwise, I'll need to wait unnecessarily for 3 months.

Regards,
Akash...

[AkashS]

Pound rate is now further down by 15 Paisa. Can I apply now

I hope it will come under 80 in 2-3 days by the time I'll get my documents ready. Please suggest. Thanks.

[push]

Pound rate is now further down by 15 Paisa. Can I apply now

I hope it will come under 80 in 2-3 days by the time I'll get my documents ready. Please suggest. Thanks.

Yes you should if the rate is favourable.

[AkashS]

Pound rate is now further down by 15 Paisa. Can I apply now

I hope it will come under 80 in 2-3 days by the time I'll get my documents ready. Please suggest. Thanks.

Yes you should if the rate is favourable.

Thanks. I'll see if the rates will remain under 80.75, should I apply as my lowest balance is Rs. 226690 which is making 2800 GBP at the rate of 80.95.

Am I right in my calculation and apply if the rates are under 80.75?