Maintenance (funds) questions? Please help.

[t1aspirant]

Hello everyone,

I have following questions.

1. Can we show the Mutual fund balances as a proof of maintenance (funds)?

2. If yes, can we show different balances like
1 Lakh in salary account
1.4 Lakh in mutual fund
Making a total of 2.4 lakh (Appx £2800)

3. I am working in UK on tier 2 visa. I am getting some allowance in UK and Indian salary. If I am able to save up to £2800 of allowance in a UK bank account. Can I show that balance as a proof of maintenance fund? or Will they ask for salary slip in UK? Because I am not getting any salary slip of the UK allowance.

4. Can I file my Tier 1 application from UK? using the form "Form for initial application from inside the United Kingdom" or Do I need to use a different form.

Please advise. Thanks in advance.

Regards,

[push]

1. Can we show the Mutual fund balances as a proof of maintenance (funds)?

Sorry you cant. Para 202 of the Guidance Note says:

The evidence of maintenance must be of cash funds in the bank (this includes savings accounts and current accounts even when notice must be given), loan or official financial or government sponsorship available to the applicant. Other accounts or financial instruments such as shares, bonds, pension funds etc, regardless of notice period, are not acceptable.

Mutual funds are indirect holdings in Shares. Plus the value of the holding keeps fluctuating.

2. If yes, can we show different balances like
1 Lakh in salary account
1.4 Lakh in mutual fund
Making a total of 2.4 lakh (Appx £2800)

You can use a combination of different accounts (but not mutual fund holding)

3. I am working in UK on tier 2 visa. I am getting some allowance in UK and Indian salary. If I am able to save up to £2800 of allowance in a UK bank account. Can I show that balance as a proof of maintenance fund? or Will they ask for salary slip in UK? Because I am not getting any salary slip of the UK allowance.

Funds need to be in an account, whereever it is and all you need is the Bank statements to prove that the requisite amount has been in your account for last three months.

4. Can I file my Tier 1 application from UK? using the form "Form for initial application from inside the United Kingdom" or Do I need to use a different form.Regards,

Yes

[ChetanOjha]

I am getting some allowance in UK and Indian salary. ......Because I am not getting any salary slip of the UK allowance.

How are you planning to prove earnings in that case? are you getting enough salary in India(to shown in payslip) to reach the min. required earnings?

[Daslimy1]

I remember applying for my HSMP in 2007 where I showed lot of mutual funds (reliance,fidelity..etc) and submitted latest MF statements as proof, along with a CA letter..

Have the rules changed since for tier1, has one used MF's as maintenance for getting tier1?

Cheers!

[crowbar6]

If you are already working in the UK on WP, then I think you have to show only £800 as maintenance funds? Push/Chetan/Ramesh - what do you say?

[push]

I remember applying for my HSMP in 2007 where I showed lot of mutual funds (reliance,fidelity..etc) and submitted latest MF statements as proof, along with a CA letter..

Have the rules changed since for tier1, has one used MF's as maintenance for getting tier1?

Cheers!

HSMP does not exist any more. It has been folded into Tier-1 and so have the rules. Read the guidance notes and you should get the answers

[push]

If you are already working in the UK on WP, then I think you have to show only £800 as maintenance funds? Push/Chetan/Ramesh - what do you say?

yes