Funds in Fixed Deposit

Hi All,

Wanted to check if the funds kept in Fixed Deposits in India (equivalent to Fixed Rate Savings in UK) can be counted towards the £200K fund requirement.

My banker is okay to give a statement that the total liquid funds are greater than £200K (after accounting for the penal interest for foreclosure)

Will home office accept this or would they have issues with it ?

Thanks in advance.

np_7777 wrote: ↑

Thu Dec 06, 2018 1:36 pm

Hi All,

Wanted to check if the funds kept in Fixed Deposits in India (equivalent to Fixed Rate Savings in UK) can be counted towards the £200K fund requirement.

My banker is okay to give a statement that the total liquid funds are greater than £200K (after accounting for the penal interest for foreclosure)

Will home office accept this or would they have issues with it ?

Thanks in advance.

In principle, fixed account should not matter as it is still a cash deposit but you need to make sure you can have all the right documentation as specified.

np_7777 wrote: ↑

Thu Dec 06, 2018 1:36 pm

Hi All,

Wanted to check if the funds kept in Fixed Deposits in India (equivalent to Fixed Rate Savings in UK) can be counted towards the £200K fund requirement.

My banker is okay to give a statement that the total liquid funds are greater than £200K (after accounting for the penal interest for foreclosure)

Will home office accept this or would they have issues with it ?

Thanks in advance.

My experience about this point as bellow:

I have asked the HO this question in 2016, and they answered at that time that Fixed Deposit savings will Not be acceptable,

I told them that the fixed deposit certificate can be stoped at any time, and I will be able to transfer the money to the UK, and I informed the HO at that time that the bank will be able to give me a letter confirming that I can stop the fixed deposit certificate at any time,

But HO repeated that this will still Not be acceptable.

I received the answer above from the Home Office by phone call.

The Tier 1E guide says:

Available money must be cash, not in Individual Savings Accounts (ISAs) or other assets such as stocks and shares.

This means you should have access to it as 'Cash' and even ISA is not accepted. You can easily withdraw cash in ISA accounts in the UK however this is not even accepted.

Just had a follow-up question on this. Assuming Fixed Deposit is not okay with HO and i convert all of them in cash, is it fine if the money is in multiple bank accounts, though all accounts will be in my name or joint account with spouse

np_7777 wrote: ↑

Sun Dec 09, 2018 1:15 pm

Just had a follow-up question on this. Assuming Fixed Deposit is not okay with HO and i convert all of them in cash, is it fine if the money is in multiple bank accounts, though all accounts will be in my name or joint account with spouse

Yes, multiple accounts are ok