Fixed Deposit Account

[nimmiboy]

Please let me know fixed deposit account is acceptable? Actually I m working in KSA and going to open my spouse's account in Pakistan (she is currently residing there), borrowing some money from my brother to put in her account as Fixed Deposit untill the finilize my case. So, it would be accepted for London visa office?

I am yet to apply in next 2-3 months.

Regards

[aanbaan]

you should check london specific instructions. But in most cases, FD account is acceptable

[ja77]

please clear something for me here. aanbaan, you said in one of your posts that you also submitted savings certificates for your wife.

what's the difference between fixed deposit certificate and savings certificate? are they the same things? my wife says she has 300000 rupees fixed deposited in an account in karachi. but when i saw her certificates, the heading on the certificates is "Savings Certificate". i'm getting confused here... is this like you fixe deposit an amount in a bank and they give you a certificate that says "Savings Certificate"?

secondly, the visa office instructions say "Fixed or Time deposit statements". can you ask a bank to give you a statement for a Fixed deposit? i mean, if you have a bank statement for a usual account, the bank statement will have a history of withdrawals and deposits. i wonder what kind of history would there be on a bank statement for fixed deposit? because in fixed deposit there isn't any withdrawals and deposits. its fixed for a specific time period and you only get interest.

please excuse my ignorance about banking things

[nimmiboy]

As per checklist of London Visa Office:

SETTLEMENT FUNDS
Refer to the "Proof of Funds" section of our Web site for exact figures and
instructions.
Provide proof of unencumbered and readily transferable funds in a convertible
currency available for settlement in Canada (for you and your family members):
• current bank certification letter; or
• evidence of savings balance; or
• fixed or time deposit statements.

This is what, I think it will be accepted. As long as at the time of visa issuance they may required updated bank's statement either on spouse's name but not to be fixed deposit. So, could I transfer the same amount from fixed deposit to current account at that time and show this bank's statement as proof to ready fund??

Regards

[aanbaan]

please clear something for me here. aanbaan, you said in one of your posts that you also submitted savings certificates for your wife.never said that... it was term deposit certificate for my wife

what's the difference between fixed deposit certificate and savings certificate? not sure, but i think they should mean the same. In US, saving certificate is the amount of money kept in Saving accountare they the same things? my wife says she has 300000 rupees fixed deposited in an account in karachi. but when i saw her certificates, the heading on the certificates is "Savings Certificate". i'm getting confused here... is this like you fixe deposit an amount in a bank and they give you a certificate that says "Savings Certificate"? i think that should be fine. am sure CHC-ISB gets a lot of FD statements with the heading Savings certificate. so they would know. But, just to verify, confirm with your wife's bank if the 30,000 is really an FD or it's just savings account... sometimes wife's don't understand these things

secondly, the visa office instructions say "Fixed or Time deposit statements". can you ask a bank to give you a statement for a Fixed deposit? i mean, if you have a bank statement for a usual account, the bank statement will have a history of withdrawals and deposits. i wonder what kind of history would there be on a bank statement for fixed deposit? because in fixed deposit there isn't any withdrawals and deposits. its fixed for a specific time period and you only get interest. not sure about banks in pakistan. But, in India there are 2 types of statements that are issued for FDs/TDs. The TD certificate mention account number, date of deposit, rate of interest , maturity date and amount. The TD statement mentions the current accrued balance of the TD account. e.g. 10000 deposited for 2 years  @  10% pa. in the second year, the account statement will show 11000, while th maturity amount is 12100 at the end of 2 years. this is just an example. the actual amount will be much less than 11000 because they accrue less amount in anticipation of early closure of the FD resulting in a fine...

please excuse my ignorance about banking things

[nimmiboy]

I have heard at this forum in Imran's case that Fixed Deposit Account Statement not accepted when Visa office asked you to provide updated statement at the time of visa Issuance.

Is it right???

Regards

[aanbaan]

I have heard at this forum in Imran's case that Fixed Deposit Account Statement not accepted when Visa office asked you to provide updated statement at the time of visa Issuance.

Is it right???

Regards

no idea...

[nimmiboy]

Anyone else here who have any idea about???

Rregards