Note: As a matter of fact you need to show the funds available with you through liquid cash, liquid assets and properties and other immovable assets and annual income.
1. Liquid Cash: –
The Bank in which the sponsor is having an account on bank’ s letterhead and duly stamped along with a seal can certify this. It can be supported by 6 months Bank statements or Pass books whatever available with Bank.
Your sponsors bank account should contain cash for first year funds of university fee + Living expenses + insurance + misc expenses + airfares to USA and + Reserve cash funds for second year. Generally it will be between 20-25 lakhs and sometimes up to 30- 35 lakhs depending upon the university expenses (Tuition + Living expenses as mentioned for 9-12 months on I-20 for the length of study as mentioned in I-20 ranging from 24 months to 39 months)
If it’ s for 24 months you have to show availability of liquid funds for 24 months. If the normal length of course is for 36 months, then you have to show availability of funds for all three years, even you know course is for 24 months. So a lot depends upon what your I-20 is mentioning.
Liquid funds also covers any Fixed deposits + Bonds + Shares + NSC + Mutual funds + Gold + Jewellery etc. In fact it’ s better to show Fixed deposits in our opinion. They carry much weight. For everything you intend to show get a latest valuation certificates basing on which CA will be giving his certificate. If you are showing Gold and Jewellery, you should produce their valuation from a Government approved official valuer, along with a declaration of possession of Gold and jewellery by the sponsorer. But remember in recent times Gold and jewellery has lost its shine in visa processing, as many a times VO’ s commenting that they don’ t think parents or sponsorers will sell of their Gold and other valuables for the sake of their wards education. So be careful, while showing Gold and Jewellery. Try to show it only as an asset but not as a means of funding for college expenses and fees
So from bank you need to produce: –
- Bank Letter stating the funds available with sponsors account and how much it will be equivalent in US$.
- Fixed Deposits Original certificates.
- 6 months or more Bank Transaction statements and Pass Books and any other related documents.
2. Properties: –
There’ s no uniformity in these issues. Generally it should be around 7-080 lakhs or more. These may be Buildings, plots, flats, shops, agricultural fields, farm houses etc immovable property in any form if you are able to justify. All these should be evaluated and certified by a CE – Chartered Engineer or Tehsil or concerned metro/revenue officials etc to give their certificate of opinion on the value of these immovable assets.
3. CA statement: –
A CA – Chartered Accountant will give his certificate of Monetary worthiness of sponsors basing on the documents he is having related to sponsor. His certificate mentions all the Cash, liquid assets and immovable assets available with the sponsor, which can be available for immediate use for the applicants study in USA.