Presentation on theme: "FUNDS TRANSFER SCHEME Propose to allow Indian students to have the ability to open a savings account with ANZ Bank while still in India and deposit an."— Presentation transcript:
FUNDS TRANSFER SCHEME Propose to allow Indian students to have the ability to open a savings account with ANZ Bank while still in India and deposit an amount equivalent to the living cost of money for one year. The amount deposited will be locked in for a period of 12 months and the student will only have the ability to withdraw 1/12th of the total living cost of money in any given month. In the event the student terminates his study and intends to return to India the outstanding amount in the savings account along with the accrued interest will be remitted back to a bank account in India. Letter from institution confirming termination and return air tickets will need to be provided.
FUNDS TRANSFER SCHEME Aim is to facilitate processing of student visa applications from Indian people who want to go to New Zealand to study is an option for Indian students to prove their financial ability Reduced documentation for demonstrating financial ability of sponsors Not a mandatory requirement but an option Can be done through any bank in India At this stage only ANZ Bank is providing this service in NZ Has proven successful in China
FUNDS TRANSFER SCHEME Under this scheme INZ has tied-up with ANZ Bank in NZ to facilitate the funds transfer scheme. Step 1: Applicant lodges their student visa application with the branch and clearly marks the front of the application form with a bold FTS; also applicant needs to mention this in their covering letter. Step 2: INZ branch processes the student visa applications and if satisfied notifies the applicant that they have been approved in principle. Step 3: Applicant provides a copy of AIP letter to ANZ Bank along with complete ANZ enquiry form. Account will be opened and account details will be sent to the applicant. The applicant approaches their bank in India to remit the money to the NZ account. Step 4: After remitting funds in their ANZ bank account, applicant provides a copy of the TT receipt to ANZ bank. Step 5: ANZ bank notifies INZ confirming the applicants account balance Step 6: Applicant submits fee receipt, ANZ account balance letter and other AIP requirements for issuance of student visa Step 7: On arrival in NZ, the student visits the nearest ANZ bank branch and activates their bank account after which the bank releases funds on a prorated basis from the students holding accounts to the transaction accounts which the student can use for meeting living costs.
FUNDS TRANSFER SCHEME Benefits of the process: Allows students parents to have control over the amount of money that their child has access to in New Zealand; Ensures that the student will have access to sufficient money to meet cost of living in New Zealand Is a lot easier than the current alternatives available – where a range of documentation is required and/or a bank loan must be taken out; and Helps the visa officer to determine the ability of parents to fund their childs tuition and living costs in New Zealand. Applications submitted under this scheme will not be subjected to in-depth fund assessments thereby reducing processing times