Funds with SBI - Visitor Visa

[Das@loc]

Hello Experts,

I have a question with respect to my Salary account. Let me cut long story short. I am planning to visit Canada with my wife for a very short period. My daughter and son-in law are Permanent residents in Canada and its been almost two years since they visited India so on the contrary we are planning to visit them.

I am a soldier serving Indian army, my query is around my salary account. I have accumulated enough funds in my salary account with SBI bank (all government employee gets SBI). The problem is SBI has this option called MOD (Multi Option Deposit) so funds above certain amount automatically goes to this fixed account called MOD so salary account does not show the actual amount. While the statement also does not show the actual amount, enough funds are available. If anyone has this kind of experience please let me know how to tackle this situation.

I spoke to SBI manager but it looks like we cannot remove MOD option which sounded weird to me. If any of you faced similar situation let me know if LOE suffices or do we need to take any alternative route.

 

[Bryanna]

I am a soldier serving Indian army, my query is around my salary account. I have accumulated enough funds in my salary account with SBI bank (all government employee gets SBI). The problem is SBI has this option called MOD (Multi Option Deposit) so funds above certain amount automatically goes to this fixed account called MOD so salary account does not show the actual amount. While the statement also does not show the actual amount, enough funds are available. If anyone has this kind of experience please let me know how to tackle this situation.

Are these funds locked-in the MOD?

Do you have an option to withdraw some part of the MOD after X years similar to a PPF?

Do you have any other liquid funds? For example, in another bank account or if you and your wife have a joint bank account with adequate funds there.


Just curious:
1. How does someone pay for certain expenses or maybe to buy a property if these MOD funds are locked in?
2. Why does the MOD statement not state the true/correct value of the funds invested?

 

[Das@loc]

Are these funds locked-in the MOD?

Do you have an option to withdraw some part of the MOD after X years similar to a PPF?

Do you have any other liquid funds? For example, in another bank account or if you and your wife have a joint bank account with adequate funds there.


Just curious:
1. How does someone pay for certain expenses or maybe to buy a property if these MOD funds are locked in?
2. Why does the MOD statement not state the true/correct value of the funds invested?

Thanks for your quick response. This MOD is not like a typical Fixed account in itself and not locked in, you just use your salary account for any debit transactions for whatever balance you have and there is no restriction. For a user, MOD is invisible its the bank that handles it automatically. The only benefit I see here is for someone who keeps a balance without much transactions, he would earn certain interest on that amount. My problem is statement does not show that liquid amount because this MOD has another account number for which I may have to check if we can get separate statement. This sounds so weird and complex. I thought of simply moving all the fund to a different account and get done with it but I will not be able to prove that its my salary account and all the funds have been accumulated via salary.

I reckon government employees from India might have faced similar situation, hoping if someone has worked a way around it.

 

[Bryanna]

Thanks for your quick response. This MOD is not like a typical Fixed account in itself and not locked in, you just use your salary account for any debit transactions for whatever balance you have and there is no restriction. For a user, MOD is invisible its the bank that handles it automatically. The only benefit I see here is for someone who keeps a balance without much transactions, he would earn certain interest on that amount. My problem is statement does not show that liquid amount because this MOD has another account number for which I may have to check if we can get separate statement. This sounds so weird and complex. I thought of simply moving all the fund to a different account and get done with it but I will not be able to prove that its my salary account and all the funds have been accumulated via salary.

I reckon government employees from India might have faced similar situation, hoping if someone has worked a way around it.

Thanks for explaining.

Nope. We haven't come across a similar query about MODs on this forum. Probably other defense employee visa applicants have other bank accounts or other sources of income (rental, dividends, etc).

You could request the SBI Manager to issue a bank statement (signed with the bank seal) for the MOD account. You may also want to include any supplementary documents such as prints of SBI web pages that explains the MOD facility.... and/or a letter from your administration/finance department that says your salary is credited to the SBI account with an MOD facility.

If you move the funds to another bank account, do be sure to explain the transaction with evidence.


An unrelated point:
If you have served during wars, were posted in border areas, or you have handled critical information/intelligence.... you can expect processing to take much longer than the IRCC published time because there is a strong possibility of background checks. Unless you have recently obtained visas for countries like the US, UK, Australia or NZ. It's advisable not to make any travel plans until the TRV is issued

 

[Das@loc]

Thanks for explaining.

Nope. We haven't come across a similar query about MODs on this forum. Probably other defense employee visa applicants have other bank accounts or other sources of income (rental, dividends, etc).

You could request the SBI Manager to issue a bank statement (signed with the bank seal) for the MOD account. You may also want to include any supplementary documents such as prints of SBI web pages that explains the MOD facility.... and/or a letter from your administration/finance department that says your salary is credited to the SBI account with an MOD facility.

If you move the funds to another bank account, do be sure to explain the transaction with evidence.


An unrelated point:
If you have served during wars, were posted in border areas, or you have handled critical information/intelligence.... you can expect processing to take much longer than the IRCC published time because there is a strong possibility of background checks. Unless you have recently obtained visas for countries like the US, UK, Australia or NZ. It's advisable not to make any travel plans until the TRV is issued

Thank you Bryanna, you have been very helpful.

 

[Das@loc]

Thank you again

 

[Nimma78]

I also have salary account with SBI. You can follow the following procedure:
take printouts of all your MOD n fixed deposits if you have internet banking facility.
Get these stamped from your bank
Write the landline no of the bank on these statements.
Make a summary of all these accounts on plane paper like account no, amount deposited, maturity date etc and sign it.
I had done the same thing for my visa application last year n it got it approved.
All the best

 

[Das@loc]

I also have salary account with SBI. You can follow the following procedure:
take printouts of all your MOD n fixed deposits if you have internet banking facility.
Get these stamped from your bank
Write the landline no of the bank on these statements.
Make a summary of all these accounts on plane paper like account no, amount deposited, maturity date etc and sign it.
I had done the same thing for my visa application last year n it got it approved.
All the best

Thank you, this is really helpful.

 

[Manjot4u]

Si

Hello Experts,

I have a question with respect to my Salary account. Let me cut long story short. I am planning to visit Canada with my wife for a very short period. My daughter and son-in law are Permanent residents in Canada and its been almost two years since they visited India so on the contrary we are planning to visit them.

I am a soldier serving Indian army, my query is around my salary account. I have accumulated enough funds in my salary account with SBI bank (all government employee gets SBI). The problem is SBI has this option called MOD (Multi Option Deposit) so funds above certain amount automatically goes to this fixed account called MOD so salary account does not show the actual amount. While the statement also does not show the actual amount, enough funds are available. If anyone has this kind of experience please let me know how to tackle this situation.

I spoke to SBI manager but it looks like we cannot remove MOD option which sounded weird to me. If any of you faced similar situation let me know if LOE suffices or do we need to take any alternative route.[/QUOT

Hello Experts,

I have a question with respect to my Salary account. Let me cut long story short. I am planning to visit Canada with my wife for a very short period. My daughter and son-in law are Permanent residents in Canada and its been almost two years since they visited India so on the contrary we are planning to visit them.

I am a soldier serving Indian army, my query is around my salary account. I have accumulated enough funds in my salary account with SBI bank (all government employee gets SBI). The problem is SBI has this option called MOD (Multi Option Deposit) so funds above certain amount automatically goes to this fixed account called MOD so salary account does not show the actual amount. While the statement also does not show the actual amount, enough funds are available. If anyone has this kind of experience please let me know how to tackle this situation.

I spoke to SBI manager but it looks like we cannot remove MOD option which sounded weird to me. If any of you faced similar situation let me know if LOE suffices or do we need to take any alternative route.

Sir , i know your problem
I suggest you to a bank statement of your salary account + bank balance certificate on bank's letter head only with bank's stamping and signed by bank manager
2) MOB
ASK BANK MANAGER TO GIVE YOU A BANK BALANCE CERTIFIACTE OF YOUR ALL MOB ON BANK LETTER HEAD THEY WILL GIVE YOU A MOB BALANCE CERTIFICATE WITH MOB ACCOUNT NO. And total amount will be printed on the certificte how much money you have on mob account . If you have more than one mob account ask them to print all on only bank's letter head .

 

[Das@loc]

Si

Thank you for your prompt response, appreciate it.

 

[Manjot4u]

Sir , i know your problem
I suggest you to a bank statement of your salary account + bank balance certificate on bank's letter head only with bank's stamping and signed by bank manager
2) MOB
ASK BANK MANAGER TO GIVE YOU A BANK BALANCE CERTIFIACTE OF YOUR ALL MOB ON BANK LETTER HEAD THEY WILL GIVE YOU A MOB BALANCE CERTIFICATE WITH MOB ACCOUNT NO. And total amount will be printed on the certificte how much money you have on mob account . If you have more than one mob account ask them to print all on only bank's letter head .

 

[Manjot4u]

Thank you for your prompt response, appreciate it.

If you need any other information plz contact me anythime
I suggest you dnt move your money to any other account it will difficult for you to explain all these thing to visa officer and make bad impact .
If you withdraw your money from mob account then it will show in your saary account statement that you close your mob of certain amount
Can i ask you how many you have in your salary account if you have sufficnt and healty balance then its okay but if you dnt have 6-7 lakh in your salary account balance thn i suggest you to breakdown your any mob (fd) then amount of that FD will move to your salary account

 

[JLTcan]

I also have salary account with SBI. You can follow the following procedure:
take printouts of all your MOD n fixed deposits if you have internet banking facility.
Get these stamped from your bank
Write the landline no of the bank on these statements.
Make a summary of all these accounts on plane paper like account no, amount deposited, maturity date etc and sign it.
I had done the same thing for my visa application last year n it got it approved.
All the best

@Das@loc This is the best solution for you Soldier.

 

[Das@loc]

Thank you Folks, I will take the inputs and plan it accordingly.