Funds Transfer Scheme

18 April , 2015
» Propose to allow Indian students to have the ability to open a savings account with ANZ bank while still in India and deposit and 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. » Aim is to facilitate processing of student visa applications from Indian people who want to go to newzealand 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 andy bank in India » At this stage only ANZ bank is provideing this service in NZ » Has proven successful in chaina...