How Much Bank Balance is Required for a US Student Visa? Expert Guide 2024

One of the most frequently asked questions by any prospective student in any foreign country is, "How much bank balance is required for obtaining a US student visa?" This blog will is help you understand all the financial requirements to get an F-1 visa. This will also help get familiar with the required documents and sponsorship options. 

How Much Bank Balance is Required for a US Student Visa?

While there is no concrete defined minimum bank balance, it is normally suggested that one should have at least USD 10,000, which comes to approximately INR 8,33,120. Of course, one should ideally show that amount as a continuous reflected balance in their bank statement over the span of the last 6-9 months to reflect financial stability.

Understanding the I-20 Form

The I-20 form is another integral document in your US student visa application. It is issued by the university at the time of admission and indicates qualification to apply for an F1 visa. One of the important things within this document is proof of funds; one should have sufficient financial resources to cover tuition and other living expenses at least for one academic year.

Who Can Sponsor My Education Abroad?

Your education can be sponsored by many people, such as parents, who are normally the primary sponsors, and relatives like grandparents, uncles, and aunts. One can also combine funds from parents and relatives. It is best to have your sponsors in your home country, though sponsors from other countries other than US are also acceptable. 

Financial Documents for I-20 Visa

At the time of applying for an I-20, you have to be able to show liquid financial statements that may include bank-attested fixed deposits and savings bank statements with a balance certificate. PF and PPF statements, together with property papers, may also be required. If you do not have liquid cash, one can produce solvency letters or loan letters as proof of funds in your place.

Bank Statements for US Student Visa

Your bank statements should show a minimum balance of USD 10,000 at least for the last 6-9 months before your visa application. Consistency in the balance is also equally important since any sudden large deposits may raise several questions at the time of the visa interview.

Funds Required for an F1 Student Visa

The amount varies from university to university and place to place. However, USD 10,000 is a good amount to start with. Ensure that you have sufficient money to cover your tuition money, living expenses, and other sundry expenses for one year of study.

Sponsorship Beyond Personal Funds

Besides self-funding and sponsorship, look for scholarships, grants, and assistantships. These are some of the financial aids that reduce your overall expense and also offer extra support pertaining to finances.

Fixed Deposits and Savings Accounts

Fixed deposits and savings accounts are a sure shot for financial proof. Have these attested by your bank and make sure that they reflect a stable balance over the required period.

Provident Fund and Public Provident Fund

You can use your PF and PPF accounts for financial capability proof. Ensure that you have the concerned passbooks or bank statements to support your application.

Solvency Letters and Loan Letters

A solvency letter from your bank indicates that, based on your background and financial assets, you are capable of availing a loan to study abroad. Such loan letters can be availed after admission and might be used to show funds if the private banks offer them locally before one gets an I-20.

Role of Sponsor Letter

A sponsor letter is not actual money but a certificate from a bank regarding the capability of your sponsor to fund your education. This amount, typically, has to be around anything showing potential to raise about INR 25-30 lakh or so.

Common Mistakes to Avoid

While preparing your financial documents, never commit these common mistakes, non-maintenance of a consistent bank balance, shortage of funds, and relying on unverified sponsors. All documents should be properly attested and indicate a stable financial history for better chances at getting a visa.

CAREER guidance: The need for a career counsellor

At Jitin Chawla's Centre for Career Development, we understand that sometimes special help may be needed to translate these rich educational experiences into meaningful career choices. Our endeavour is to arm you with the skills to build up a fulfilling and prosperous career. Be assured that we at Jitin Chawla's Centre for Career Development are wholeheartedly committed to bringing your aspirations into being through individual counseling and incessant support with meticulous planning.

Ready to take the next step? Book a counselling session today with one of our expert counsellors and start building your future now.