Australia student visa rule: Rs 16 lakh minimum bank balance now mandatory

Starting May 10, Indian students seeking to study in Australia will need to show a higher bank balance to get an Australian student visa. The Australian government has made several changes to immigration laws to reduce the number of immigrants. One such change is the increase in the minimum savings required for overseas students to obtain a visa.

Key takeaways

— Students must show proof of savings of at least A$29710 (Rs 16,35,806) to get their visa.

— This is the second increase in about seven months. In October, the minimum savings amount was raised from A$21,041 (Rs 11,58,498) to A$24,505 (Rs 13,49,223).

Why is this required?

The savings requirement ensures that students have enough money to cover their travel, course fees, and living costs during their stay. This is to reduce the risk of financial difficulty while studying.

Measures introduced by the Australian government for international students include:

— Replacing the Genuine Temporary Entrant (GTE) requirement with a Genuine Student (GS) requirement to crack down on students coming primarily to work rather than study.

— Extending Post-Study Work Rights (PSWR) by up to two extra years for international students, effective from 1 July 2023, allowing them to secure employment opportunities in their chosen fields.

— Requiring a minimum total score of 5.5 for international students to enrol in their chosen university and programme.

— Capping work hours during study terms and semesters at 48 hours per fortnight from 1 July 2023.

— Capping the Skilled-Recognised Graduate visa, allowing recent engineering graduates to stay, work, or study in Australia for up to 18 months, effective from 22 December 2023.

— Prohibiting international students from enrolling in two courses at the same time within the first six months of their principal course, effective from 8 September 2023.

Impact on Indian students

This change is particularly crucial for Indian students and professionals, who favour Australia for education and career opportunities. Over 120,000 Indian students were studying in Australia last year, and the country's universities continue to rank highly on the global stage.

"Australia remains the preferred choice for Indian students and working professionals, with over 120,000 Indian students studying in Australia last year.

"Further, with nine Australian universities amongst the top 100 global universities as per the latest QS World University Rankings, Australia offers world-class higher education and post-study work opportunities," said Sachin Jain, Country Manager, ETS India and South Asia.

But the tightening of student visa rules by Australia has sparked concerns among Indian nationals, particularly affecting students and those seeking visa renewals.

Shradha Gupta, Partner at Accord Juris, points out, "The restrictions will significantly impact students' ability to fund their education and livelihood, despite a minimal overall impact on Indian nationals residing in Australia." She notes the limited circumstances under which a waiver for the 'No Further Stay' condition can be sought, offering scant relief.