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According to Schengenvisainfo

" a foreigner who seeks to enter the territory of Spain needs to attest owning the overall amount for duration up to 10 days that is representative of a 90% of the gross national minimum wage (598.68€) that is 583.74€, while in case of exceeding 10 days the daily required amount is 64.86€. The foreign national needs to attest owning such amount to the Spain Embassy or Consulate a the moment applying for a Spanish Visa."

I am planning to stay in Spain for a period of almost 90 days, so do I need to show funds amounting to ~5500 Euros. Also, if I already have booked accommodation that is cheaper (lets say 300 Euros a month), is it alright if I show funds less than the amount mentioned above.

P.S- I am being invited as a collaborator at an university and I have pre-booked return tickets

Edit- According the the visa requirements document present here on the website of Mumbai consulate, it does mention proof of financial means as a requirement however doesn't mention any fixed value.

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You should show what you have in your account. You should send several statements, not just the last. Raising the amount in your account is risky: it will seem not genuine.

The minimum amount varies on the nature of invitation: will the university pay your accommodation? Could you use the student cafeteria with student prices?

Note: being invited by an university lower the bar: you are not a tourist, with tourist expenses, you have not time time to work (for pay) so less risky, and work assurances should be paid by your home university.

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The general page for the uniform Schengen visa at the Spanish Ministry of the Exterior website says (my translation, and my emphasis):

The request for a short term visa should be presented via a correctly filled out print-out of the form (in duplicate), which can be downloaded for free from this web page or can be obtained, also for free, in the Diplomatic Missions or Consular Offices of Spain abroad.

The visa must be requested in person or via a representative who is appropriately accredited in the Spanish Diplomatic Mission or Consular Office in whose area of responsibility the solicitant is legally resident. In the case that there is no Spanish Diplomatic Mission or Consular Office in a given country, it can be requested in the Diplomatic Mission or Consular Office which represents Spain in said country.

When the visa request is submitted the established fee must also be paid (60€ in general), and it will not be returned in the case that the request is denied. In certain situations, which should be consulted with the Spanish Diplomatic Missions or Consular Offices, the relevant rules permit a reduction or exemption from the fee. The rest of the necessary requirements must be consulted with the Diplomatic Mission or Consular Office where the visa is requested because they can vary according to the reason for the journey and the country of origin of the solicitant.

I note that one of the first Google hits I got when I searched for the subject talks about figures similar to the ones you cite (although it's gone up: the basis of calculation for 2017 is 707.60€, not 598.68€), but turns out to be for the consulate in Havana. (I realised this when I saw references to the Cuban peso).

A search for one of the important key words in that paragraph and the additional requirement of being in the New Delhi consulate's sub-site turns up no hits at all.

The impression I get is that applying from India (which I'm assuming you will do on the basis of the location given in your profile) you don't have to prove any funds. However, you would be wise to phone the nearest Spanish consulate to double-check.

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