Proof of Funds - Change from Saving acount to term deposits ??

[Fooled_by_CIC]

Being a pre-June 26 applicant I am not sure when will my medical come. With current replies from CHC on forumn it may be 2 years or more.

Currently all my funds are in saving account. Is it ok if I change it to term deposit as it can earn better interest.
Will it have any impact? Like we cannot hold on to funds in saving account indefinetly.
Do I need to update CHC?

[ShoaibZ]

You can change your bank account type. Once they send you the medical details they'll again ask for proof of funds. So no worries. I've done the same

[asyousuf]

Being a pre-June 26 applicant I am not sure when will my medical come. With current replies from CHC on forumn it may be 2 years or more.

Currently all my funds are in saving account. Is it ok if I change it to term deposit as it can earn better interest.
Will it have any impact? Like we cannot hold on to funds in saving account indefinetly.
Do I need to update CHC?

Off course u can. No need to inform CHC

asyousuf

[kml2706]

You can change your bank account type. Once they send you the medical details they'll again ask for proof of funds. So no worries. I've done the same

Dear all,

I have the same question abt changing the account.
unfortunately i have kept the amount in current account as that was my salary account..
you can well imagine ,keeping 1.7 million dumbly in a account for the last 15 months and from where you r getting zero profit, how that feels..
But now i have to think abt it cz i really donno when to get medicals..
i am post 26 applicant...i talked to banker of shifting my amount to saving account but for that my account number will have to get change by 2 digits.

plz suggest me what to do?is it feaseble to change my account keeping in view that CHC may look for last six month statement..also i have provided my current account number to CHC at the time i applied...what do you suggest?


thanking all of you in advance


WS

[Pippin]

Just think about the PURPOSE of POF.....you must have YOUR money available for YOUR use when you come to Canada.  As long as you can PROVE that it is your money and it is not tied up in a non-redeemable investment that you cannot liquidate before coming to Canada, you should invest it in the wisest manner.  Just be prepared to show where the money came from and went to and you will be fine changing accounts.  The bottom line is: don't just show a lumpsum in an account all of a sudden, unless you have the evidence of it coming from another of your accounts in the first place.  All the best.

[shijoal]

can anyone advice?

i have term deposited 8 lac for one year. is it neccessery that we should keep
the amout like that or can we cancel the deposit?

i can again deposit it at the time of medicals.

pls advice

shijoal