Fixed deposit as POF - Joint account

[hopesarehigh]

hi friends,

We are going to show FD as POF. It is a joint account of my wife and mine with me as the primary account holder. Is there anything​ i need to consider when requesting for statement from bank? Also does CIC ask for any specific format ?

 

[Marty_]

hi friends,

We are going to show FD as POF. It is a joint account of my wife and mine with me as the primary account holder. Is there anything​ i need to consider when requesting for statement from bank? Also does CIC ask for any specific format ?

The bank letter with bank address letterhead must state the account opening date, account number, FD deposit date. Also you can ask the Bank to give you the FD certificate or receipt.


TO WHOM IT MAY CONCERN

Date: xxx 2017


This is to certify that Mr. xxx is an accountholder of this bank since _______(Date). He is maintaining a Savings account and Fixed Deposit account with this bank. The details of each of his account as of _______(Date) are given below.

Account Account Number Current Balance (in local currency) Value in CAD*


TOTAL(A) =

Deposit Account Account Number Current Balance (in local currency) Value in CAD*


TOTAL(B) =

GRAND TOTAL (A+B) = _______________ (both in local currency and CAD value)

CAD – Canadian Dollar (*1 CAD = xx local currency as on ______(Date)).

For detailed information on each of these accounts, please refer to the Monthly Statements and Deposit statement/FD Receipts.


Sincerely,


<Signature of the Branch Manager <Bank Seal/ Stamp>
<Name of the Branch Manager>
<Designation>
[/quote]

 

[aniket2789]

YOU may also add a statement that " this FD is free of lien and can be encashed anytime"

 

[hopesarehigh]

Thanks marty and aniket..that was really helpful


@ Marty: as shown in the format is it really necessary that bank converts the amount to CAD from local currency ? I mean if there is a noticeable change in value of Canadian dollar the amount value can change. So can I just include the local currency amount and leave it for Visa officer to convert on the day when he checks ?

 

[Marty_]

Thanks marty and aniket..that was really helpful


@ Marty: as shown in the format is it really necessary that bank converts the amount to CAD from local currency ? I mean if there is a noticeable change in value of Canadian dollar the amount value can change. So can I just include the local currency amount and leave it for Visa officer to convert on the day when he checks ?

Yes you can. As some banks don't give the prevailing exchange rate value in CAD, I made a summary of proof of funds value and took the Canadian dollar rate as on bank letter date and mentioned the total CAD value funds held as on date.