Minimum Fund Requirement is realy confusing!!!

[affan_123]

Views are always appreciated and its a right of every individual. I regard yours but my point of view is little different. Anyways good luck.

We have made joseph confused even more now, lets make him clarify rather than letting him scratching his head

Dear, your ending balance should meet the minimum threshold. Your monthly balance of six months would justify that you haven't borrowed it. SigNificant increase or decrease in monthly statement may become a question of cic. So for smooth account balance i would recommend, keep your money in your account for atleast six months and dont drop from That minimum threshold. But the money should be yours and should prevail integrity.

 

[alok4best]

Do they take the final amount and divide by 6 ?

no, this is how your bank normally calculates average balance.
method used: take end of day balance, everyday from 1st to 30th of a month. sum it all, then divide by 30. this gives you the average balance for that month. now you need to repeat the same process for all 6 months.

 

[josephcom]

Views are always appreciated and its a right of every individual. I regard yours but my point of view is little different. Anyways good luck.

We have made joseph confused even more now, lets make him clarify rather than letting him scratching his head

Dear, your ending balance should meet the minimum threshold. Your monthly balance of six months would justify that you haven't borrowed it. SigNificant increase or decrease in monthly statement may become a question of cic. So for smooth account balance i would recommend, keep your money in your account for atleast six months and dont drop from That minimum threshold. But the money should be yours and should prevail integrity.

What if I have had the money in my account for only, say, 2 months; but can provide solid evidence that it's actually mine. For example I've sold a property a few months ago and now I can send them a copy of the contract which I signe.

 

[alok4best]

What if I have had the money in my account for only, say, 2 months; but can provide solid evidence that it's actually mine. For example I've sold a property a few months ago and now I can send them a copy of the contract which I signe.

Should not be a problem, as long as it can be explained.

 

[OmarSarfraz]

My bank is giving a letter which states balance as of the current date, plus the account opening date, my name and together with that the past bank statements.

Balance as of current date is okay or it is must to be Average?

 

[Asivad Anac]

My bank is giving a letter which states balance as of the current date, plus the account opening date, my name and together with that the past bank statements.

Balance as of current date is okay or it is must to be Average?

Current balance along with 6 months of bank statements should be fine.

 

[YOUCAN]

Basically, when you initially apply, it is not mandatory to submit account statements of last few months.
CIC will be happy with a certificate from bank that you have XYZ balance in your account.

However, in case CIC is suspicious and doubts your details, they might ask you for statements.
In that case, they will notice a clear spike in the balance. A credit transaction which suddenly increased your bank balance.

Here, you should be able to prove that the money is indeed yours and not borrowed.

But yeah, if you want to be 100% safe and secure, then you should deposit this money, then wait 3-6 months and then apply.
Also, to be 100% safe, you need to make sure that this balance is maintained throughout the application process.

you can still operate your account, do transactions, deposit and withdraw. But the overall average balance should remain in this range.

Is six months bank statement mandatory or 2 months will do.

 

[Asivad Anac]

Is six months bank statement mandatory or 2 months will do.

CIC does not ask for bank statements. They just ask for average balance in the past 6 months.