Mutual Funds Statement for Proof of Funds

[jazibb]

Hi,

I have tried searching for this topic and have not found a satisfactory answer to my question.

I have some amount saved in my mutual funds account that I want to use towards my proof of funds. From what I read in the cic requirements, to quote:

Funds must be readily available to you. For example, you can't use equity on real property as proof of settlement funds.
​

I believe mutual funds do fall into this category as I can simply put in withdraw request and it will be in my bank the next day. So can I use my mutual funds statement for showing as proof of funds?

Looking forward to helpful responses.

Thanks

 

[superspecial90]

Hi,

I have tried searching for this topic and have not found a satisfactory answer to my question.

I have some amount saved in my mutual funds account that I want to use towards my proof of funds. From what I read in the cic requirements, to quote:

Funds must be readily available to you. For example, you can't use equity on real property as proof of settlement funds.
​

I believe mutual funds do fall into this category as I can simply put in withdraw request and it will be in my bank the next day. So can I use my mutual funds statement for showing as proof of funds?

Looking forward to helpful responses.

Thanks

I am sure you can argue over this one if you want, but in general idea, the mutual fund would NOT count as "Readily available money".
Now, the question is, are you willing to take a chance that CIC case officer will be convinced by this?
If I were you, I would not use any such proof as a part of my POF. It is not normal and why complicate things!

 

[sansm1984]

I used mutual funds a(3lakhs)with PF (3lakhs) and bank account balance (2 lakhs) for myself and my dependent. It worked fine. You need to get a letter from your mutual fund investor or financial consultant on his letterhead with his stamp stating the current value, when was the MF started and that you can withdraw it anytime you want. Add the mutual fund statement too and you will be fine.

 

[Purbasha]

Can you please explain the process of mutual fund in details.. As in from where the letter should be taken and what needs to be mentioned etc.. Purbasha

I used mutual funds a(3lakhs)with PF (3lakhs) and bank account balance (2 lakhs) for myself and my dependent. It worked fine. You need to get a letter from your mutual fund investor or financial consultant on his letterhead with his stamp stating the current value, when was the MF started and that you can withdraw it anytime you want. Add the mutual fund statement too and you will be fine.

 

[sansm1984]

Mention all your mutual funds in a letter and get it signed by the person who does investments for you. Also attach mutual funds statements with the letter. This will be enough. You can make your own format.

 

[BA_LEE]

Mention all your mutual funds in a letter and get it signed by the person who does investments for you. Also attach mutual funds statements with the letter. This will be enough. You can make your own format.

Won't we have to get this letter notarised considering it will not be on their official letter head since I'll be the one preparing the letter?

 

[sansm1984]

It has to be on your financial consultants letterhead!

 

[arindam.d]

It has to be on your financial consultants letterhead!

hi, what about those who are managing their own? is it necessary to have it from a consultant?

 

[sansm1984]

hi, what about those who are managing their own? is it necessary to have it from a consultant?

In that case explain in a cover letter that you manage your own investments. Attach mutual fund statements with the cover letter but get them signed and stamped from each of the individual fund houses. All mutual funds have local offices where you can get your statements signed and stamped.

 

[arindam.d]

In that case explain in a cover letter that you manage your own investments. Attach mutual fund statements with the cover letter but get them signed and stamped from each of the individual fund houses. All mutual funds have local offices where you can get your statements signed and stamped.

thanks one more thing, if you have any idea, can we claim full PF amount or it counts partial?

 

[sansm1984]

thanks one more thing, if you have any idea, can we claim full PF amount or it counts partial?

You are welcome. Glad I can be of some help. Yes,you can claim 100% PF under PF migration rule. I showed 100% PF also as my POF.
The PF amount can be withdrawn by you under para 69 (1) (c) Migration from India for permanent settlement abroad or taking employment abroad as specified in https://www.epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/EPFScheme.pdf on page74 through FORM No.19 as per instruction on page2 of https://epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/Form19_instructions_Eng.pdf for immediate settlement without the waiting period of 2 months. If the links don't work, just Google them.

 

[arindam.d]

You are welcome. Glad I can be of some help. Yes,you can claim 100% PF under PF migration rule. I showed 100% PF also as my POF.
The PF amount can be withdrawn by you under para 69 (1) (c) Migration from India for permanent settlement abroad or taking employment abroad as specified in https://www.epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/EPFScheme.pdf on page74 through FORM No.19 as per instruction on page2 of https://epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/Form19_instructions_Eng.pdf for immediate settlement without the waiting period of 2 months. If the links don't work, just Google them.

thanks a lot for your help.

 

[sansm1984]

thanks a lot for your help.

Always welcome. I was in your shoes couple of months back. This is an awesome forum. I applied and got my PR reading through its numerous helpful threads. When you get your PR, remember to come back here and contribute/help others. That's the best way to say Thanks and keep this forum alive.

 

[aarthy]

Hi
This information is really useful. i also want to know how do we show PF as POFs. How do we get a statement in the letter head, and how do we get it signed?
It would be kind of you to clarify on this.
Thanks in advance

 

[sansm1984]

Hi
This information is really useful. i also want to know how do we show PF as POFs. How do we get a statement in the letter head, and how do we get it signed?
It would be kind of you to clarify on this.
Thanks in advance

You can claim 100% PF under PF migration rule. I showed 100% PF also as my POF.
The PF amount can be withdrawn by you under para 69 (1) (c) Migration from India for permanent settlement abroad or taking employment abroad as specified in https://www.epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/EPFScheme.pdf on page74 through FORM No.19 as per instruction on page2 of https://epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/Form19_instructions_Eng.pdf for immediate settlement without the waiting period of 2 months. If the links don't work, just Google them.

If your PF is managed by your company then ask your finance team to write you the letter on company letter head by explaining the above mentioned rule.. otherwise in a cover letter explain the above rule with the links (as they are from official Indian government PF website) and attach the PF statements in both the cases. You should be fine!