Fixed Deposit as Proof of Funds

[Rajkamal666]

Thankyou for the information.

Can you please kindly share me the LoE that you submitted for Source of Funds as a reference which would help me to prepare mine.

raj121720kamal@gmail.com

Thanks in advance.

 

[Eshank]

Hey guys i need urgent help!!
i recieved my ITA on 9th Jan 2020...
For POF i have the below query
1. I made a FD of 4 lacs in the month of Nov ..(it was from a joint account of mine and my father...should i obtain a gift deed for same)
2. My Spouse made a FD of 4 lacs which was a joint FD with her mother...the bank has agreed to remove the mother name from the FD but they wont issue a new FDR...instead they will stamp it and say 2nd holder removed..
would such an FDR work..
Kindly suggest!!

 

[MittulB]

Hello All,

please clarify on below.

Can I show the balance in the following way for Canada PR?

1. I borrow money from relatives
2. I make an FD in a nationalised bank
3. I avail 90% loan against FD and pay back to relatives from whom I borrowed
4. Bank issue the FD certificate which will show the principle amount but not show the OD amount.

Thus I can show the balance of 7.5 lacs for Canada PR.

Please let me know whether the embassy will verify with the bank

 

[Gunik1123]

Hello All,

please clarify on below.

Can I show the balance in the following way for Canada PR?

1. I borrow money from relatives
2. I make an FD in a nationalised bank
3. I avail 90% loan against FD and pay back to relatives from whom I borrowed
4. Bank issue the FD certificate which will show the principle amount but not show the OD amount.

Thus I can show the balance of 7.5 lacs for Canada PR.

Please let me know whether the embassy will verify with the bank

1) Yes u can get it and prepare notarized Gift deed
2) Yes
3) Yes but then bank would mention Loan amt in POF and issue letter of amt in CAD after deducting Loan Amt
4) Bank would mention Loan amt in POF and issue letter of amt in CAD after deducting Loan Amt

Additionally bank will mention date of FD and along with that 6 months account statement. How u will justify the huge transaction amt reflecting in A/c statement which u borrowed from relative? for that u need gift deed

 

[MittulB]

Thanks for your prompt response. My concern is that I make a FD with fixed deposit then I will get a letter from the bank. After a week, I avail 90% loan and pay back to the relatives.

Will embassy verify the balance?

 

[Gunik1123]

Thanks for your prompt response. My concern is that I make a FD with fixed deposit then I will get a letter from the bank. After a week, I avail 90% loan and pay back to the relatives.

Will embassy verify the balance?

You need POF amt in bank till the time u land in Canada . POF letters are required at 3 stages- one at the time of getting invitation from PNP , secondly @ time of getting ITA document submission and thirdly after getting COPR @ a week before u board flight to canada.

I nvr ever heard that embassy gng for verification of lettr but in ltr u need to mention contact no, email and contact no of bank employee signing the ltr. U nvr know when embassy cross check . Its advisable not to take any chances wrt POF amt

 

[mak089]

hi guys. Can someone help me on below queries. I am awaiting PPR - Outland applicant
a) When i submitted express entry profile and AOR, I have shown all funds in my savings account. Now can i move those funds to FD within the same bank account. Will it have any impact during landing?
b) Intitally i showed funds from India account. while landing, Can i show proof of funds from Canada bank account maintained during last 6 months before landing date?
c) Due to emergency if I consume some of my funds now, and then I deposit them back to my account after 3 months, will it have any impact?

 

[Gmak38]

hi guys. Can someone help me on below queries. I am awaiting PPR - Outland applicant
a) When i submitted express entry profile and AOR, I have shown all funds in my savings account. Now can i move those funds to FD within the same bank account. Will it have any impact during landing?
b) Intitally i showed funds from India account. while landing, Can i show proof of funds from Canada bank account maintained during last 6 months before landing date?
c) Due to emergency if I consume some of my funds now, and then I deposit them back to my account after 3 months, will it have any impact?

a-yes FD is valid... No impact on landing
B-yes any bank account as far as its in your name
C-no impact.. You should have fund in your account before landing

 

[mak089]

a-yes FD is valid... No impact on landing
B-yes any bank account as far as its in your name
C-no impact.. You should have fund in your account before landing

Thanks a lot

 

[frenchsome]

URGENT : to show FD in an financial institution(eg. Power finance) is thé FD certificate alone sufficient

 

[Onyiibabe]

Please can I use fixed deposit in my name but less that 6 months for Canada study visa ?

 

[Onyiibabe]

Can I use my fixed deposit that in my name but less than 6 months for proof of fund for Canada study permit?