Fixed Deposit as Proof of Funds

[Mr_fabrizio]

Guys when using a FD as PoF, do you need to submit 6months bank statement?
Secondly,I got my PoF from both my mother and father through separate transactions.Do I need to submit separate gift deed for my mom and dad,or I can use just one gift deed to explain?

 

[Priya801]

Guys when using a FD as PoF, do you need to submit 6months bank statement?
Secondly,I got my PoF from both my mother and father through separate transactions.Do I need to submit separate gift deed for my mom and dad,or I can use just one gift deed to explain?

No bank statement for FD
Yes separate gift deed

I have further queries,
If all POF is present in FD then is it mandatory to show the saving account in bank letter?
On gift deed we mentioned only saving account because money is transferred to saving

So gift deed will be having saving account and bank letter will be having FD account, is it a problem?

 

[lampbreaker]

Just show whichever account has the required funds, no need to show other accounts.

 

[Sudeshna14]

Hello Everyone,

I got FDs in the month of March 2018 and submitted my application in April 2018; got my Visas and now migrating to Canada on 2nd October 2018.
Have a few doubts about Proof of Funds:
1. Please suggest, if FDs can be shown as 'proof of funds' during the landing process in Canada.
2. I checked on this forum that in case of more than 6-months old FDs, we need not show the source of funds.
Please advise, if 'more than 6-months validity of the FDs' counts from - FD opening date to submission of the application (April 2018) or FD opening date to final landing in Canada (October 2018).
3. I & my wife are moving to Canada, that makes the two of us as the bearer of the funds - 8.5 lacs INR.
Please advise what means should we use (eg. - Drafts, Cheques, Travel Cards, Cash or others); Which is more cost effective, easy to use & liquidate as well as safe to carry?
Also, in what proportions should the funds be divided if we should opt for more than one of the above means.

Hi,

I assume while showing the POF post ITA your FD was 1 month old. Did you face any issues for that? And what all supporting documents did you provide?
My FD is also a month's old and I need to submit my profile now. Please let me know what all documents do I need to share along with the FD receipts.
Do I need to show 6 months savings bank statement apart from FD receipts?

Thanks,
Sudeshna

 

[Richu1989john]

Will a FD in any bank be accepted??? Or should it be a nationalized bank.

 

[Bravo007]

Spouse FD is ok if she is included as depended in application under SINP. FD is 3 years old and she did it through her salary account of previous job. I have my application screen for fund so just wondering if I can show her find as well in that same screen. Her/ spouse/ dependent application part has no fund step .

 

[canadaball]

I'm showing POF from both my savings account and FD (50% contribution each). I first placed money into FD in August 2018 and it matured in November 2019. It automatically rolled over into a new FD (also 15-month maturity) but I withdrew it and place it into a new FD in December 2019 due to better interest rate. I will be showing the statement for the current FD but since it's less than 6 months old, I will be attached FD statements for the first (matured) and second (cancelled) FD. Would these documentations be sufficient to show that the money has been around for more than 6 months?

Additionally, my bank is strict with the reference letter format and they refuse to state that my FD can be withdrawn at any time. However, it is common practice in my country that all FDs can be withdrawn before maturity. How do I go about tackling this? Is including it in LOE enough?

 

[Mr_fabrizio]

I'm showing POF from both my savings account and FD (50% contribution each). I first placed money into FD in August 2018 and it matured in November 2019. It automatically rolled over into a new FD (also 15-month maturity) but I withdrew it and place it into a new FD in December 2019 due to better interest rate. I will be showing the statement for the current FD but since it's less than 6 months old, I will be attached FD statements for the first (matured) and second (cancelled) FD. Would these documentations be sufficient to show that the money has been around for more than 6 months?

Additionally, my bank is strict with the reference letter format and they refuse to state that my FD can be withdrawn at any time. However, it is common practice in my country that all FDs can be withdrawn before maturity. How do I go about tackling this? Is including it in LOE enough?

State everything in your LOE and ensure to submit in addition, your 6months statement of account from your savings account.

 

[canadaball]

State everything in your LOE and ensure to submit in addition, your 6months statement of account from your savings account.

Thank you. I've explained in my LOE and showed FD statements from my active FD and the matured one from August 2018. I've also attached saving accounts statements from April to mid-December.

 

[Mr_fabrizio]

Thank you. I've explained in my LOE and showed FD statements from my active FD and the matured one from August 2018. I've also attached saving accounts statements from April to mid-December.

Cool.you are good to go!

 

[Rajkamal666]

Hello Kindly provide me advice,

For Proof of Funds, i had recently created FD which is less than 2 months old. I will be submitting FD Original Receipt and Letter from Bank stating that amount can be liquidated at any time as required.

My question here is, Do I need to provide Source of Funds since the FD is less than 6 months old ?

If so a gift deed is to be provided ? or is it okay not to provide any source of Funds ?

 

[Mr_fabrizio]

Hello Kindly provide me advice,

For Proof of Funds, i had recently created FD which is less than 2 months old. I will be submitting FD Original Receipt and Letter from Bank stating that amount can be liquidated at any time as required.

My question here is, Do I need to provide Source of Funds since the FD is less than 6 months old ?

If so a gift deed is to be provided ? or is it okay not to provide any source of Funds ?

In my own personal experience,I used fixed deposits for my Pof and I submitted the following
1.FD Certificate
2.Letter from the bank stating that the funds are readily available and can be easily liquidated
3. 6months statement of account
4.Gift deed and affidavit from my mother and father
5.LOE explaining the source of my funds from my mother and father
P.S already received PPR and I did not receive any additional documents request for my POF.
Good luck!

 

[seadrag0n]

I will be showing FD's as POF which are more than 6 months old, do I need to show past 6 months statement also?

 

[Mr_fabrizio]

I will be showing FD's as POF which are more than 6 months old, do I need to show past 6 months statement also?

No need to show 6months statement since the FDs are more than 6months old

 

[Rajkamal666]

In my own personal experience,I used fixed deposits for my Pof and I submitted the following
1.FD Certificate
2.Letter from the bank stating that the funds are readily available and can be easily liquidated
3. 6months statement of account
4.Gift deed and affidavit from my mother and father
5.LOE explaining the source of my funds from my mother and father
P.S already received PPR and I did not receive any additional documents request for my POF.
Good luck!

Thankyou for the information.