Funds in Foreign Bank

[arjun279]

Hi Guys,

I am not sure if it sounds weird. I used to live in US. I came back to India in 2015, but I retained the US bank account and some accountable funds in the account. Since it would attract income tax and other Forex fees, I just retained the account in US thinking I would need it if I return to US anytime in future.

My question is that can I show these funds in Dollars towards proving my financial support for my PR. The address in the statement would be different than where I reside now. However, the address on the statement is my sister's residence in USA. Will it be accountable if I get a bank letter stating my Passport/SSN number on it? I do not think the bank official would show converted currency on the letter.

Could you please clarify me how to account these funds. My hopes are completely relying on these funds only.

Please help.

 

[Stanlee]

Hi Guys,

I am not sure if it sounds weird. I used to live in US. I came back to India in 2015, but I retained the US bank account and some accountable funds in the account. Since it would attract income tax and other Forex fees, I just retained the account in US thinking I would need it if I return to US anytime in future.

My question is that can I show these funds in Dollars towards proving my financial support for my PR. The address in the statement would be different than where I reside now. However, the address on the statement is my sister's residence in USA. Will it be accountable if I get a bank letter stating my Passport/SSN number on it? I do not think the bank official would show converted currency on the letter.

Could you please clarify me how to account these funds. My hopes are completely relying on these funds only.

Please help.

As long as the funds are in your name, you can show it as POF. You will need letter from your bank and/or 6 months bank statements signed and stamped by the bank.

 

[arjun279]

thank you. That clarifies my question.

 

[krugger2009]

Hi Guys,

I am not sure if it sounds weird. I used to live in US. I came back to India in 2015, but I retained the US bank account and some accountable funds in the account. Since it would attract income tax and other Forex fees, I just retained the account in US thinking I would need it if I return to US anytime in future.

My question is that can I show these funds in Dollars towards proving my financial support for my PR. The address in the statement would be different than where I reside now. However, the address on the statement is my sister's residence in USA. Will it be accountable if I get a bank letter stating my Passport/SSN number on it? I do not think the bank official would show converted currency on the letter.

Could you please clarify me how to account these funds. My hopes are completely relying on these funds only.

Please help.

Hi Arjun,
I'm in similar situation. Recently moved back from US to India 3 months ago. I retained my bank account and obtained bank letters before I left US in person from the bank.
I got the PR invite now and my concern is if I submit my bank letters from 3 months back as a proof of fund would it be an issue in approval or were you able to get a bank letter or signed statement without visiting the bank by requesting over the phone.

Please clarify/suggest. Thanks much.

 

[cc31]

Hi Arjun,
I'm in similar situation. Recently moved back from US to India 3 months ago. I retained my bank account and obtained bank letters before I left US in person from the bank.
I got the PR invite now and my concern is if I submit my bank letters from 3 months back as a proof of fund would it be an issue in approval or were you able to get a bank letter or signed statement without visiting the bank by requesting over the phone.

Please clarify/suggest. Thanks much.

3 months old bank letter won't work. I don't know the source but the word around is that it should be dated within at least 2 weeks prior when submitting to be safe.

 

[mgnlky]

Hi Arjun,
I'm in similar situation. Recently moved back from US to India 3 months ago. I retained my bank account and obtained bank letters before I left US in person from the bank.
I got the PR invite now and my concern is if I submit my bank letters from 3 months back as a proof of fund would it be an issue in approval or were you able to get a bank letter or signed statement without visiting the bank by requesting over the phone.

Please clarify/suggest. Thanks much.

Use the bank letters, but also supplement them with the last 3-4 months bank statements. I used a letter that was 2-3 months old & included the bank statement and picture of the account with the date on it, and had no issues.

 

[krugger2009]

Use the bank letters, but also supplement them with the last 3-4 months bank statements. I used a letter that was 2-3 months old & included the bank statement and picture of the account with the date on it, and had no issues.

Thank you.
Tried the route of getting latest bank letter via phone. Bofa was helpful and is sending me a new bank letter. But Chase told me to check with bank branch if that's possible. Also, it seems they give only 12 month average and not a six month average(. Will use your solutions if that doesn't work out.