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POF - Etrade or Bank Account

J

Jaywalker

Hero Member
May 8, 2018
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I need urgent help.

I am a non resident Indian and I park my money either in FD's in India or invest in equities in US or in my Etrade account.

I have Bank account in India (NRE/NRO) with Citibank. I called them and they are willing to issue me a letter stating the account balance along with monthly balance etc. But it will not have any sign/stamp and name of official. They will only issue a computerized letter and it will be on citibank letter head and will have email and contact information. I checked on CIC website and they also nowhere mentions that the sign and stamp is mandatory. However on this forum I have seen many times people mentioning that stamp and sign is an absolute must. Can some of the experts please confirm?

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/become-candidate/eligibility/proof-funds.html

The second option is to use etrade account. My company award me RSU (Restricted stock units) and I have more than sufficient money in the stocks. These stocks are of one of fortune 10 company and the stock's value wont change overnight. I have read on some threads that some people have used this option as well. This is the easiest for me to organize - can experts please advice if they have used etrade and it worked out well.

The third option for me is to organize my current bank account statement but it wont have a monthly balance of more than 20000 CAD as I move my monthly salary for investments out of my salary bank account.

The fourth option for me is to go back to India and visit Citibank branch and there they can issue a letter with bank manager signature and stamp. This is like the last resort and I would like to avoid this.

Please advice. Thanks
 
santhkum90

santhkum90

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Oct 17, 2017
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Canada
Category........
FSW
Visa Office......
Ottawa
NOC Code......
2133
App. Filed.......
15-09-2017
AOR Received.
15-09-2017
Passport Req..
16-10-2017
VISA ISSUED...
25-10-2017
LANDED..........
28-03-2018
Jaywalker said:
I need urgent help.

I am a non resident Indian and I park my money either in FD's in India or invest in equities in US or in my Etrade account.

I have Bank account in India (NRE/NRO) with Citibank. I called them and they are willing to issue me a letter stating the account balance along with monthly balance etc. But it will not have any sign/stamp and name of official. They will only issue a computerized letter and it will be on citibank letter head and will have email and contact information. I checked on CIC website and they also nowhere mentions that the sign and stamp is mandatory. However on this forum I have seen many times people mentioning that stamp and sign is an absolute must. Can some of the experts please confirm?

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/become-candidate/eligibility/proof-funds.html

The second option is to use etrade account. My company award me RSU (Restricted stock units) and I have more than sufficient money in the stocks. These stocks are of one of fortune 10 company and the stock's value wont change overnight. I have read on some threads that some people have used this option as well. This is the easiest for me to organize - can experts please advice if they have used etrade and it worked out well.

The third option for me is to organize my current bank account statement but it wont have a monthly balance of more than 20000 CAD as I move my monthly salary for investments out of my salary bank account.

The fourth option for me is to go back to India and visit Citibank branch and there they can issue a letter with bank manager signature and stamp. This is like the last resort and I would like to avoid this.

Please advice. Thanks
Click to expand...
The letter is what you get from the Bank in a letter head. There is no requirement for a stamp in that. The stamp that people talk about is if you get the separate account statement for the 6 months. If the bank can mention the average account balance in the letter itself, then the account statement is not needed.
 
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J

Jaywalker

Hero Member
May 8, 2018
637
323
santhkum90 said:
The letter is what you get from the Bank in a letter head. There is no requirement for a stamp in that. The stamp that people talk about is if you get the separate account statement for the 6 months. If the bank can mention the average account balance in the letter itself, then the account statement is not needed.
Click to expand...
Thanks - I am thinking of attaching the etrade account statement as well along with the Bank letter. Any idea if that is acceptable POF or not?
 
J

jkaur95

Star Member
Nov 19, 2018
54
9
Jaywalker said:
Thanks - I am thinking of attaching the etrade account statement as well along with the Bank letter. Any idea if that is acceptable POF or not?
Click to expand...
Hi, I am in same situation, currently working outside India. I have NRO account in India. Can I show pof in that account?
 
S

Shahanastar

Hero Member
Oct 25, 2018
858
549
Category........
FSW
jkaur95 said:
Thanks for replying. Will there be any problem to transfer that funds to Canada later? Actually I have converted my saving account to NRO account.
Click to expand...
Shouldn’t be a problem, though you should check once with your bank.
 
J

Jaywalker

Hero Member
May 8, 2018
637
323
I showed my NRE/NRO account and Etrade account as POF. I had more than sufficient money in NRE/NRO accounts and Etrade was not even required. In my GCMS notes I found out that the case analyst just considered the NRE/NRO account balance. It worked perfectly fine and I am a PR now.
 
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