POF Working in KSA and Savings in India

[metal]

Hi All,

Well, I have been through many posts buts I am still not sure what needs to be done regarding POF. I would appreciate if any one clarify my doubt and advice. I have a family of 3, therefore, I intend to show approximately 20,000 CAD at POF to be on a safer side. I live and work in KSA and get paid in local bank in Saudi Riyals here, but I remit all my savings to India in SBI account. Now due to some prior investments I had in India my saving accounts are 0 (zero) except for CAD 3500 FD on my name. Now that I am free, I wish to save.

• 
  Now my question is if I start saving money from now (from zero), up to 6 months, would that enough to provide all sufficient "6 months average"?
  Let's say every month I save CAD 3000 which adds up to CAD 18,000 (liquid cash) + CAD 3500 (FD) by end of 6 months.
  But then Average of 6 months (3000+6000+9000+1200+15000+18000)/6 = 10,500 CAD is it okay?
  OR
  Should I transfer some CAD 5000 initially by asking from my father, and save CAD 3000 every month and start calculating 6 months from the next month onwards to discard CAD 5k transferred earlier to avoid explanation
  
  
• 
  Another point, As I said I remit my savings from KSA to India, do I need to provide the remittance slips to provide it to VO to explain (in LOE) that my salary is being transferred from KSA bank to Indian bank every month and hence the balance increases every month by CAD 3000
  

Thank you

 

[kashjuni]

Hi All,

Well, I have been through many posts buts I am still not sure what needs to be done regarding POF. I would appreciate if any one clarify my doubt and advice. I have a family of 3, therefore, I intend to show approximately 20,000 CAD at POF to be on a safer side. I live and work in KSA and get paid in local bank in Saudi Riyals here, but I remit all my savings to India in SBI account. Now due to some prior investments I had in India my saving accounts are 0 (zero) except for CAD 3500 FD on my name. Now that I am free, I wish to save.

• 
  Now my question is if I start saving money from now (from zero), up to 6 months, would that enough to provide all sufficient "6 months average"?
  Let's say every month I save CAD 3000 which adds up to CAD 18,000 (liquid cash) + CAD 3500 (FD) by end of 6 months.
  But then Average of 6 months (3000+6000+9000+1200+15000+18000)/6 = 10,500 CAD is it okay?
  OR
  Should I transfer some CAD 5000 initially by asking from my father, and save CAD 3000 every month and start calculating 6 months from the next month onwards to discard CAD 5k transferred earlier to avoid explanation
  
  
• 
  Another point, As I said I remit my savings from KSA to India, do I need to provide the remittance slips to provide it to VO to explain (in LOE) that my salary is being transferred from KSA bank to Indian bank every month and hence the balance increases every month by CAD 3000

I would suggest to not remit any saving further since you would need a letter from bank on their letter-head detailing account balance, average of 6 months and all other details. It would be difficult for you to get this letter from India (considering you are based in Saudi). So save whatever in Saudi bank

[/list]

Thank you

 

[metal]

I can visit India or ask the joint Account holder to produce the Bank document for me from India. That should not be an issue. The reason I see India is better because they can produce the Bank letter with whatever details you require as per immigration requirements. In Saudi, it is difficult to get that.

In saudi, banks will only give you:
- 6 months of Statement with their stamp on letterhead
- with Applicants name
- contact info of bank

But they will *NOT* specify:
- the date each account was opened
- the average balance for the past six months
- No CoverLetter with my details, just the statements

*BUT* my first question still exists, is it okay where my bank balance opening balance will be 2 lakh in the first month and after six months it will reach 12 lakh INR, incremental every month (salary)