Proof of funds

[sachin9697]

Hi Guys,

I am from India and I have Tax saver FD's (investments under income tax section 80C in india) which have a lock-in period of 5 years, which means that they cannot be withdrawn before maturity.
Can I use these Tax saver FD's as Proof of funds?

Has anyone used them as a proof of funds and gone through with it successfully?

Please help.

Thanks,
Sachin

 

[puzokumar]

Hi Guys,

I am from India and I have Tax saver FD's (investments under income tax section 80C in India) which have a lock-in period of 5 years, which means that they cannot be withdrawn before maturity.
Can I use these Tax saver FD's as Proof of funds?

Has anyone used them as proof of funds and gone through with it successfully?

Please help.

Thanks,
Sachin

You cannot use TAX saver FD's as proof of funds because these have a lock-in period and the sum of FD isn't technically highly liquid.
what I mean by that is the money you need to survive in Canada cannot be locked up. it has to be free of debts.

Has anyone used them as proof of funds and gone through with it successfully? - most likely no one but I will wait for others to respond.

 

[sachin9697]

Thanks a lot for clearing my doubt. Although, i have read Provident fund can be used, but not Tax saver FD as they have a lock-in period.

 

[puzokumar]

Thanks a lot for clearing my doubt. Although, I have read Provident fund can be used, but not Tax saver FD as they have a lock-in period.

Yes, Provident fund can be used if supported with a statement attested by the Assistant EPFO officer.
PPF Cannot be used
Tax saver FD's cannot be used