REGARDING FIXED DEPOSITS AS POF FOR EXPRESS ENTRY

[Satpal]

Hi Seniors,

I Would like to know, Currently i have some fixed deposits in two banks from past 2 years, as they are on my father name. so he would like to transfer it to my name.

Should I transfer it to my name OR it can be used as it is with supporting letter from my father.?

Can i use this fixed deposits instantly as POF or should i wait until 6 months to be completed with self FD Holder..?

As i will be creating an EE profile as of 01 MAY 2017 with all supporting documents ( WES report, IELTS, POF etc. )


Thanks in advance

 

[sushsmart15]

FD in your father's name will not work.
You must get the required amount transfered in your bank account and you can open a new FD for that amount.
Also, you must obtain a gift deed signed by your father stating that this amount is a gift to you and need not be returned.

There is no need to wait 6 months. As long as you are able to show the source of money to IRCC, it is not mandatory to have the money in your account for 6 months. Of course, for POF you need to submit 6 months bank statements. But it has got nothing to do with the source of your funds.

 

[xpressentry]

FD in your name are yours. FD in your fathers name belong to your father. You would need a gift deed from your father.

 

[Satpal]

Thanks for Quick response ( Sushsmart & xpressentry )

Is GIFT DEED will be a good option as POF ..?? OR is it better to transfer it on my name ..?

with Fixed deposits certificates do an additional Six Bank Statements will be also required..?

I do have additional saving acccount BUT i very rarely use them. ( Except Salary Account )

Thanks Once Again in Advance.

 

[sushsmart15]

Thanks for Quick response ( Sushsmart & xpressentry )

Is GIFT DEED will be a good option as POF ..?? OR is it better to transfer it on my name ..?

with Fixed deposits certificates do an additional Six Bank Statements will be also required..?

I do have additional saving acccount BUT i very rarely use them. ( Except Salary Account )

Thanks Once Again in Advance.

You MUST transfer the money in your own bank account and MUST attach the gift deed from your father. You MUST submit 6 months bank statements as well. I hope you get it now.

 

[Maverick28]

Thanks for Quick response ( Sushsmart & xpressentry )

Is GIFT DEED will be a good option as POF ..?? OR is it better to transfer it on my name ..?

with Fixed deposits certificates do an additional Six Bank Statements will be also required..?

I do have additional saving acccount BUT i very rarely use them. ( Except Salary Account )

Thanks Once Again in Advance.

Gift deed will be to support the sudden deposit of huge amount in your account or making a new FD with the above amount.

In short, FD (with full required amount) + gift deed will be sufficient. But the new FD should be in your name.

If your FD is not going to cover the whole amount required, then you need to attach a bank letter and bank statements for your saving account.

 

[Satpal]

Thanks everyone for reply.

So finally POF actual documents need to be submitted will be as follows :

TWO Fixed Deposits certificates from different two Banks equivalent to 10.000 CAD ( self owner )
6 months Bank statements for 5500 CAD ( savings account )

Correct me if i am wrong...

Thanks