Using Fixed Deposit as POF

[canadaball]

I'm showing POF from both my savings account and FD (50% contribution each). I first placed money into FD in August 2018 and it matured in November 2019. It automatically rolled over into a new FD (also 15-month maturity) but I withdrew it and place it into a new FD in December 2019 due to better interest rate. I will be showing the statement for the current FD but since it's less than 6 months old, I will be attached FD statements for the first (matured) and second (cancelled) FD. Would these documentations be sufficient to show that the money has been around for more than 6 months?

Additionally, my bank is strict with the reference letter format and they refuse to state that my FD can be withdrawn at any time. However, it is common practice in my country that all FDs can be withdrawn before maturity. How do I go about tackling this? Is including it in LOE enough?

 

[babsizkil]

I'm showing POF from both my savings account and FD (50% contribution each). I first placed money into FD in August 2018 and it matured in November 2019. It automatically rolled over into a new FD (also 15-month maturity) but I withdrew it and place it into a new FD in December 2019 due to better interest rate. I will be showing the statement for the current FD but since it's less than 6 months old, I will be attached FD statements for the first (matured) and second (cancelled) FD. Would these documentations be sufficient to show that the money has been around for more than 6 months?

Additionally, my bank is strict with the reference letter format and they refuse to state that my FD can be withdrawn at any time. However, it is common practice in my country that all FDs can be withdrawn before maturity. How do I go about tackling this? Is including it in LOE enough?

Depending on what category of immigration streams you're applying for. If your savings account is well maintained i.e inflow, outflow and accumulated funds, the FD will just be an add-on. Then, a LOE will be enough. For some country, 4 months statement of account is fine. I don't know whether that is applicable in your case. Since I don't know your nationality or country where you'll be applying from.

 

[canadaball]

Depending on what category of immigration streams you're applying for. If your savings account is well maintained i.e inflow, outflow and accumulated funds, the FD will just be an add-on. Then, a LOE will be enough. For some country, 4 months statement of account is fine. I don't know whether that is applicable in your case. Since I don't know your nationality or country where you'll be applying from.

I'm applying from Malaysia. What do you mean by FD being an add-on? My savings account alone isn't enough to meet the minimum funds, neither does my FD. That's why it's necessary for me to I show both.

 

[babsizkil]

I'm applying from Malaysia. What do you mean by FD being an add-on? My savings account alone isn't enough to meet the minimum funds, neither does my FD. That's why it's necessary for me to I show both.

Now I understand. By add-on I mean if your savings account is enough. Your FD will be additional. If you have a spouse. His/Her deposit book(s) that show accumulated savings can be combined with yours as applicant. And don't forget to include letter of employment or employment book for both, if applicable. Alternatively, any of the following evidence may serve as PF/PFS:
i) cash, certified cheque, bank draft or money order in an amount large enough to cover all reasonable expenses to be incurred during the stay in Canada
ii) verbal or written statements, which can be confirmed, that satisfy an officer that sufficient financial support from friends and/or family is available and has been arranged to adequately cover all reasonable expenses to be incurred during the stay in Canada.

 

[Leemosl]

I'm showing POF from both my savings account and FD (50% contribution each). I first placed money into FD in August 2018 and it matured in November 2019. It automatically rolled over into a new FD (also 15-month maturity) but I withdrew it and place it into a new FD in December 2019 due to better interest rate. I will be showing the statement for the current FD but since it's less than 6 months old, I will be attached FD statements for the first (matured) and second (cancelled) FD. Would these documentations be sufficient to show that the money has been around for more than 6 months?

Additionally, my bank is strict with the reference letter format and they refuse to state that my FD can be withdrawn at any time. However, it is common practice in my country that all FDs can be withdrawn before maturity. How do I go about tackling this? Is including it in LOE enough?

Hi
Did this work out for you? I also have the same issue. After maturing some fixed deposits were transferred back to my savings account and I have created new fixes deposits with that money. This has happened within 6 months so the available fixed deposits are less than 6 months old.
Additionally do they cross check our income vs the total balance we have ? I have some money I have recieved after selling a land my father got me (this happened before 6 months) which is more than I could have collected from my salary money.

 

[canadaball]

Hi
Did this work out for you? I also have the same issue. After maturing some fixed deposits were transferred back to my savings account and I have created new fixes deposits with that money. This has happened within 6 months so the available fixed deposits are less than 6 months old.
Additionally do they cross check our income vs the total balance we have ? I have some money I have recieved after selling a land my father got me (this happened before 6 months) which is more than I could have collected from my salary money.

I have not received my PR yet but as per my GCMS notes, my POF was accepted as my eligibility has passed.

I'm not sure about your second query. Sorry.