Fixed Deposit as Proof of Funds

[eegalex]

Dear All,

I'm currently residing in the United Kingdom & my existing residence permit expires on May 2016, will be returning back to India. I found myself eligible for the Canadian FSW EE & have 461 points, thinking of creating an EE profile around March 2016 after collecting all the mandatory documents.

My query here is with regards to Proof of Funds. I'm planning to open few Fixed Deposits either with ICICI India or Kotak Mahindra Bank India for INR 8,00,000 by the beginning of March 2016 & also get a letter from the Bank Manager saying that I've got Fixed Deposit with their bank & it can be withdrawn & encashed whenever I prefer to do so.

Is this an acceptable way to fulfill the Proof of Funds requirements?

Thank you.

 

[Asivad Anac]

Only if you can conclusively prove that these aren't borrowed funds.

 

[eegalex]

Only if you can conclusively prove that these aren't borrowed funds.

Many thanks for the clarification Asivad Anac, I believe that shouldn't be an issue for me.

 

[Aspirant_CAN]

Asivad
How to prove that these are not borrowed ?
I mean if the FD is in my name , wat other prove do they need ?

 

[Asivad Anac]

Asivad
How to prove that these are not borrowed ?
I mean if the FD is in my name , wat other prove do they need ?

If the FD was created more than 6 months ago, nothing needed. If it was created within the last 6 months, you'll need to show source of funds.

 

[Aspirant_CAN]

Okay.
My dad gave the money to me.
So what will I need ?
A gift deed from my father letter ?

 

[Asivad Anac]

Okay.
My dad gave the money to me.
So what will I need ?
A gift deed from my father letter ?

A signed self-declaration from them would suffice.

 

[Aspirant_CAN]

Great Thank you Asivad ,
I made it in aug 15.
Under process fr oinp right nw.
By feb 6 months will b ovr.
If i submit appli to cic in mar aftr ita , 6 mnths will b ovr...shud I still need gift deed letter .
And the fd matures in aug 16.
What if cic is in last stages of processing my appli and fd expires .
Wat to do ?

 

[Asivad Anac]

Great Thank you Asivad ,
I made it in aug 15.
Under process fr oinp right nw.
By feb 6 months will b ovr.
If i submit appli to cic in mar aftr ita , 6 mnths will b ovr...shud I still need gift deed letter .
And the fd matures in aug 16.
What if cic is in last stages of processing my appli and fd expires .
Wat to do ?

Any funds older than 6 months at the time of submitting post ITA application doesn't require you to validate or provide source of funds. Fixed deposits do not expire - they do mature. Instruct your bank to extend the fixed deposit for another year whenever it matures.

 

[Aspirant_CAN]

Thank you dude !
Really appreciate your help

 

[knight17]

Can I show the fixed deposit as is (as proof of funds), or do I need to liquidate the FD into a savings account and then show the savings bank account statement?

Any funds older than 6 months at the time of submitting post ITA application doesn't require you to validate or provide source of funds. Fixed deposits do not expire - they do mature. Instruct your bank to extend the fixed deposit for another year whenever it matures.

 

[bestofluck]

Can I show the fixed deposit as is (as proof of funds), or do I need to liquidate the FD into a savings account and then show the savings bank account statement?

I just showed my FD receipts which has maturity of 2015-2020 along with bank statemet of 6 months. just 2 papers and all was fine.

 

[shashidhar_sm]

I just showed my FD receipts which has maturity of 2015-2020 along with bank statemet of 6 months. just 2 papers and all was fine.

Right, same here.

I sent in my FD receipts, bank statement and a letter from the bank stating I have an 'x' amount in my bank account, and that I have held an account in the bank since a certain number of years. Also got a line added in there to say I have full access to the money, anytime.

There was no need to send anything else.

However, if you are opening a new FD *now*, and this money has been somewhere else all along the past 6 months, you may have to send in the source of these funds - if you transferred this from a different account, or from your spouse's or this was the result of some recent sale, etc

Hope this helped.

 

[knight17]

Thank you for the response guys.

Can I show the fixed deposit as is (as proof of funds), or do I need to liquidate the FD into a savings account and then show the savings bank account statement?

Right, same here.

I sent in my FD receipts, bank statement and a letter from the bank stating I have an 'x' amount in my bank account, and that I have held an account in the bank since a certain number of years. Also got a line added in there to say I have full access to the money, anytime.

There was no need to send anything else.

However, if you are opening a new FD *now*, and this money has been somewhere else all along the past 6 months, you may have to send in the source of these funds - if you transferred this from a different account, or from your spouse's or this was the result of some recent sale, etc

Hope this helped.

1. Do we need to get a statement from the bank regarding the FD? I'm thinking about something along the lines that the FD can be liquidated at any time as required, there is no delay for liquidation of the FD as FD may be an instrument unfamiliar to the officer (different name for financial products in different markets), or just the savings account.

2. I'm thinking about putting the the funds I get via gift deed in an FD (started < 6 months). Would that be okay?

 

[Wolverine17]

Dear All,

I'm currently residing in the United Kingdom & my existing residence permit expires on May 2016, will be returning back to India. I found myself eligible for the Canadian FSW EE & have 461 points, thinking of creating an EE profile around March 2016 after collecting all the mandatory documents.

My query here is with regards to Proof of Funds. I'm planning to open few Fixed Deposits either with ICICI India or Kotak Mahindra Bank India for INR 8,00,000 by the beginning of March 2016 & also get a letter from the Bank Manager saying that I've got Fixed Deposit with their bank & it can be withdrawn & encashed whenever I prefer to do so.

Is this an acceptable way to fulfill the Proof of Funds requirements?

Thank you.

May i ask how come its a fixed deposit and still you are able to withdraw at anytime?thanks