Letter for Proof of funds

[asthag]

Hey!

I have 4 bank accounts with different amounts in them.
1) SBI - PPF account
2) PNB - use it for investing in mutual funds
3) CITI - current salary account
4) HDFC - old salary account

Every month, I transfer major portion of my salary from CITI to PNB account for investment. If I just see the balance of last 6 months, then none of my accounts will have the required balance as everything was in mutual funds.
For POF, I removed my money from mutual funds last month and got it in my PNB account. Then I transferred the money from PNB account to my HDFC account and created FDs which will be expiring next year.
To be on the safe side,
1) I am planning to submit the account statement of last 6 months of all the four banks which I can easily download online. Is it a problem because none of them will show balance (money was in MF)?
2) Do I need to get these statements stamped and signed from the respective banks?
3) How do I get the statement of money in mutual funds? Is there any way to prove that my money was invested in Mutual Funds all the time?
4) In Bank Letter, should I request the bank to just mention the final amount I have in account right now or should I request them to give monthly breakup?

I really appreciate your time you took out for reading this. I hope someone else also gets benefited from this query.

 

[melmathews]

Hey!

I have 4 bank accounts with different amounts in them.
1) SBI - PPF account
2) PNB - use it for investing in mutual funds
3) CITI - current salary account
4) HDFC - old salary account

Every month, I transfer major portion of my salary from CITI to PNB account for investment. If I just see the balance of last 6 months, then none of my accounts will have the required balance as everything was in mutual funds.
For POF, I removed my money from mutual funds last month and got it in my PNB account. Then I transferred the money from PNB account to my HDFC account and created FDs which will be expiring next year.
To be on the safe side,
1) I am planning to submit the account statement of last 6 months of all the four banks which I can easily download online. Is it a problem because none of them will show balance (money was in MF)?
2) Do I need to get these statements stamped and signed from the respective banks?
3) How do I get the statement of money in mutual funds? Is there any way to prove that my money was invested in Mutual Funds all the time?
4) In Bank Letter, should I request the bank to just mention the final amount I have in account right now or should I request them to give monthly breakup?

I really appreciate your time you took out for reading this. I hope someone else also gets benefited from this query.

Hi,

I have been through a similar situation a few months back, and here's what I'd suggest..

1. Get 6 months statements stamped and signed (not just an online download) from HDFC, PNB and CITI. Also, ask each bank to give you a letter stating the balance on date. The HDFC letter should show both SB balance and FD balance.I'd suggest you keep the SBI PPF account out of this.

2. For the MF withdrawals, request the respective fund house to issue you a signed and stamped statement. (1 for each Folio withdrawn - HDFC and reliance did this for me).This will show the value of funds invested over time, as well as the value withdrawn.

3. Write a LoE prepare a table showing the cumulative of SB balance and FD balances. Also briefly explain how you've regularly invested in MFs and have withdrawn the amount, now, to meet the PoF requirement. Include MF withdrawal statements as an annexure to the LoE proving the funds came from your own savings.

4. Include scans for all bank letters,FD certificates, 6 month statements and a brief summary of funds in PoF section.

Seems a little long, but it worked for me.. AOR 1st May, PPR 21st July. All the best to you too!

 

[asthag]

For the MF withdrawals, request the respective fund house to issue you a signed and stamped statement.

Thanks a lot! After your answer I shortlisted the people I need to contact. I also sold some shares to get the money. So, should I take a letter from the broker who sold the shares on my behalf (and transferred me the money)? If not, who should I contact for shares proof of funds?

If it's not too much to ask, can you please share the format of bank letters and LoE, or any other letters if you wrote?

 

[melmathews]

Thanks a lot! After your answer I shortlisted the people I need to contact. I also sold some shares to get the money. So, should I take a letter from the broker who sold the shares on my behalf (and transferred me the money)? If not, who should I contact for shares proof of funds?

If it's not too much to ask, can you please share the format of bank letters and LoE, or any other letters if you wrote?

Hi Asthag, id suggest you ask the broker can provide you the transaction slip showing the sale along with the date and amount and get a stamp on it. Also, you could explain the corresponding funds inflow as proceeds from the sale..Pls note however, i haven't used sale proceeds of shares as part of my PoF, only MF sale proceeds..

PM me your email ID..I'll share the details with you..Hope it helps!

All the best!

 

[asthag]

Hi Asthag, id suggest you ask the broker can provide you the transaction slip showing the sale along with the date and amount and get a stamp on it. Also, you could explain the corresponding funds inflow as proceeds from the sale..Pls note however, i haven't used sale proceeds of shares as part of my PoF, only MF sale proceeds..

PM me your email ID..I'll share the details with you..Hope it helps!

All the best!

That makes sense. I will request him to send me the details.

 

[zames001]

Hi,

I have been through a similar situation a few months back, and here's what I'd suggest..

1. Get 6 months statements stamped and signed (not just an online download) from HDFC, PNB and CITI. Also, ask each bank to give you a letter stating the balance on date. The HDFC letter should show both SB balance and FD balance.I'd suggest you keep the SBI PPF account out of this.

2. For the MF withdrawals, request the respective fund house to issue you a signed and stamped statement. (1 for each Folio withdrawn - HDFC and reliance did this for me).This will show the value of funds invested over time, as well as the value withdrawn.

3. Write a LoE prepare a table showing the cumulative of SB balance and FD balances. Also briefly explain how you've regularly invested in MFs and have withdrawn the amount, now, to meet the PoF requirement. Include MF withdrawal statements as an annexure to the LoE proving the funds came from your own savings.

4. Include scans for all bank letters,FD certificates, 6 month statements and a brief summary of funds in PoF section.

Seems a little long, but it worked for me.. AOR 1st May, PPR 21st July. All the best to you too!

Dear Melmathews,

I asked my MF customer care for statements and they sent the same page which one can get online. It has the current value of the fund and all. I'm wondering if the statement needs to show the nav history for last 6 months or something. and it must be attested and signed.

Could you please assist me with two things:

1. How to request the statement? email to customer care, call customer care, or visit their office.
2. If possible, please share an image of the statement you got from them. I would like to see what information is included.

I would greatly appreciate a quick response. Thanks very much.

My email is rahul.dropbox@gmail.com

 

[heynow]

Hey!

I have 4 bank accounts with different amounts in them.
1) SBI - PPF account
2) PNB - use it for investing in mutual funds
3) CITI - current salary account
4) HDFC - old salary account

Every month, I transfer major portion of my salary from CITI to PNB account for investment. If I just see the balance of last 6 months, then none of my accounts will have the required balance as everything was in mutual funds.
For POF, I removed my money from mutual funds last month and got it in my PNB account. Then I transferred the money from PNB account to my HDFC account and created FDs which will be expiring next year.
To be on the safe side,
1) I am planning to submit the account statement of last 6 months of all the four banks which I can easily download online. Is it a problem because none of them will show balance (money was in MF)?
2) Do I need to get these statements stamped and signed from the respective banks?
3) How do I get the statement of money in mutual funds? Is there any way to prove that my money was invested in Mutual Funds all the time?
4) In Bank Letter, should I request the bank to just mention the final amount I have in account right now or should I request them to give monthly breakup?

I really appreciate your time you took out for reading this. I hope someone else also gets benefited from this query.

Consolidated all of these into a bank account and show the statement from there. Dont assume that the immigration officer looking into your case has financial knowledge of your country's banking/investment statement. Make it as simple to understand as possible. This may help your timeline as well. Cheers!