Proof Of Funds - Incase Savings account and Salary Accounts are different

[pratistha]

Hi, My husband and I (Primary Applicant) on a monthly basis transfer money from our respective salary accounts to a Joint Savings Account. While showing POF do I need to give detailed statement for both our salary accounts or only a bank certificate stating the balance of Savings account would suffice? Pls help.

 

[am102]

It's clearly indicated that you need to provide a bank certificate for every bank account you have. It should also clarify any liability you may have. If you just present the saving account details, how will they know where the money is from?

 

[mr.preetsingh]

Hi, My husband and I (Primary Applicant) on a monthly basis transfer money from our respective salary accounts to a Joint Savings Account. While showing POF do I need to give detailed statement for both our salary accounts or only a bank certificate stating the balance of Savings account would suffice? Pls help.

You can provide a bank certificate of your joint savings account. If the balance is more than 3 months old, then provide 3 months of statement. Do provide a consent from your wife that you can use all that money, if you are the primary applicant.

 

[santhkum90]

Hi, My husband and I (Primary Applicant) on a monthly basis transfer money from our respective salary accounts to a Joint Savings Account. While showing POF do I need to give detailed statement for both our salary accounts or only a bank certificate stating the balance of Savings account would suffice? Pls help.

You can provide only your joint savings account, if the money has been slowly incremented for the past six months. If there is a big jump in the balance, then you have to explain where it came from. Also for joint account, the PA should get a letter signed from the dependant that money can be used by PA. This is a necessity.

 

[parthpandya008]

You can provide a bank certificate of your joint savings account. If the balance is more than 3 months old, then provide 3 months of statement. Do provide a consent from your wife that you can use all that money, if you are the primary applicant.

I and my spouse is going to maintain a joint saving account for Canada PR proof of fund purpose. I'll transfer my FDs (gradually) and my salary (every month from salary account) to that joint account .

Will it create any issue in the future?

 

[parthpandya008]

You can provide only your joint savings account, if the money has been slowly incremented for the past six months. If there is a big jump in the balance, then you have to explain where it came from. Also for joint account, the PA should get a letter signed from the dependant that money can be used by PA. This is a necessity.

I and my spouse is going to maintain a joint saving account for Canada PR proof of fund purpose. I'll transfer my FDs (gradually) and my salary (every month from salary account) to that joint account .

Will it create any issue in the future?

 

[dotslash227]

I and my spouse is going to maintain a joint saving account for Canada PR proof of fund purpose. I'll transfer my FDs (gradually) and my salary (every month from salary account) to that joint account .

Will it create any issue in the future?

You can use your FD as POF, without even withdrawing it. Upload a bank letter confirming your FD along with the receipt of your FD as POF. Don't lose out on the interest you are getting from your FD.

Also, you can use your salary account too as an account for POF.

Also, funds in singly account (your's or your spouse's) can be used as POF for the couple, there is no need to open a separate joint account and create a long paper trail.

 

[mr.preetsingh]

I and my spouse is going to maintain a joint saving account for Canada PR proof of fund purpose. I'll transfer my FDs (gradually) and my salary (every month from salary account) to that joint account .

Will it create any issue in the future?

No Issues, but you should provide a consent letter once you file your PR application.

 

[parthpandya008]

No Issues, but you should provide a consent letter once you file your PR application.

Thanks for the reply.

what is the consent letter?

 

[parthpandya008]

You can use your FD as POF, without even withdrawing it. Upload a bank letter confirming your FD along with the receipt of your FD as POF. Don't lose out on the interest you are getting from your FD.

Also, you can use your salary account too as an account for POF.

Also, funds in singly account (your's or your spouse's) can be used as POF for the couple, there is no need to open a separate joint account and create a long paper trail.

Thanks for the details explanation.

My home town doesn't have the branch of my salary account bank, that's why I am thinking to maintain POF in another joint account.

As I don't need to break FD, Do I need to add my wife's name in the FDs? Can I show FDs from two different bank's account?

 

[dotslash227]

Thanks for the details explanation.

My home town doesn't have the branch of my salary account bank, that's why I am thinking to maintain POF in another joint account.

As I don't need to break FD, Do I need to add my wife's name in the FDs? Can I show FDs from two different bank's account?

No, you do not need to add your wife's name to your FD.
Yes, you can show FD's from two different bank accounts and/or banks.

 

[mr.preetsingh]

Thanks for the reply.

what is the consent letter?

A consent letter is required if you are showing Proof of Funds from dependent's or spouse's account.