Does it compulsory to keep POF for 6 months?

[SandeepShetty18]

Hello Folks,

I have used some of my POF now i am short of 2k which I will add them in 2 months but I just wanted to ask this question is it compulsory to keep POF for 6 months? Please let me know

 

[dankboi]

Hello Folks,

I have used some of my POF now i am short of 2k which I will add them in 2 months but I just wanted to ask this question is it compulsory to keep POF for 6 months? Please let me know

Recency of transactions is not a problem. But after submission of the application (AOR) it is recommended to maintain the deposit (compensating the currency exchange fluctuations) as it is till the last stage of PR which is landing.

 

[SandeepShetty18]

Recency of transactions is not a problem. But after submission of the application (AOR) it is recommended to maintain the deposit (compensating the currency exchange fluctuations) as it is till the last stage of PR which is landing.

I am in a pool right now i haven't received NOI or ITA anything but I'm short of POF which will be added within 2 months so in that time line if I RECEIVE NOI or ITA so it won't be a problem right like I can get that remaining amount in 2 months

 

[Bacelor]

Hello Folks,

I have used some of my POF now i am short of 2k which I will add them in 2 months but I just wanted to ask this question is it compulsory to keep POF for 6 months? Please let me know

What stream you are targeting?

 

[Hchadda]

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html

For proof, you must get official letters from any banks or financial institutions where you’re keeping money

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account, the
  • account numbers
  • date each account was opened
  • current balance of each account
  • average balance for the past 6 months

Is the above a requirement for when you are submitting your application or will you have to show your 6 month balance upon landing as well?

 

[dankboi]

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html

For proof, you must get official letters from any banks or financial institutions where you’re keeping money

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account, the
  • account numbers
  • date each account was opened
  • current balance of each account
  • average balance for the past 6 months

Is the above a requirement for when you are submitting your application or will you have to show your 6 month balance upon landing as well?

• include, for each current bank and investment account, the
  • account numbers
  • date each account was opened
  • current balance of each account
  • average balance for the past 6 months

For Fixed Deposits. from many countries, there is no average balance. The deposit is done for a particular period of time, for instance 3m . 6m. 1 & 5 years. The depositor has only 2 choices available, either close the Fixed deposit to pull the whole amount or keep it till it reaches maturity and when it reaches maturity the depositor can extend it.

Fixed Deposits has

• an account number
• date opened / Maturity date
• Interest
• Maturity Amount

 

[Hchadda]

• include, for each current bank and investment account, the
  • account numbers
  • date each account was opened
  • current balance of each account
  • average balance for the past 6 months

For Fixed Deposits. from many countries, there is no average balance. The deposit is done for a particular period of time, for instance 3m . 6m. 1 & 5 years. The depositor has only 2 choices available, either close the Fixed deposit to pull the whole amount or keep it till it reaches maturity and when it reaches maturity the depositor can extend it.

Fixed Deposits has

• an account number
• date opened / Maturity date
• Interest
• Maturity Amount

So upon landing, as long as i have the minimum amount of CAD$13,000 i should be ok right? I won't need to show an avg 6mth bal of my bank account?

 

[dankboi]

So upon landing, as long as i have the minimum amount of CAD$13,000 i should be ok right? I won't need to show an avg 6mth bal of my bank account?

So upon landing, as long as i have the minimum amount of CAD$13,000 i should be ok right? - It is recommended not to use the Funds after submitting the application and to be on the safe side it's better to consider the currency fluctuation.

I won't need to show an avg 6mth bal of my bank account? - depends on the type of account where your POF is deposited and the banking system of your country.

OP didn't get an ITA so it's not an issue.

The average 6 month balance is only available on Savings / Current / checking / Investment accounts.
For instance some countries like UK, Some EU countries / India / Eastern Asia , The Fixed term deposits won't have transactions, so obviously there is no transaction statement or average balance of the account.
so even if you want to show an average balance you can request the bank a separate letter indicating it, yet the average balance will be the same amount you deposited in the beginning. This is why it is called FIXED DEPOSIT cause it's fixed. Average happens when there is variation in the amount over the duration and there will be only one transaction with fixed deposits which is closing the fixed deposit on maturity