A complete way to nail 'Source of fund' dilemma!

[subramani_vs]

Hello Friends,

Have gone through this thread, and is very informative. Just want to check, if any forum member is from Mumbai and has done Gift Deed, Affidavits, and Net worth Certificates in Mumbai? Would like to know where/how to get done etc, if references of any CAs or lawyers I may get please.

Looking for some leads please. Thanks in advance.

Just check with your friends and relatives and someone will know them at least indirectly. This is how I approached. For affidavit it should not cost more than 250-300 and net worth certificate 2000 is the max.

 

[fabricland]

Guys. Ur suggestion required. M planning to apply for sinp oid for which minimum requirement of funds is for three months time period. M showing all my pof as in savings bank account. In this case what shud be the pof. Does online detailed transaction of last three months will suffice . shud i get all these pages signed/stamped from bank or just send the online thing. Secondly. I got my funds from my father three months back. now as these are already three months old do I need to show any loe or gift deed docs. Thanks in advance.

 

[epb989]

anujgupta84, what if I have close to $10-11 K already in my account for the past 3-4 yrs as FD and I am using the savings account under the same Id for purchases online and other expenses.

My question is can I fill the remaining 5K in the savings and go ahead? What documents do I need in this case.

 

[Stanlee]

anujgupta84, what if I have close to $10-11 K already in my account for the past 3-4 yrs as FD and I am using the savings account under the same Id for purchases online and other expenses.

My question is can I fill the remaining 5K in the savings and go ahead? What documents do I need in this case.

If the account is in your name, you would need 6 months bank statement for the account you are referring to. For the FDs you will need the FD receipts along with a letter from your bank stating the details of the acount(s) held with the bank, including the balance. For the 5K that you are referring to, are you going to borrow it from someone?

 

[epb989]

If the account is in your name, you would need 6 months bank statement for the account you are referring to. For the FDs you will need the FD receipts along with a letter from your bank stating the details of the acount(s) held with the bank, including the balance. For the 5K that you are referring to, are you going to borrow it from someone?

Yes Stanlee, the FD is in my name as is for 1 year and got renewed this April 2015 (Been in the same account for 2 terms of 1 year each prior to this renewal) and would have around 11K in maturity this May2016. The FD doesn't have a statement, it has a summary report showing the FD amount, interest rate, amount upon maturity, maturity date and start date.
What are FD receipts? If its the receipt I get from my bank at the time of opening FD, then I dont have them now . Getting a letter from bank mentioning accounts and other details is pretty straightforward and could be done.

the rest close to 5K $ is from my personal savings. How shall i show proof for this :O !!!

Should I show source of funds for both 11K and 5K?

 

[Stanlee]

Yes Stanlee, the FD is in my name as is for 1 year and got renewed this April 2015 (Been in the same account for 2 terms of 1 year each prior to this renewal) and would have around 11K in maturity this May2016. The FD doesn't have a statement, it has a summary report showing the FD amount, interest rate, amount upon maturity, maturity date and start date. - No FD will not have a statement. I was referring to savings account statement (if any)

What are FD receipts? If its the receipt I get from my bank at the time of opening FD, then I dont have them now . - FD Receipts and FD Summary are the same as long as it has your name and other details mentioned by you above.

Getting a letter from bank mentioning accounts and other details is pretty straightforward and could be done. - Let me know if you need the format for the same, I can share the one that I used.

the rest close to 5K $ is from my personal savings. How shall i show proof for this :O !!! - If it is in your name for the past 6 months, then you do not have to show the source of funds. May I ask, in what form have you maintained these funds? The reason why I am asking is that, if these funds are in mutual funds, LIC, ULIP, stocks etc, you will not be able to show them as proof of funds. If it is in savings account, RD, Post Office Deposits etc, you can show them as proof of funds.

Should I show source of funds for both 11K and 5K? - If it is in your name for the past 6 months, then you do not have to show the source of funds.

 

[epb989]

Thanks a lot Stanlee for your response, but this conversation is actually raising many more questions in my head

You had mentioned 6 months, 6 months at the time of receiving ITA / 6 months when applying / 6 months at the time of landing? I am confused.
This is significant as the FD gets matured in May 2016, after which the FD gets renewed for next 1 year, then the FD summary starts showing deposit date as April 2016-May 2017. I hope you get the drift.

I was in Australia for over a year and have accumulated some money in my savings account there (i am currently in India and applying from here). Can i use this amount as funds (this is a savings acc, and funds are in this the acc for over 6 months with regular transactions happening.)

Kindly clarify these too .
I really appreciate the time and effort you are putting to answer this. Appreciate that !!

 

[Stanlee]

Thanks a lot Stanlee for your response, but this conversation is actually raising many more questions in my head

You had mentioned 6 months, 6 months at the time of receiving ITA / 6 months when applying / 6 months at the time of landing? I am confused.
This is significant as the FD gets matured in May 2016, after which the FD gets renewed for next 1 year, then the FD summary starts showing deposit date as April 2016-May 2017. I hope you get the drift. - You can count 6 months backward from the month/time you apply and submit the documents. If the same FDs are getting renewed, you can have the old statements as well to show that the FDs are not created now, but was invested for some time and now you have renewed it.

I was in Australia for over a year and have accumulated some money in my savings account there (i am currently in India and applying from here). Can i use this amount as funds (this is a savings acc, and funds are in this the acc for over 6 months with regular transactions happening.) - Yes, you can use the account statements and a letter from the bank stating the details of the account(s) held by you with the bank.

Kindly clarify these too .
I really appreciate the time and effort you are putting to answer this. Appreciate that !!

 

[epb989]

Woow !! That clears a lot of things. you made my day

Can you post the sample format of letter from bank as well, i shall use a similar format and get it issued by the bank.

Cheers !! +1

 

[Stanlee]

Woow !! That clears a lot of things. you made my day

Can you post the sample format of letter from bank as well, i shall use a similar format and get it issued by the bank.

Cheers !! +1

You can modify the below format to suit your requirement. You can get the following on bank letter head.

TO WHOM IT MAY CONCERN​

Date: ____________


This is to certify that ____________(Full Name) with PAN ____________ is an accountholder of this bank since _______(Date). He is maintaining a Savings account and multiple Term Deposit accounts with this bank. The details of each of his account as of _______(Date) are given below.

Account Account Number Current Balance (in INR) Value in CAD*


TOTAL(A) =

Deposit Account Account Number Current Balance (in INR) Value in CAD*


TOTAL(B) =

GRAND TOTAL (A+B) = _______________ (both INR and CAD value)

INR – Indian Rupees, CAD – Canadian Dollar (*1 CAD = 50 INR as on ______(Date)).

For detailed information on each of these accounts, please refer to the Monthly Statements and Deposit Advices/FD Receipts.


Sincerely,


<Signature of the Branch Manager <Bank Seal/ Stamp>
<Name of the Branch Manager>
<Designation>

 

[kpangalopes]

quick question

If I claim that i have 0 funds. That is fine right? under CEC

Thanks

 

[Stanlee]

quick question

If I claim that i have 0 funds. That is fine right? under CEC

Thanks

Unless you are currently authorized to work in Canada and have a valid job offer from an employer in Canada, or you have been invited to apply under the Canadian Experience Class, you must show that you have enough money to support yourself and your family after you get to Canada.

 

[kpangalopes]

Unless you are currently authorized to work in Canada and have a valid job offer from an employer in Canada, or you have been invited to apply under the Canadian Experience Class, you must show that you have enough money to support yourself and your family after you get to Canada.

Thank You.

 

[fabricland]

Guys. Ur suggestion required. M planning to apply for sinp oid for which minimum requirement of funds is for three months time period. M showing all my pof as in savings bank account. In this case what shud be the pof. Does online detailed transaction of last three months will suffice . shud i get all these pages signed/stamped from bank or just send the online thing. Secondly. I got my funds from my father three months back. now as these are already three months old do I need to show any loe or gift deed docs. Thanks in advance.

 

[shibdutta]

Guys. Ur suggestion required. M planning to apply for sinp oid for which minimum requirement of funds is for three months time period. M showing all my pof as in savings bank account. In this case what shud be the pof. Does online detailed transaction of last three months will suffice . shud i get all these pages signed/stamped from bank or just send the online thing. Secondly. I got my funds from my father three months back. now as these are already three months old do I need to show any loe or gift deed docs. Thanks in advance.

better to get a stampped document from Bank with date on it. it has to be recent.
if your bank account shows all money coming from outside in very short period of time, then better you get a gift from your father document. as I believe they will need 6 months statement.