Canada PR Proof Of Funds

[PRABEESHBALAN]

Hi Friends,

I am planning to apply for PR through Express Entry from India and I have few doubts about the “Proof Of Funds”.

Can I use the following as Proof Of fund?

- Public Provident Fund and Employee Provident Fund
- Post Office Recurring Deposit
- LIC
- FD (I have deposited this as a Tax Saver)

I have a Car loan. Do they deduct this loan amount from the total fund which I am going to produce for Proof Of Fund.

Please help!!

Thanks
Prabeesh

 

[nsbhullar]

Same Case with me also, Seniors please suggest.

 

[andy108]

You CAN NOT use providen fund (its pure indian type of pension fund)
You CAN NOT use life Insurance funds.

You can USE any savings or current acounts, as far as i can guess PORD and FD are these type of accounts.

Car Loan has no impact on POF.

 

[Stanlee]

Hi Friends,

I am planning to apply for PR through Express Entry from India and I have few doubts about the “Proof Of Funds”.

Can I use the following as Proof Of fund?

- Public Provident Fund and Employee Provident Fund
- Post Office Recurring Deposit
- LIC
- FD (I have deposited this as a Tax Saver)

I have a Car loan. Do they deduct this loan amount from the total fund which I am going to produce for Proof Of Fund.

Please help!!

Thanks
Prabeesh

You can use Post Office Recurring Deposit, FDs and balance in savings account (self, joint account etc) as proof of funds.

Employee Provident Fund may be considered as proof of funds as you can withdraw the whole amount after you have resigned and you will get the proceeds credited to your account in 90 days. But, you will have to submit necessary documents in this regard. I have read on the forum where someone has submitted EPF as proof of funds. You can look up the same on the forum.

LIC cannot be considered as proof of funds as the benefit of the policy will be available only in the event of any contingency/occurrences mentioned in the policy document.

Public Provident Fund (PPF) account matures only on the completion of 15 years from the end of the year in which the account was opened. For PPF, no premature closure is allowed, so this does not meet the requirement of CIC, which says that funds should be unencumbered and readily available.

 

[Tusharbakaya]

You CAN NOT use providen fund (its pure indian type of pension fund)
You CAN NOT use life Insurance funds.

You can USE any savings or current acounts, as far as i can guess PORD and FD are these type of accounts.

Car Loan has no impact on POF.

Not exactly. Post 6 years, certain amount of PPF is withdraw able. So the person in concern can get a statement from the bank which mentions the amount that can be withdrawn and can be used in POF.

 

[andy108]

Not exactly. Post 6 years, certain amount of PPF is withdraw able. So the person in concern can get a statement from the bank which mentions the amount that can be withdrawn and can be used in POF.

I've personally seen many Indians who tried to show PF as POF having problems with PNPs and as far as i know in general.

I am not indian, just passing the info.

 

[Stanlee]

Not exactly. Post 6 years, certain amount of PPF is withdraw able. So the person in concern can get a statement from the bank which mentions the amount that can be withdrawn and can be used in POF.

No, in this case also PPF cannot be directly shown as proof of funds. The only case where it can be used as proof of funds is by doing a partial withdrawal if you have completed 7 years (from date of account opening). In that case, the proceeds which gets transferred to your savings account can be shown as the proof of funds, but not PPF directly.