Do i need proof of funds now when i create a EE profile ?

[nokia3315]

I am planning to create EE profile and was wondering if i need to do anything about proof of funds right now ?
Lets say i get an invitation in December,2015. Then when to when do i have to show proof of funds like bank statement (6 months ?).
Right now i dont have any money in my account so asking this question so that i can put money into it & be ready.
Can anyone provide me step by step info on POF assuming i get invitation in December.2015

 

[karenn1617]

I am planning to create EE profile and was wondering if i need to do anything about proof of funds right now ?
Lets say i get an invitation in December,2015. Then when to when do i have to show proof of funds like bank statement (6 months ?).
Right now i dont have any money in my account so asking this question so that i can put money into it & be ready.
Can anyone provide me step by step info on POF assuming i get invitation in December.2015

No you need not to proof funds at the time when you create EE profile. The only requirements come is only when you submit documents post-ITA.
You can take the money from any of your relative OR your first family members i.e. parents, brother, sister assuming that they are working and earning bread and butter on monthly basis OR they have FDs with them in their name and they are willing to transfer the amount to your account.

 

[mapledipped]

I am planning to create EE profile and was wondering if i need to do anything about proof of funds right now ?
Lets say i get an invitation in December,2015. Then when to when do i have to show proof of funds like bank statement (6 months ?).
Right now i dont have any money in my account so asking this question so that i can put money into it & be ready.
Can anyone provide me step by step info on POF assuming i get invitation in December.2015

it depends on which program you're applying for. if cec no need for funds. for pnp or fsw they require 3-6 months.

 

[nokia3315]

Thanks for the replies. As per my understanding the funds need to be in my account when i submit docs after i receive ITA. Also when i submit docs then they will require 3-6 months back dated statement also.

Also, I am applying for express entry under FSWP

 

[Asivad Anac]

Thanks for the replies. As per my understanding the funds need to be in my account when i submit docs after i receive ITA. Also when i submit docs then they will require 3-6 months back dated statement also.

Also, I am applying for express entry under FSWP

No.

Funds need not be in your account when you receive an ITA. CIC doesn't ask for bank statements either.

What CIC does ask is that you have the required funds and also that those funds be unencumbered. And CIC's way of asking you to prove that is by asking for a bank letter which states the present account balance and also the average balance of the last 6 months. There is no requirement that the money must have been around for 6 months or more. The only requirement is that the money must not be borrowed.

For instance, you can sell your car/jewelry/property/shares/any asset after you get your ITA and still provide a perfectly valid POF if you can prove that the asset belonged to you and that the sudden influx of money into your account came from the sale proceeds.

 

[nokia3315]

Thanks again for the reply.What if my bank is not willing to provide the average balance of the last 6 months in writing. What options do i have ?

 

[nokia3315]

I have a format below. Will that be ok ? I will request the same from bank.

This is to certify that Mr.X is maintaining a Savings Account bearing Account No. ---------- with us since 26.03.2008.

The withdrawal balance maintained as on 15/09/2015 is INR 281771.96 .
The minimum balance maintained during each transaction for the period 15/03/2015 to 15/09/2015 for Account No. ------- is INR 193771.96..
This certificate confirms that the minimum bank balance in Mr. X’s Savings Account for the above mentioned period has never been less than INR 193771.96.

The certificate is issued at the specific request of the account holder and holds no responsibility on the official signing on it.

 

[Asivad Anac]

I have a format below. Will that be ok ? I will request the same from bank.

This is to certify that Mr.X is maintaining a Savings Account bearing Account No. ---------- with us since 26.03.2008.

The withdrawal balance maintained as on 15/09/2015 is INR 281771.96 .
The minimum balance maintained during each transaction for the period 15/03/2015 to 15/09/2015 for Account No. ------- is INR 193771.96..
This certificate confirms that the minimum bank balance in Mr. X's Savings Account for the above mentioned period has never been less than INR 193771.96.

The certificate is issued at the specific request of the account holder and holds no responsibility on the official signing on it.

The format is fine. But the minimum balance wouldn't work as CIC wants 6 months average balance. If you can't get that, ask your bank to mention opening/closing balance for each if the last 6 months. If that doesn't work either, you'll have to attach 6 month bank statements.

 

[nokia3315]

This is the new format.

This is to certify that Mr.X is maintaining a Savings Account bearing Account No. ---------- with us since 26.03.2008.

The withdrawal balance maintained as on 15/09/2015 is INR 281771.96 .
This certificate confirms that the average balance of last six months for the period 15/03/2015 to 15/09/2015 for Account No. ------- is INR 193771.96.

Is there any specific method/formula i need to tell the bank to calculate the average balance of six months ?

 

[Asivad Anac]

This is the new format.

This is to certify that Mr.X is maintaining a Savings Account bearing Account No. ---------- with us since 26.03.2008.

The withdrawal balance maintained as on 15/09/2015 is INR 281771.96 .
This certificate confirms that the average balance of last six months for the period 15/03/2015 to 15/09/2015 for Account No. ------- is INR 193771.96.

Is there any specific method/formula i need to tell the bank to calculate the average balance of six months ?

This format would work. No specific formula, let your bank figure this out at their end.

Also ensure that there isn't a large difference between average balance and present balance. If there is a large difference, you'll have to explain why that is the case.

 

[A M Gupta]

The above information is quite useful Ashivad. Bt I have a question now.

We have around 16 lakhs inr in our account and average 6 months balance comes to 9 lakhs. Will that be an issue?? We have put money from last 4 months.

 

[Asivad Anac]

The above information is quite useful Ashivad. Bt I have a question now.

We have around 16 lakhs inr in our account and average 6 months balance comes to 9 lakhs. Will that be an issue?? We have put money from last 4 months.

Yes. Because there is a significant difference between average balance and present balance. How much do you need to show as POF?

 

[A M Gupta]

hello ashivad

we need to show around 9 lakhs as POF.

we had invested in stock and had withdrawn that money . Can we submit ledger details ? will that suffice? both the accounts ( ie stock account and bank account ) r on my name and i am the primary applicant.

 

[dupsy21]

Hi Asivad,

Does it matter if my current balance is a lot more than average balance? For instance, for a family of 3, we are meant to show about £9000. The total average balance for all my accounts (2 savings, 1 current account and credit card account) is about £8200 while the total current balance is about £11000. The difference is due to the fact that I have saved more than usual as I have not been touching my salary in the past 3 months. Hubby takes care of the bills. Do I need to explain this as well or should I transfer the difference to Hubby's account? We are planning to use over half of the excess £2000 as application fee.

 

[Asivad Anac]

hello ashivad

we need to show around 9 lakhs as POF.

we had invested in stock and had withdrawn that money . Can we submit ledger details ? will that suffice? both the accounts ( ie stock account and bank account ) r on my name and i am the primary applicant.

Should not be a problem. Just ensure that you add conclusive supporting documentation to prove that this large difference (between average and present balance) isn't because of borrowed funds.