Joint Bank Account With My Mother

[mhammoud]

Hi,

My fixed deposit account with all my savings is a joint account with my mother for more than 10 years. Will it be valid as proof of funds?

Thank you

 

[rajanvnv]

Hi,

My fixed deposit account with all my savings is a joint account with my mother for more than 10 years. Will it be valid as proof of funds?

Thank you

Yes, it would work. Get a Letter from your mother saying that she is gifting the money to you. You can use that money for the initial settlement in Canada. That should work.

 

[nokia3315]

Yes, it would work. Get a Letter from your mother saying that she is gifting the money to you. You can use that money for the initial settlement in Canada. That should work.

That would still need - money transferred from joint account to the single personal account of the principal applicant.
Or
Convert the joint account into single account of the principal applicant. But here another question comes is- how the 6 months old statement would come ? in single name or both names.

Can someone confirm if Fixed Deposit can be used as POF ?

Please wait for more replies to confirm that.

 

[rajanvnv]

That would still need - money transferred from joint account to the single personal account of the principal applicant.
Or
Convert the joint account into single account of the principal applicant. But here another question comes is- how the 6 months old statement would come ? in single name or both names.

Please wait for more replies to confirm that.

Yes, it needs to be transferred to your account or if your banking system allows, make the deposit from a joint to a single holder account in the Principal's name. Then along with it add the Gifting Letter from the secondary holder. The 6 month statements is not for deposits and only for Bank accounts. There is no harm in keeping the 6 months bank statement as well (if funds are in bank).

 

[Asivad Anac]

Joint account with the PA's name on it can work if the PA can get a signed self-declaration from the other account holder explicitly stating that they have no reservations against the PA utilizing the funds from the joint account towards their POF purposes. Of course, the other condition applies in this case as well - the PA needs to prove conclusively that those funds are unencumbered.

 

[nokia3315]

Joint account with the PA's name on it can work if the PA can get a signed self-declaration from the other account holder explicitly stating that they have no reservations against the PA utilizing the funds from the joint account towards their POF purposes. Of course, the other condition applies in this case as well - the PA needs to prove conclusively that those funds are unencumbered.

That means he has get 2 self declaration letters ??
1.Self-declaration letter that PA can use funds in joint a/c without any reservations.
2.Another self-declaration letter to state that the funds in joint account are gift and PA can use it any way.

 

[Asivad Anac]

That means he has get 2 self declaration letters ??
1.Self-declaration letter that PA can use funds in joint a/c without any reservations.
2.Another self-declaration letter to state that the funds in joint account are gift and PA can use it any way.

Not really. As it is presumed that the money in a joint account belongs equally to both the account holders, this wouldn't be a gift so there is no need for a gift declaration in this case.

 

[Savior]

That means he has get 2 self declaration letters ??
1.Self-declaration letter that PA can use funds in joint a/c without any reservations.
2.Another self-declaration letter to state that the funds in joint account are gift and PA can use it any way.

I had similar case .. i had join fixed deposit with my mother and with my wife .. and i just provided the copies of fixed deposit certificate with bank verification stamp on it. And Account maintenance certification which verifies the relationship with the bank you have and last balance.

 

[mhammoud]

Joint account with the PA's name on it can work if the PA can get a signed self-declaration from the other account holder explicitly stating that they have no reservations against the PA utilizing the funds from the joint account towards their POF purposes. Of course, the other condition applies in this case as well - the PA needs to prove conclusively that those funds are unencumbered.

Thank you Asivad. Regarding the self-declaration form, is it a free form or is there a specific one?

 

[Asivad Anac]

Thank you Asivad. Regarding the self-declaration form, is it a free form or is there a specific one?

No specific form. Just a statement on plain paper addressed 'to whom it may concern', dated and signed in original by the other joint account holder.

 

[mhammoud]

No specific form. Just a statement on plain paper addressed 'to whom it may concern', dated and signed in original by the other joint account holder.

Thank you

 

[UZA]

No specific form. Just a statement on plain paper addressed 'to whom it may concern', dated and signed in original by the other joint account holder.

I have saving certificates for last 3 years under myself and my mother as joint savings. They are matured now and they are payable to either. I have received the cheque solely under my name and transferred to my bank account. I can show the proof of transfer. Do I still need a gift deed from my mother or a simple letter saying that she is has no issue if i used the whole amount in any manner. Although even the half amount of those certificates meet the minimum requirements for funds for single applicant. I would really appreciate your help.

 

[Asivad Anac]

I have saving certificates for last 3 years under myself and my mother as joint savings. They are matured now and they are payable to either. I have received the cheque solely under my name and transferred to my bank account. I can show the proof of transfer. Do I still need a gift deed from my mother or a simple letter saying that she is has no issue if i used the whole amount in any manner. Although even the half amount of those certificates meet the minimum requirements for funds for single applicant. I would really appreciate your help.

That simple letter would do.

 

[UZA]

That simple letter would do.

Brilliant... you are a star

 

[bhavcaluk]

Hi,

My fixed deposit account with all my savings is a joint account with my mother for more than 10 years. Will it be valid as proof of funds?

Thank you

The joint account with MOTHER will not be accepted as she is not included in the application. . They may consider only 50 percent as your money.
Make thec account single in your name and then get statement from bank