PLease help Asivad - Current balance is as per by CIC but average is less

[Dreams1985]

Hi Asivad and Seniors please help.

My current balance in bank is as per required balance. But average balance of last 6 months is just around 15300 CAD$ for 3 family members. Will this be creating any problem.Please help. Do i need to show balance now from some other bank as well as my this bank is falling short

Please response

 

[Asivad Anac]

This can still work as POF provided you can explain why there is a difference between the average balance and the present balance because that indicates some significantly large credit transaction(s) into your account in the last 6 months and CIC would require conclusive evidence that these funds aren't borrowed.

 

[Dreams1985]

This can still work as POF provided you can explain why there is a difference between the average balance and the present balance because that indicates some significantly large credit transaction(s) into your account in the last 6 months and CIC would require conclusive evidence that these funds aren't borrowed.

Thanks Asivad. Let me explain you in more detail
I have bank account in Dubai where my current balance is as per CIC requirement around 24500 dollar but average balance of last 6 months is coming around 15500 CAD dollars which is slightly lesser than CIC requirement guide. Along with this I am also showing my Indian bank letter in which current balance is way less than CiC requirement but average balance is over CIC requirement. Also I have fixed deposit in Indian bank via money transferred from Dubai to Indian bank. So if I show bank letter from both Dubai and Indian bank. Will it serve the purpose. In one account that is Dubai current balance is as per CiC requirement and in Indian account average balance of 6 months is as per CIC requirement. Off late I am not transferring money to India that's why my current balance on Dubai is more but in last 6 months when I transferred money to India my 6 months average balance in Indian account is more. Also I have bought property from India for which I am paying from my Indian account that's why Indian current balance is less. Hope i am not confusing you.

Please help

 

[Asivad Anac]

Just use your Dubai bank account for POF purposes and get the required letter from your bank. Add a short LOE to highlight the reason behind the marginal difference (about 20%) between average balance and present balance - that you have not transferred money to your bank account in India of late.

 

[Dreams1985]

Just use your Dubai bank account for POF purposes and get the required letter from your bank. Add a short LOE to highlight the reason behind the marginal difference (about 20%) between average balance and present balance - that you have not transferred money to your bank account in India of late.

Also I just checked and realised In my Dubai bank I did two FD in month of April that's why my average balance is less. Since those FD were made in April for 3 months. After 3 months money was again transferred to my Dubai account. That's why difference between average and current balance. If I explain this politely in letter of explanation will it serve the purpose. I don't want to mention anywhere about my Indian account because then CIC might be interested in seeing details of my Indian account as well as in CIC website it says applicant has to disclose all the bank account details.

Thanks once again and let me know if above will be fine

 

[Asivad Anac]

That would work as well.

 

[Dreams1985]

That would work as well.

thank you. I may need your help tomorrow before I press final button to submit my application.
Thank you Asivad as always you are very helpful.

 

[Dreams1985]

That would work as well.

one last thing

Letter of explanation can I write myself and then will do signature in the end.
Or can I ask my bank to explains in the bank letter itself why there is a difference between average balance and current balance.

 

[Asivad Anac]

one last thing

Letter of explanation can I write myself and then will do signature in the end.
Or can I ask my bank to explains in the bank letter itself why there is a difference between average balance and current balance.

Provide the LOE yourself. Your bank can support your assertions (made in the LOE) in their letter by mentioning start/end dates of the FD, values etc. There is no need to sign an LOE - just a regular document, convert to PDF and upload in the relevant section.

 

[Dreams1985]

Provide the LOE yourself. Your bank can support your assertions (made in the LOE) in their letter by mentioning start/end dates of the FD, values etc. There is no need to sign an LOE - just a regular document, convert to PDF and upload in the relevant section.

Thanks a lot. I will write LOE myself and will ask my bank to include FD dates and amount. Does that FD information should be in a same bank letter or can I ask them to give me separate letter so that I can upload that letter with my LOE in LOE section in my CIC

 

[Asivad Anac]

Include all relevant POF information under the POF placeholder. If you want, you can attach a small LOE as a covering note along with the POF documents.

 

[Dreams1985]

Include all relevant POF information under the POF placeholder. If you want, you can attach a small LOE as a covering note along with the POF documents.

i thought LOE will come under option document where there is a placeholder for LOE. So you Want me to include loe about difference in average and current balance in POF placeholder itself.

 

[Asivad Anac]

LOE does have its own placeholder but there is no harm in adding a small covering note with the POF documents to briefly explain the purpose and relevance of all the documents uploaded in that section.

 

[Dreams1985]

LOE does have its own placeholder but there is no harm in adding a small covering note with the POF documents to briefly explain the purpose and relevance of all the documents uploaded in that section.

Thank you Sir. Will do