POF : 6 months average balance requirement

[affan_123]

For god sake guys. Please

 

[rafzy]

Provident funds ... I dont think so

Fixed deposists... Yes as im using fixed deposits myself

 

[rohitsinp23]

Hi guys
Someone told me that cic require funds should be under applicant name only
Is it right.
1- can i show account of spouse also for funds
2- can i show joint account with spouse for funds
Pls clarify with this

 

[vsgautam]

Hi guys
Someone told me that cic require funds should be under applicant name only
Is it right.
1- can i show account of spouse also for funds
2- can i show joint account with spouse for funds
Pls clarify with this

Please refer to post # 2 of this thread on page 1. Funds need to be under Principal Applicant Name.

VSG

 

[vipulgoyal88]

affan and Asivad, not trying to mislead anyone. I had searched this forum and many people had claimed that PF was considered. PF basically in India, is payable when you quit your job. So i cannot put a date to it right now because I dont know when i will get a PR. But obviously for moving to Canada, I will quit my job and the funds will be be transferred to my bank account as cash and totally unencumbered.

PF is basically a monthly deduction from salary which is invested on your behalf and you get a fixed return on it. Fixed return means the repayment is guaranteed.

anyways, these guys are more knowledgeable plus its better to not take any chances if possible. I am standing at 456, in case PF is not acceptable, then I wouldnt be able to satisfy my fund requirements as well. so just hoping they do accept it.

 

[Asivad Anac]

affan and Asivad, not trying to mislead anyone. I had searched this forum and many people had claimed that PF was considered. PF basically in India, is payable when you quit your job. So i cannot put a date to it right now because I dont know when i will get a PR. But obviously for moving to Canada, I will quit my job and the funds will be be transferred to my bank account as cash and totally unencumbered.

PF is basically a monthly deduction from salary which is invested on your behalf and you get a fixed return on it. Fixed return means the repayment is guaranteed.

Fair point. CIC explicitly asks for funds in the bank though and these don't appear in the bank.

 

[Canada Dreams]

Dear friends I checked with my bank managers the best they give me is balance as on date in certificate and not 6 monthly average balance.. should I give last 6 month balance statements of bank accounts along with putstanding/ balance certificate given by bank manager. .. kindly advise asap...

 

[Asivad Anac]

Dear friends I checked with my bank managers the best they give me is balance as on date in certificate and not 6 monthly average balance.. should I give last 6 month balance statements of bank accounts along with putstanding/ balance certificate given by bank manager. .. kindly advise asap...

That's the only option you're left with.

 

[Canada Dreams]

Do I need to mention this in LOE that my bank doesn't give me this 6 monthly avg balance..

 

[kakhileshreddy]

does shares count as a POF i have 10k funds in shares ...

 

[vipulgoyal88]

asivad, the reason i thought PF might be acceptable is because CIC says bank and investment accounts, right? PF is essentially an investment account with a fixed rate of return payable when you quit the job. Cant it be considered an investment account?

 

[Asivad Anac]

Do I need to mention this in LOE that my bank doesn't give me this 6 monthly avg balance..

Not mandatory but it won't hurt your chances either.

 

[Asivad Anac]

asivad, the reason i thought PF might be acceptable is because CIC says bank and investment accounts, right? PF is essentially an investment account with a fixed rate of return payable when you quit the job. Cant it be considered an investment account?

Unlikely. CIC explicitly asks for a bank statement and that probably indicates that the investment account are related to bank FDs rather than anything outside the banking system.

 

[Asivad Anac]

does shares count as a POF i have 10k funds in shares ...

No. But if you sell them and get the money into your bank account, you can showcase those funds along with evidence of security sales.

 

[vsgautam]

asivad, the reason i thought PF might be acceptable is because CIC says bank and investment accounts, right? PF is essentially an investment account with a fixed rate of return payable when you quit the job. Cant it be considered an investment account?

By investment account, CIC means those deposits wherein you can provide an exact date of maturity (like FD, mutual funds etc), for EPF we cannot do that till we leave our jobs for which we cannot put a date right now. Well, this is my understanding. If there is a process to get a signed declaration from PF authorities that a certain amount is payable to you on closure of account, then maybe it can be of help but not sure. Personally, I am not gonna take that risk.

Hope this clears some doubts.

VSG