Proof of Fund - Letter from Bank

[krazykm]

Hi,

I got ITA on Jan 4, 2017 and now i am waiting for my medicals before filing the documents.

I have a doubt regarding the Bank letter. I have an FD with SBI for the necessary PoF. What are the details i should get in the bank letter for the purpose of proof of fund? Is there any samples/descriptions as in the case of reference letter?

 

[thestunner316]

Hi,

I got ITA on Jan 4, 2017 and now i am waiting for my medicals before filing the documents.

I have a doubt regarding the Bank letter. I have an FD with SBI for the necessary PoF. What are the details i should get in the bank letter for the purpose of proof of fund? Is there any samples/descriptions as in the case of reference letter?

i think from what i remember the letter should have the words "funds are unincumbered and readily transferrable to another account" or something like that... i didnt use an FD to show PoF so im not 100% sure, but you need to have something similiar to above words on the letter.

good luck

 

[astralsource]

Do we need to show all existing bank accounts or it can be just the one we have sufficient funds on?

 

[andy108]

Do we need to show all existing bank accounts or it can be just the one we have sufficient funds on?

One will suffice.

 

[goyal.maninder]

Hi

Can some one please guide on the below queries regarding proof of funds:

1) Can I show proof of funds from my spouse's account as well; who is also applicant as a dependent?
2) Can the funds in Provident Fund also be shown under proof of funds? If yes, what exactly is required here?
3) Investments in Equity securities like stocks and mutual fund will also qualify under proof of funds?
4) Can I change the amount of funds in PR application; from the one declared in Express Entry application?

I would really appreciate your help on these queries.

Thanks
MP

 

[vishalg]

Hi

Can some one please guide on the below queries regarding proof of funds:

1) Can I show proof of funds from my spouse's account as well; who is also applicant as a dependent?
2) Can the funds in Provident Fund also be shown under proof of funds? If yes, what exactly is required here?
3) Investments in Equity securities like stocks and mutual fund will also qualify under proof of funds?
4) Can I change the amount of funds in PR application; from the one declared in Express Entry application?

I would really appreciate your help on these queries.

Thanks
MP

1. yes, the spouse needs to write a letter stating that you can utilize the funds to settle in canada.
2. Yes EPF can be shown as POF, get your UAN Passbook signed and stamped by your PF office
3. No., you have to liquidate them before you can use them as POF
4. You can change the amount as long as you meet the minimum requirements.

 

[goyal.maninder]

1. yes, the spouse needs to write a letter stating that you can utilize the funds to settle in canada.
2. Yes EPF can be shown as POF, get your UAN Passbook signed and stamped by your PF office
3. No., you have to liquidate them before you can use them as POF
4. You can change the amount as long as you meet the minimum requirements.

Many thanks vishalg for a quick response.

One more query please - I have a house loan outstanding; Do I need to get a statement for this as well from the lender bank? Also, will it have an impact anyway my PR application?

 

[vishalg]

Many thanks vishalg for a quick response.

One more query please - I have a house loan outstanding; Do I need to get a statement for this as well from the lender bank? Also, will it have an impact anyway my PR application?

If you have sufficient funds in another account then don't bother getting statement from this account.
If you have to show statement of this account then may be some senior can highlight, how to tackle this.

 

[thestunner316]

If you have sufficient funds in another account then don't bother getting statement from this account.
If you have to show statement of this account then may be some senior can highlight, how to tackle this.

well usually they ask for a statement of liability also, meaning we have to declare our loans/credit card outstanding... (i know many seniors have said CC doesnt matter, but when i checked the docs list it specifically listed CC outstanding also)

now from what i remember if you have a loan, the EMI usually goes out from your salary account... i mean banks issue loans only on the account where your salary is credited (this is what i remember from back in stone ages, it may have changed now)

i'm quite certain you are also showing bank statement for last 6 months, and that account has to be declared also (meaning where you get your salary deposits), so EMIs will pretty clearly show up on the statements...

however, if you are only sending a bank letter which clearly mentions average balance for last 6 months, then statement is not needed... so yeah i think in this case you can get away with it.

my personal opinion - Home loan is absolutely fine... 70% of the applicants are over 30 yrs of age, and yes - if someone is serious about buying a home, that would be the age you would take a mortgage... everyone knows that. However, if you have personal loans, then it becomes a bit of an issue since we are not allowed to show borrowed funds as part of PoF


the reason why i added bank statements with my documents is to make an airtight application.... salary credit in bank statement should match amount in pay slip should match salary mentioned on experience certificate... i do not want CIC to come back to me asking for any additional documents - fullstop

lengthy post but i hope it was useful

 

[tarpank]

Hello members.

Please answer the below query.

1. Can EPF be used to show POF. Has anyone used it in the past.
2. Can I show mutual funds in me and my wife as joint holders as POF?

 

[thestunner316]

Hello members.

Please answer the below query.

1. Can EPF be used to show POF. Has anyone used it in the past.
2. Can I show mutual funds in me and my wife as joint holders as POF?

1 - yes
2 - no (to the best of my knowledge. others can feel free to correct me here? )

 

[goyal.maninder]

well usually they ask for a statement of liability also, meaning we have to declare our loans/credit card outstanding... (i know many seniors have said CC doesnt matter, but when i checked the docs list it specifically listed CC outstanding also)

now from what i remember if you have a loan, the EMI usually goes out from your salary account... i mean banks issue loans only on the account where your salary is credited (this is what i remember from back in stone ages, it may have changed now)

i'm quite certain you are also showing bank statement for last 6 months, and that account has to be declared also (meaning where you get your salary deposits), so EMIs will pretty clearly show up on the statements...

however, if you are only sending a bank letter which clearly mentions average balance for last 6 months, then statement is not needed... so yeah i think in this case you can get away with it.

my personal opinion - Home loan is absolutely fine... 70% of the applicants are over 30 yrs of age, and yes - if someone is serious about buying a home, that would be the age you would take a mortgage... everyone knows that. However, if you have personal loans, then it becomes a bit of an issue since we are not allowed to show borrowed funds as part of PoF


the reason why i added bank statements with my documents is to make an airtight application.... salary credit in bank statement should match amount in pay slip should match salary mentioned on experience certificate... i do not want CIC to come back to me asking for any additional documents - fullstop

lengthy post but i hope it was useful

Thank you so much... very helpful!

I was also thinking from monthly EMI deduction from bank account.

 

[krazykm]

What is the procedure to show EPF as POF?

 

[Stanlee]

What is the procedure to show EPF as POF?

http://www.canadavisa.com/canada-immigration-discussion-board/procedure-to-get-pf-balance-certificate-and-ac-statement-from-pf-office-india-t412640.0.html

 

[thog89]

Do we need to show all existing bank accounts or it can be just the one we have sufficient funds on?

I have the same question. How did you give the statement ? from multiple accounts in different banks or only the account with POF funds ?