Proof of Funds

[harneet463]

I have applied for a temporary resident visa today for one month.

I had invitation from my maternal cousin, along with his financial proofs and stating that he would be bearing the cost of the stay.

As proofs from my end, I have attached my property evaluations, fixed deposits certificate from bank stating FD of over 15 lacs, my PF statement,My shares statement,mutual funds statement etc.
In total a liquid funds of around 50 lacs and property extra.
Me and my wife both are working and we have attached our leave certificates and noc from employer too.

My question is my savings bank had around 1 lac rupees only, did I need to break Fixed deposit and place it in savings or, is it fine with the FD proof also ?

Regards,
Harneet

 

[harneet463]

Experts, waiting for valuable feedback

 

[th3.rdx]

Bro .. Go with atlest 10 k cad in savings ... ( atleast ) ..

This is what , going to be considered as cash u r carrying with u you .

And you cant survive with 1 lac in Canada ..

 

[Bryanna]

I have applied for a temporary resident visa today for one month.

I had invitation from my maternal cousin, along with his financial proofs and stating that he would be bearing the cost of the stay.

As proofs from my end, I have attached my property evaluations, fixed deposits certificate from bank stating FD of over 15 lacs, my PF statement,My shares statement,mutual funds statement etc.
In total a liquid funds of around 50 lacs and property extra.
Me and my wife both are working and we have attached our leave certificates and noc from employer too.

My question is my savings bank had around 1 lac rupees only, did I need to break Fixed deposit and place it in savings or, is it fine with the FD proof also ?

Hi Harneet,

Your financial situation is good from a visa perspective.... however, bank balances do matter.

What you should have done is to submit letters from the banks where you hold the FDs.... to clearly state that the FDs are not locked-in and can be liquidated, at any time, if required.

PFs are locked in unless you have crossed the 5-year lock-in period (for partial withdrawal) or completed 15 years.

Or else you could have mortgaged some of the FDs.... banks will loan you up to 90% of the FD amount.... then transferred this amount to your bank account.... it should have remained in your bank account for a while to prove you are not using the money for any other purpose (you will lose interest on the FDs though)..... and provided an explanation that this is your money, you have not borrowed it from anyone for the purpose of the visit.

At this stage, you cannot do any of the above.... so don't lose hope or get stressed.... you may just get your TRV based on the financial documents/investments you have submitted


Hope for the best

 

[harneet463]

Hi Harneet,

Your financial situation is good from a visa perspective.... however, bank balances do matter.

What you should have done is to submit letters from the banks where you hold the FDs.... to clearly state that the FDs are not locked-in and can be liquidated, at any time, if required.

PFs are locked in unless you have crossed the 5-year lock-in period (for partial withdrawal) or completed 15 years.

Or else you could have mortgaged some of the FDs.... banks will loan you up to 90% of the FD amount.... then transferred this amount to your bank account.... it should have remained in your bank account for a while to prove you are not using the money for any other purpose (you will lose interest on the FDs though)..... and provided an explanation that this is your money, you have not borrowed it from anyone for the purpose of the visit.

At this stage, you cannot do any of the above.... so don't lose hope or get stressed.... you may just get your TRV based on the financial documents/investments you have submitted


Hope for the best

I had submitted a fd balance certificate from bank, this is same bank with which I have my savings account.
The certificate mentioned all fd's with the account numbers and the closing balances as on given date.
I can still get the certificate with wordings you mentioned, but is there a way I can submit that for my existing application.

I had also attached my last 3 years Income tax return where I had paid, good amount as taxes and my last six salary slips.
As my travel history I had attached my 3 schengen visa photo copies and 1 singapore visa copy along with entry and exit stamps on my passport.

The visa application is really stressing me out, fingers crossed.

Regards,
Harneet

 

[harneet463]

Moreover the salary slips and bank statement for last six months show a salary credites of around two lacs rupees per month for both of us and then the debits for daily routines and mutual funds and rd's.
Do you think this should help us?

Summary of financial assets provided contains the following details apart from fixed assets along with property evaluation certificates from licensed evaluator.

Liquid Assets (Appx)
-----------------------
Bank Fixed Deposits 17,50,000.00
Shares 21,40,000.00
Provident Fund 15,39,000.00
Mutual Funds 2,50,000.00
Petty Cash for daily expenses (Savings Account ) 1,00,000.00

-- Harneet

 

[Bryanna]

Hi Harneet,

Like I mentioned earlier, your financial situation is good.

The visa officer will consider your overall situation.... which includes financial investments/your employment and annual salary earned/property evaluation/family ties to India versus to Canada/your travel history to Schengen countries (visiting Singapore doesn't really count as 'Travel History'), etc.... you're doing good on most points.

It's evident your monthly expenses are low.... hence, you are able to invest in FDs, RDs, mutual funds, etc each month.... the visa officer will consider all these aspects.... you have provided quite a lot of evidence for this.

There are no debts or borrowings based on what you've mentioned.... your bank statement covers this.

Also, as both you/your wife are employed (which means a stable monthly income), it's clear you/your wife will earn a salary next month (just a point for reasoning) to finance your visit.


At this stage, you cannot submit any new documents.... the visa office will contact you if they require any new documents or additional information.


btw did you book your flights? If yes, did you pay for the tickets and submit proofs with your visa application?

Please note: It is NOT necessary to book flight tickets for the visa application. If you have pro-actively purchased plane tickets then this would indicate a reduced financial 'burden' on your current bank balance.... again, your financial situation is good even without these tickets


Don't worry.... hope for the best.... fingers crossed