Proof of Funds

[averma]

Hi,

I am planning to send OINP application. I have a question regarding proof of funds.

1. I need to show INR 9 Lakhs as Proof of Funds. I was planning to show the funds in the form of Fixed Deposits (FD), Recurring Deposits (RD) and Provident Fund (PF). My wife has INR 6 lakhs in the form of FD's and I have INR 1.7 lakhs in form of FD and 1.3 lakhs in the form of RD which is yet to mature. 1.3 lakhs is the amount in RD as of today. This makes it to approximately 9 lakhs as remaining 20k we will manage somehow as balance in bank account. My agent has told me that maximum amount needs to be shown in the name of primary applicant preferably in the ratio 70:30. Is this correct?

2. Second question is whether Recurring Deposit and Provident Fund are acceptable to show as Proof of Funds. Also, is 5 year tax saving FD can also be shown?

Please help guys.

 

[averma]

Hi,

I am planning to send OINP application. I have a question regarding proof of funds.

1. I need to show INR 9 Lakhs as Proof of Funds. I was planning to show the funds in the form of Fixed Deposits (FD), Recurring Deposits (RD) and Provident Fund (PF). My wife has INR 6 lakhs in the form of FD's and I have INR 1.7 lakhs in form of FD and 1.3 lakhs in the form of RD which is yet to mature. 1.3 lakhs is the amount in RD as of today. This makes it to approximately 9 lakhs as remaining 20k we will manage somehow as balance in bank account. My agent has told me that maximum amount needs to be shown in the name of primary applicant preferably in the ratio 70:30. Is this correct?

2. Second question is whether Recurring Deposit and Provident Fund are acceptable to show as Proof of Funds. Also, is 5 year tax saving FD can also be shown?

Please help guys.

Hi guys, can anyone please reply.

 

[CanadaWeCome]

• Your agent is WRONG, No such requirement of split ratio is mentioned anywhere, and isn't a requirement. Funds need to be in PAs account, if not, then it should be in the accompanying's spouse/family member's account (preferably joint) along with his/her signed declaration on a plain paper that this is for immigration PoF purpose only.
  
• PPF or PF should be acceptable if it's more than 5 years old and you can get a letter from the Bank/Post Office specifying the withdraw able amount (as per GOI regulation). Rest FD/RD should be fine.

 

[Stanlee]

Hi,

I am planning to send OINP application. I have a question regarding proof of funds.

1. I need to show INR 9 Lakhs as Proof of Funds. I was planning to show the funds in the form of Fixed Deposits (FD), Recurring Deposits (RD) and Provident Fund (PF). My wife has INR 6 lakhs in the form of FD's and I have INR 1.7 lakhs in form of FD and 1.3 lakhs in the form of RD which is yet to mature. 1.3 lakhs is the amount in RD as of today. This makes it to approximately 9 lakhs as remaining 20k we will manage somehow as balance in bank account. My agent has told me that maximum amount needs to be shown in the name of primary applicant preferably in the ratio 70:30. Is this correct?

Funds has to be in the name of the primary applicant, or you can also how the amount which you may have in joint accounts. For the FDs which are in your wife' name, you would need a self declaration from her stating that she is a secondary applicant/dependent and funds so held are to be utilised for migration purposes and she has no objection for the same. The declaration should state the details of the account, amount, balance, financial institution name etc and it should be supported by the evidence for the same.

2. Second question is whether Recurring Deposit and Provident Fund are acceptable to show as Proof of Funds. Also, is 5 year tax saving FD can also be shown?

Yes, RD can be shown as POF. I am not sure about PF, but technically speaking this amount is available to you to withdraw once you have resigned from your current position and the amount will be credited to your account in 90 days. Regarding Tax Saver FD, I have mentioned also used it as POF, but it was in addition to the minimum fund requirement. In fact the FD receipt for such FDs would have a clause which states that 'No premature withdrawal will be permitted'. This means that these funds will not be readily available for you when you immigrate, unlike in the case of PF amount.

Please help guys.

 

[averma]

Thanks for replying stanlee. Will a joint account with my father work as POF. In addition, I will get an affidavit from my father that he has no objection in me using this money for immigration purpose.

Will this work?

 

[CanadaWeCome]

Thanks for replying stanlee. Will a joint account with my father work as POF. In addition, I will get an affidavit from my father that he has no objection in me using this money for immigration purpose.

Will this work?

No, check my response earlier.

 

[sushsmart15]

Thanks for replying stanlee. Will a joint account with my father work as POF. In addition, I will get an affidavit from my father that he has no objection in me using this money for immigration purpose.

Will this work?

Yes, a joint account which is held by you and your father is fine for OINP and IRCC applications as long as you get a gift deed signed from your father stating that a certain amount (sufficient for POF) is a gift to you and need not be returned back. You can attach the 6months bank statements and bank certificate.
Also, you can get this money transferred to a bank account which is only in your name and then get its bank statement.

This way you would be totally safe.

 

[faridshariff]

Yes, a joint account which is held by you and your father is fine for OINP and IRCC applications as long as you get a gift deed signed from your father stating that a certain amount (sufficient for POF) is a gift to you and need not be returned back. You can attach the 6months bank statements and bank certificate.
Also, you can get this money transferred to a bank account which is only in your name and then get its bank statement.

This way you would be totally safe.

I have a joint account with my mother..I have only taken a No objection letter signed by her in a normal paper stating that she has no objection if I use the money

Do i need to get it notarized? :O

 

[sbrs2010]

No need of getting it notarized. Just a plain letter signed by your mother along with a copy of her ID proof (To justify the signature is hers).

 

[sushsmart15]

I have a joint account with my mother..I have only taken a No objection letter signed by her in a normal paper stating that she has no objection if I use the money

Do i need to get it notarized? :O

It is a debatable topic as there is no valid information and facts available. You can either choose to send the letter on the normal paper along with her ID proof OR you can choose to get this paper notarized.

 

[DevGurgaon]

For PF I had emailed to my company's financial team asking about withdrawal process. They replied back stating it can be withdrawn after 2 months of your last day in company. I included this email and in my financial explanation I mentioned as - "As per Employees' Provident Fund Organisation which regulates Provident Fund in India, an employee can withdraw his/her Provident Fund 60 days after his/her last working day. This is the normal time period an applicant will take to wind up his/her affairs before moving to a new country."

For money from spouse/parents I would suggest to get it transferred it to your account and get a signed affidavit from spouse/parent that it is a gift and is not expected to be returned. At least this is what I did for my OINP application. Sample of Affidavit -

I, Mr. XX XX, hereby confirm that I have transferred nnn,nnn INR on 2nd <Month>, 2016 from my <Bank Name> account number nnnnnnn to my son’s, YY YY, <Bank Name> account number nnnnnnnn. This transferred amount is a gift from me to my son and is to be considered as such. I do not wish or expect my son to return nnn,nnn INR back to me.
Above mentioned gift of money to my son is for his better future and professional growth. I would love to see him and his family living in a place where there is least pollution and no adulteration. He is a sincere and conscientious guy and I trust that he’ll serve country of his residence with utmost loyalty and sincerity to the best of his capacity. I wish him all success in life.


Along with the affidavit submit your bank statement and spouse/parent bank statement highlighting the transfer.

 

[jainritu]

Hi guys

Just a query since i m new to this forum, would like to know that can tax saving FDs that are in lock in period of 5 years in a savings bank account be shown for POF?
Help would be appreciated..