I have a question, I have a joint bank account with my father. I have been told that I have to have an account under my own name. So I opened my own account, now can I transfer the money from my aforementioned joint account to this new account? Will I need a gift deed for that, as even in the joint account, mine is the first name and they are my earnings.
Proof of funds
- Thread starter Shetur Shah
- Start date
It is not advisable to to show POF in a joint account. This may result in rejection by the immigration officer on the grounds that, you may not be the full custodian of the money.
What I have done is took a FD in my name 6 months before the ITA and got a letter from the bank stating that the funds belong to me. However if you are transferring money from one account to another make sure the transfer happens from your salary account to be on the safer side.
Good Luck
Thank you for your assistance. The joint account is a savings account. But I have yet to appear for my IELTS and yet to get WES evaluation report, so by the time I will get ITA and will require bank statement for POF, it will be more than 3 months. So this transfer won’t appear in the bank statement.
But to be on the safer side, what should I do? Should I ask the bank (in which I have the joint account) to provide me with the letter which states that these are my funds?
Well in my case, I took FD for POF after getting ITA. However the money was there in my account for more than 6 months. In case of an FD, letter from the bank is important. You really don't have to show any bank statements unless they have asked for it as an additional document but it is better to submit any way since it will save time.In my case, they didn't ask for any. However they have asked for payslips and bank statements of salary account which I didn't submit in the initial application. I had to submit those later.
But at any cost do not use joint account for POF.
In my opinion, the best way is to either transfer the account immediately to your sole account and take an FD of the same, otherwise you might lose out on some interest or transfer the money to your another account and then again retransfer to the account you wish to use for POF.
And in case they asked for further clarifications you will have to provide statements of account from where the funds have been transferred and since it is a joint account suspicion might arise, in that case you will have to provide a gift deed.
Good luck.
But at any cost do not use joint account for POF.
In my opinion, the best way is to either transfer the account immediately to your sole account and take an FD of the same, otherwise you might lose out on some interest or transfer the money to your another account and then again retransfer to the account you wish to use for POF.
And in case they asked for further clarifications you will have to provide statements of account from where the funds have been transferred and since it is a joint account suspicion might arise, in that case you will have to provide a gift deed.
Good luck.