Proof of Funds

[abhidarekar]

So I'm currently gathering the documents required as proof of funds but came across some queries:

1) If all the amount for the funds comes as a gift deed is that okay?

2) I have bank accounts in 2 different banks (one account in ICICI is mine only while the other in Axis is a joint account with my mother) I have an FD in the Axis account which I am transferring to my ICICI account. Would I need to include a letter from the joint holder of the axis account stating that they are okay with me transferring the amount from the FD from the Joint Axis account to my ICICI account or since both accounts have me as the main holder it, can be counted as me transferring money to myself if so what should I do in that regard?

3) My father sent the money required for the funds by cheque but the cheque had a slight mismatch in signature so it got rejected. So he wired the money into my account. Now if I check my last few days statement it shows the rejected cheque as well (it is mentioned in the statement that the cheque was canceled due to signature error) should I mention this in the explanation letter?

 

[pizzaboy99]

1. Yes

2. Why transferring? Just show it in Axis bank account only. It will be simpler.

3. Reason already mentioned in the bank statement so I don't see what purpose LOE will serve apart from shining a spotlight on it.

 

[abhidarekar]

1. Yes

2. Why transferring? Just show it in Axis bank account only. It will be simpler.

3. Reason already mentioned in the bank statement so I don't see what purpose LOE will serve apart from shining a spotlight on it.

For 2. The reason I am transferring the amount to ICICI is because the account in Axis has joint holder as my mother who is not accompanying me to Canada and I've read conflicting reports regarding this (some say it's better not to have a join account holder who is not accompanying the main applicant) hence I've gone with the other account.

Also does having the money wired to my account okay instead of cheque and I should also mention the same on my LOE as well right?

 

[hitesh0414]

For 2. The reason I am transferring the amount to ICICI is because the account in Axis has joint holder as my mother who is not accompanying me to Canada and I've read conflicting reports regarding this (some say it's better not to have a join account holder who is not accompanying the main applicant) hence I've gone with the other account.

Also does having the money wired to my account okay instead of cheque and I should also mention the same on my LOE as well right?

You can have the mother’s name removed from the account with her consent.

Wire transfer shoukd be ok as it will be mentioned in gift deed.

 

[abhidarekar]

You can have the mother’s name removed from the account with her consent.

Wire transfer shoukd be ok as it will be mentioned in gift deed.

Ahh Thanks for the information.

I've already transfered the amount (Online transfer) to my own account in ICIC bank and going to use the Gift deed as the amount was transfered from my Dad's and mother's individual accounts.