Proof of funds

[Harsha009]

Hi Experts

Need advice on obtaining proof of funds.

I have my salary account in ICICI and another savings account in SBI in my hometown . im getting all the money as a gift from parents . is it advisable to show entire proof of funds in one account or can i show in different accounts . my father has already put some money in SBI and he will deposit the rest in some days . will it be fine if i show the funds in different account other than my salary account ?

Regards
Harsha

 

[skape7]

Hi Experts

Need advice on obtaining proof of funds.

I have my salary account in ICICI and another savings account in SBI in my hometown . im getting all the money as a gift from parents . is it advisable to show entire proof of funds in one account or can i show in different accounts . my father has already put some money in SBI and he will deposit the rest in some days . will it be fine if i show the funds in different account other than my salary account ?

Regards
Harsha

Technically, there is no limitation on how many accounts you may show your POF, as long as you meet the threshold. So its fine if you show the funds in an account different from your salary account.

You should know that the more accounts you do show, the more material you are providing to the agent/ officer assessing your case and consequently higher is the probability of them needing to verify it. If you can, try reducing the number of accounts you show. This has some advantages:
1. For every account you include, you shall need to obtain a separate POF letter from the bank, not to mention the six-month statement. So the paperwork you include with your AOR increases proportionately with every additional account.
2. If the Agent/ Officer requires updated bank statements after your AOR, then you shall again need run around and collect updated statements for every single account.
Therefore, keep it as simple (and easy to understand) as you possibly can. Believe me, the simpler your application will be, your overall application processing time is likely to be that much shorter.

If your father already has deposited some funds in an account, and will add some more in the future - make sure that EVERY transaction constituting such fund transfer is recorded in your Gift Deed - both past and future, i.e. the transaction date, transaction/ cheque number etc...

 

[Harsha009]

Technically, there is no limitation on how many accounts you may show your POF, as long as you meet the threshold. So its fine if you show the funds in an account different from your salary account.

You should know that the more accounts you do show, the more material you are providing to the agent/ officer assessing your case and consequently higher is the probability of them needing to verify it. If you can, try reducing the number of accounts you show. This has some advantages:
1. For every account you include, you shall need to obtain a separate POF letter from the bank, not to mention the six-month statement. So the paperwork you include with your AOR increases proportionately with every additional account.
2. If the Agent/ Officer requires updated bank statements after your AOR, then you shall again need run around and collect updated statements for every single account.
Therefore, keep it as simple (and easy to understand) as you possibly can. Believe me, the simpler your application will be, your overall application processing time is likely to be that much shorter.

If your father already has deposited some funds in an account, and will add some more in the future - make sure that EVERY transaction constituting such fund transfer is recorded in your Gift Deed - both past and future, i.e. the transaction date, transaction/ cheque number etc...

Hi Skape ,

Many thanks for the detailed info

Do the officer check for the address on the statements also ? im sure that all my addresses on the passport and the bank statements are completely different

 

[skape7]

Hi Skape ,

Many thanks for the detailed info

Do the officer check for the address on the statements also ? im sure that all my addresses on the passport and the bank statements are completely different

Honestly, I cant say if the VO will or will not be bothered with an address that doesn't match across your documents. ...In any case, you could perhaps explain the logical reason for it being so in your LOE and that should be enough.

 

[Safder]

Hey all i have a question...for a gift from parents do we have to show parents account detail also???