Proof of Funds

[Ammu_Jino]

Hi All,

I received ITA and was preparing my documents. I hold two bank accounts, with two different banks.One is my salary account and the other is my savings account. I was planning to show the proof of funds from the savings account.
Over the period, I have been transferring some money from my salary account to savings account, to add up to the required amount mentioned by IRCC. Today, I have enough balance in my savings account. However, i can see that some portion of the money that i transferred is within last 4 months. To prove the source of these funds which are less than 6 months old, i am planning to keep bank statement of my salary account so that i can say that i transferred my own money from one account to another.

In this case, as my salary account also comes into picture, should i get a letter from the bank where i hold the salary account, displaying details such as account opening date, average balance for last 6 months etc. Or is this required only for the savings bank account where the funds that i am showing as proof of funds are kept? Should i also get a no liability certificate from the bank where i hold the salary account?

Please suggest the right approach.

 

[hsuri]

I also have similar issue but I transferred funds from my demat account to savings account, how to proceed as 6 months average would be low?

 

[AVI1313]

Hi All,

I received ITA and was preparing my documents. I hold two bank accounts, with two different banks.One is my salary account and the other is my savings account. I was planning to show the proof of funds from the savings account.
Over the period, I have been transferring some money from my salary account to savings account, to add up to the required amount mentioned by IRCC. Today, I have enough balance in my savings account. However, i can see that some portion of the money that i transferred is within last 4 months. To prove the source of these funds which are less than 6 months old, i am planning to keep bank statement of my salary account so that i can say that i transferred my own money from one account to another.

In this case, as my salary account also comes into picture, should i get a letter from the bank where i hold the salary account, displaying details such as account opening date, average balance for last 6 months etc. Or is this required only for the savings bank account where the funds that i am showing as proof of funds are kept? Should i also get a no liability certificate from the bank where i hold the salary account?

Please suggest the right approach.

i wud suggest you to get balance certificate from both salary & saving account alongwith bank certified statements,
& write down a LOE referring to those amounts which has been transferred during the 4 months periods.

 

[AVI1313]

I also have similar issue but I transferred funds from my demat account to savings account, how to proceed as 6 months average would be low?

please write down LOE & explain that you got Demat fund realised into your acts. show some documents of Demat acts too if possible

 

[Ammu_Jino]

i wud suggest you to get balance certificate from both salary & saving account alongwith bank certified statements,
& write down a LOE referring to those amounts which has been transferred during the 4 months periods.

Thank you @AVI1313 for your response. Along with the balance certificate for my salary account, should i also get a no liability letter from the bank where i hold the salary account?
In the letter from the bank where i hold the savings account, it is mentioned that the funds are free of any loans and is available for withdrawal any time.

 

[AVI1313]

Thank you @AVI1313 for your response. Along with the balance certificate for my salary account, should i also get a no liability letter from the bank where i hold the salary account?
In the letter from the bank where i hold the savings account, it is mentioned that the funds are free of any loans and is available for withdrawal any time.

please get 1 line added in balance certificate as " these funds are fully free of any liens, debts or encumbrances and these are maintained & available for immediate transfer as on ...." hope this helps.

 

[Ammu_Jino]

please get 1 line added in balance certificate as " these funds are fully free of any liens, debts or encumbrances and these are maintained & available for immediate transfer as on ...." hope this helps.

Hi @AVI1313 ,
But is adding such a line in my salary account balance certificate relevant as the funds i plan to show as proof of funds is all with my savings account and not in this salary account?

 

[AVI1313]

Hi @AVI1313 ,
But is adding such a line in my salary account balance certificate relevant as the funds i plan to show as proof of funds is all with my savings account and not in this salary account?

you need to add such lines in your saving act balance certificate but must include both bank 6 month certified statement & explanation of any huge deposit.

 

[Ammu_Jino]

you need to add such lines in your saving act balance certificate but must include both bank 6 month certified statement & explanation of any huge deposit.

Hi @AVI1313 ,
At the moment, I have 6 months bank statement of both my salary and savings account, which i thought i will use to show the transactions which i did for the money transfer from one account to the other. Also, i have a proper balance certificate for my savings account saying that the funds are free and available for withdrawal any time.
On top of this, as per your suggestion, i will also get balance certificate from my salary account bank, backed up by a detailed LOE, talking about the money transfers.
For salary account, I hope the no liability letter and the sentence that the funds are free for withdrawal may not be necessary as my funds are not with this account. Is this understanding correct?

 

[sao_18]

Hi All,

I received ITA and was preparing my documents. I hold two bank accounts, with two different banks.One is my salary account and the other is my savings account. I was planning to show the proof of funds from the savings account.
Over the period, I have been transferring some money from my salary account to savings account, to add up to the required amount mentioned by IRCC. Today, I have enough balance in my savings account. However, i can see that some portion of the money that i transferred is within last 4 months. To prove the source of these funds which are less than 6 months old, i am planning to keep bank statement of my salary account so that i can say that i transferred my own money from one account to another.

In this case, as my salary account also comes into picture, should i get a letter from the bank where i hold the salary account, displaying details such as account opening date, average balance for last 6 months etc. Or is this required only for the savings bank account where the funds that i am showing as proof of funds are kept? Should i also get a no liability certificate from the bank where i hold the salary account?

Please suggest the right approach.

While you submit the POF : Combine docs as below :

*Statement for Savings A/C
*Bank Letter from Savings A/C bank
* Statement for Salary A / C
*Declaration Letter ( mention that the transactions on so and so date of amount 1234 $ has been made from my salary account to accumulate all savings under one account ..