Proof of funds

[Sania273]

Hi,

I recently got my ITA and now have to arrange the documents in 90 days. The funds that I need to show in my account is 12Lakhs(for me and my dependent).
I've read somewhere that a loan can't be taken for the funds. I wanted to know if we can put gold in the bank and get money and show that as proof of funds?
Also, is it necessary to keep the funds in the account for atleast 3 or 6 months?
Please help.

Thanks,
Sania

 

[akmh1b]

Taken from legalfalcon response in another thread:
For the PoF, it cannot be borrowed, or you cannot take a loan and show it as a PoF. The PoF should be the funds, which should be unencumbered and available for you to settle in India. Pledging gold for money is the same as taking a loan against your property, which does not count as PoF.
For any funds you take from your parents, that can be in the form of a gift deed.

For details see
https://www.getgcms.com/blog/proof-funds-requirement-express-entry

Next the 6 months funds is critical. IRCC wants to see you have continuous holding of proof of funds so make sure you are meeting that requirement. It is a simple pass or fail or proof of funds so do not show just a day or so show over a period of you can't meet 6 months show your account holding increasing over 6 months with last 2-3 months meeting the requirement. Be very careful with proof of funds and ensure you meet the requirements.

 

[Sania273]

Taken from legalfalcon response in another thread:
For the PoF, it cannot be borrowed, or you cannot take a loan and show it as a PoF. The PoF should be the funds, which should be unencumbered and available for you to settle in India. Pledging gold for money is the same as taking a loan against your property, which does not count as PoF.
For any funds you take from your parents, that can be in the form of a gift deed.

For details see
https://www.getgcms.com/blog/proof-funds-requirement-express-entry

Next the 6 months funds is critical. IRCC wants to see you have continuous holding of proof of funds so make sure you are meeting that requirement. It is a simple pass or fail or proof of funds so do not show just a day or so show over a period of you can't meet 6 months show your account holding increasing over 6 months with last 2-3 months meeting the requirement. Be very careful with proof of funds and ensure you meet the requirements.

Thanks for the reply. Can the proof of funds be shown in the form of an FD also?

 

[jamesaiyer]

Yes. Fixed Deposits are accepted as valid proof for funds.