Recurring deposit - proof of fund

[om.awasthi.in]

Dear All,

Please let me know if a recurring deposit is considered as proof of fund or they need to be closed and moved to saving account in order to show the required amount.

Thank you in advance.

 

[Prats6]

If you can withdraw RD at any point of time (ie if it is liquid) then its fine, else move it to a Savings Account - saves the hassle. I showed FD, which works.

 

[om.awasthi.in]

If you can withdraw RD at any point of time (ie if it is liquid) then its fine, else move it to a Savings Account - saves the hassle. I showed FD, which works.

Dear,

Thank you for your response.

I have few doubts about FD details, please provide your input on below items:

1. I have got the ITA, so my date of FD creation will be between ITA and acceptance. Is this fine ?
2. For how many days period I need to create the FD for?
3. Do they want me to liquidity the FD to Canadian currency ?
4. I have asked my father to deposit the money, do i need to show the additional document for the same? If yes from where we can get that docuemnt

 

[melmathews]

Dear,

Thank you for your response.

I have few doubts about FD details, please provide your input on below items:

1. I have got the ITA, so my date of FD creation will be between ITA and acceptance. Is this fine ?

Yes, this should be fine. I too created an FD after receiving ITA. It worked for me.

2. For how many days period I need to create the FD for?

I'd suggest 6 months - 12 months..Simply as an assurance that this is not some short term funding you have going.

3. Do they want me to liquidity the FD to Canadian currency ?

Nope. Get a letter from the bank stating the value of Savings bank and FD and ask them to mention the equivalent in CAD. Axis bank and ICICI did it for me.

4. I have asked my father to deposit the money, do i need to show the additional document for the same? If yes from where we can get that docuemnt

Yes, you'll need to show a gift deed from your father to you.
Also, since this money has recently come in your account, attach details of the transaction from your father's account to you to explain the surge in funds.

All the best with your application!!

 

[melmathews]

For formats of gift deeds, you can look up the forum..

I came across this recent thread..hope it helps..
http://www.canadavisa.com/canada-immigration-discussion-board/threads/gift-deed.488341/#post-5975744

 

[om.awasthi.in]

4. I have asked my father to deposit the money, do iIneed to show the additional document for the same? If yes from where we can get that docuemnt

Yes, you'll need to show a gift deed from your father to you.
Also, since this money has recently come in your account, attach details of the transaction from your father's account to you to explain the surge in funds.


I have one question. I myself have only sent that money to him for some work from the same account. So still I need to show the gift deed from my father along with his account details. Request you to please provide your inputs.

 

[melmathews]

4. I have asked my father to deposit the money, do iIneed to show the additional document for the same? If yes from where we can get that docuemnt

Yes, you'll need to show a gift deed from your father to you.
Also, since this money has recently come in your account, attach details of the transaction from your father's account to you to explain the surge in funds.


I have one question. I myself have only sent that money to him for some work from the same account. So still I need to show the gift deed from my father along with his account details. Request you to please provide your inputs.

If you transferred the funds via cheque/ net banking to your father, here's what I would suggest..
In LoE, mention that you had lent amount xxx to your father on date xx xx . Your father in turn had returned the same back to you via cheque / net banking on date xx xx. To back it up, try and attach the following documents to your LoE..
1. Letter from your father stating amount lent to him and on which date with transaction details and repayment date and transaction details
2. Your dad's account statement showing in flow and corresponding details on your statement showing outflow
3. Reversal transactions..

If you're still not clear, send me a pm with your mail id, and I'll share some screenshots...

 

[om.awasthi.in]

If you transferred the funds via cheque/ net banking to your father, here's what I would suggest..
In LoE, mention that you had lent amount xxx to your father on date xx xx . Your father in turn had returned the same back to you via cheque / net banking on date xx xx. To back it up, try and attach the following documents to your LoE..
1. Letter from your father stating amount lent to him and on which date with transaction details and repayment date and transaction details
2. Your dad's account statement showing in flow and corresponding details on your statement showing outflow
3. Reversal transactions..

If you're still not clear, send me a pm with your mail id, and I'll share some screenshots...

Dear,

Thank you for your input. It gives me very clear idea.I will pm you my email id

Thank you,
Om