regarding proof of fund...

[dipen_trivedi]

Hello,
I have confusion about proof of fund as below:

(1) I have joint account with my parents, can I show liquid balance in that ? I and my wife are going to apply for PR, not my parents
(2) Can I show mutual fund as balance ?
(3) Can I show Post MIS as balance ?
(4) Can I show EPF as balance ?
(5) Can I show FDs on my name and parents/brother name in combine as balance ?
(6) Can I show FDs in co-oprative bank as balance ?
(7) Can I show LIC Surrender value as balance ?

Awaiting for guidance.
Thanks

 

[nishesh3003]

Hello,
I have confusion about proof of fund as below:

(1) I have joint account with my parents, can I show liquid balance in that ? I and my wife are going to apply for PR, not my parents: NO. The Account can only be held by You or jointly by your spouse.
(2) Can I show mutual fund as balance ? NO.
(3) Can I show Post MIS as balance ? No Idea.
(4) Can I show EPF as balance ? NO
(5) Can I show FDs on my name and parents/brother name in combine as balance ? NO
(6) Can I show FDs in co-oprative bank as balance ? Yes. If they are solely in your name.
(7) Can I show LIC Surrender value as balance ? Yes. If the amount can be liquidated in the near future or is already liquidated.

Awaiting for guidance.
Thanks

 

[dipen_trivedi]

Thanks for your reply.
More I like to know that...
(1) I have some FD in one bank and some in another bank on my name . is it possible to show more then one bank fds?
(2) in proof just FD copy will be ok or bank letter i have to take?
(3) in LIC policy , no policy is near to mature. Though LIC gives certificate if I close Policy then certain amount will be surrender value if I close policy on that day.

Awaiting for your reply.
Thanks

 

[future_canadian]

I disagree on #2 and maybe #4.

#2 YES. So long as you can easily liquidate the mutual funds and get the cash (i.e. they are traded on stock markets and you can sell whenever you want).
#3 What is Post MIS?
#4 What is EPF? Some kind of provident fund? You can show it to the extent that you can withdraw it at the time you wish to come to Canada. If you can liquidate it whenever you wish after leaving the job it is fine. If it is locked up, not vested, something like that, then you can't.

 

[dipen_trivedi]

Hi thanks for your reply.
#3 its one kind of FD in Indian Postal (POST) Dept.
#4 EPF means Employee Provident Fund. After leaving job we can get Provident Fund back

Please solve my doubt
Thanks

 

[future_canadian]

Hi thanks for your reply.
#3 its one kind of FD in Indian Postal (POST) Dept.
#4 EPF means Employee Provident Fund. After leaving job we can get Provident Fund back

Please solve my doubt
Thanks

#3 Is it a FD that can be withdrawn whenever you want? If so then it can be listed.
#4 If you can take the cash with you whenever you want after leaving the job it is ok.

FYI in the main applicants thread there has already been a poster who informed us that his payment has been charged and he used his Indian employer PF as proof of funds.

 

[msaeed]

Hello,
I have confusion about proof of fund as below:

(1) I have joint account with my parents, can I show liquid balance in that ? I and my wife are going to apply for PR, not my parents - Yes , but do write a cover note that this this your money , and get it attested from your parents

(2) Can I show mutual fund as balance ? - Yes , get investment certificate from your bank

(3) Can I show Post MIS as balance ? - NO

(4) Can I show EPF as balance ?- NO

(5) Can I show FDs on my name and parents/brother name in combine as balance ?- No

(6) Can I show FDs in co-oprative bank as balance ?- Yes

(7) Can I show LIC Surrender value as balance ? - Yes

Awaiting for guidance.
Thanks

 

[future_canadian]

VERY BAD ADVICE ON #1. Only the applicant's or spouse's name is acceptable.

## 3 and 4 I disagree, but it is not a fatal error as #1 would be!

 

[msaeed]

VERY BAD ADVICE ON #1. Only the applicant's or spouse's name is acceptable.

## 3 and 4 I disagree, but it is not a fatal error as #1 would be!

Sir

Please use ethical words , or come up with logic to correct any one advice.
In India & Pakistan , family terms are very strong , and many have joint account with their parents , and if explained to VO , it is accepted.

This is what has happened in case of my cousin , who is PR now.

Stay Blessed

 

[pie_vancouver]

#4 EPF means Employee Provident Fund. After leaving job we can get Provident Fund back

YES, you can use this

 

[mjoshi10]

Sir

Please use ethical words , or come up with logic to correct any one advice.
In India & Pakistan , family terms are very strong , and many have joint account with their parents , and if explained to VO , it is accepted.

This is what has happened in case of my cousin , who is PR now.

Stay Blessed

Correct !
Beautifully stated and logically explained .

 

[dipen_trivedi]

Thanks for your reply.
More I like to know that...
(1) I have some FD in one bank and some in another bank on my name . is it possible to show more then one bank fds?
(2) in proof just FD copy will be ok or bank letter i have to take?
(3) in LIC policy , no policy is near to mature. Though LIC gives certificate if I close Policy then certain amount will be surrender value if I close policy on that day.

Awaiting for your reply.
Thanks

 

[paigey]

Hi.. Sorry to butt in. But can I ask a question about proof of funds as well?



I have only 1 bank certificate and it says only the amount I have in the bank but not the date it was opened nor how the amount was dispersed in my account.
It was opened a month ago and was a bulk deposit when I received my inheritance from my grandfather.
Should I include now the documents proving that or should I wait until the local VO ask how I got the funds?

 

[dipen_trivedi]

I have Overdraft facility on my Fixed Deposite in Bank A. Bank A gives 90% amount of FD as overdraft loan. Can I use that 90% amount and transfer fund in my Savings account in Bank B and show as balance ?