Transfering CASH to Fixed Deposits

[kn2172]

Hi All,

I got a PNP nomination on June 29. Now My score is 935 , so I am expecting a ITA in next draw.

I have question regarding my cash that I have used to show as POF.

I have maintained a cash balance of 15000 CAD since Jan 01 till now.

Can I transfer this money into fixed deposit in the same bank now ?

Will that Fixed Deposit be considered a valid proof of funds to apply after getting ITA ?

Will the Age of the fixed deposit be a problem in that case ? Will it be considered too young ?

Please advise.

 

[vigneshj]

Hi Freind

How you got PNP nomitaion, What is the steps you followed. Sorry to ask this now.

 

[OmarSarfraz]

I have the same issue. In case, we make a fixed deposit account (6 month) 2-3 days before sending the application will it be considered too young? and also at the same time the current account balance will decrease significantly due to sending the money into fixed deposit account. Will that be an issue as well?

 

[kn2172]

Applied for NS in January. You can try other provinces now..

 

[Asivad Anac]

Hi All,

I got a PNP nomination on June 29. Now My score is 935 , so I am expecting a ITA in next draw.

I have question regarding my cash that I have used to show as POF.

I have maintained a cash balance of 15000 CAD since Jan 01 till now.

Can I transfer this money into fixed deposit in the same bank now ?

Will that Fixed Deposit be considered a valid proof of funds to apply after getting ITA ?

Will the Age of the fixed deposit be a problem in that case ? Will it be considered too young ?

Please advise.

Will not be a problem. The funds have been there long enough so no doubts on the sources and the FD's age won't cause concerns. And an FD is valid POF provided it has regular breakage clauses and no outlandish charges.

 

[Jkal]

Will not be a problem. The funds have been there long enough so no doubts on the sources and the FD's age won't cause concerns. And an FD is valid POF provided it has regular breakage clauses and no outlandish charges.

Well, he has the funds in cash and nor in bank.
You gotta write a detailed letter along with your pof once you get it into FD. If you have proofs about your 15k CAD as how you got that much of cash, please provide them as well. Try to back your pof with as many docs as you can to convince CIC that the money is your own and not borrowed.

 

[Asivad Anac]

Well, he has the funds in cash and nor in bank.
You gotta write a detailed letter along with your pof once you get it into FD. If you have proofs about your 15k CAD as how you got that much of cash, please provide them as well. Try to back your pof with as many docs as you can to convince CIC that the money is your own and not borrowed.

Valid point.

I got thrown by the highlighted portion which appeared to indicate that the OP had the amount in the bank all this while but in a checking account or something.

I have maintained a cash balance of 15000 CAD since Jan 01 till now.

Can I transfer this money into fixed deposit in the same bank now ?

 

[Jkal]

Valid point.

I got thrown by the highlighted portion which appeared to indicate that the OP had the amount in the bank all this while but in a checking account or something.

Oops... now when i go and read it again, it looks like you are right. He seems to have a checking or some account in Bank.
Nevertheless, his doubt/query has been answered (whichever case it may be).