What kind of funds are considered Liquid

[JSPCAN]

Hi Everyone,

I applied for PR in Federal skilled worker categaory and got ITA last week.

How much fund are necessary to be shown:

For self alone
For Self+spouse

Out of the below options, which can be shown as a part of liquid funds :

-Savings.... (definitely yes)
-Fixed Deposits
-Public Provident fund
-Mutual Fund


Regards

 

[xpressentry]

Mutual funds are subject to market risk so can't use them

 

[JSPCAN]

Hi,

I am in India (I think I didnot mention it earlier).

-What about Fixed Deposit and money in Public Provident Fund.....can those be shown as liquid funds?


Additionally , also advise:

-I have 4 bank accounts. If I am able to show the required amount of funds from 2 bank accounts then do I still have to show the details of bank balance from other 2 accounts aswell or should I not mentioned those accounts ?


Regards
JSPCAN

 

[lohit]

Hi,

I am in India (I think I didnot mention it earlier).

-What about Fixed Deposit and money in Public Provident Fund.....can those be shown as liquid funds?


Additionally , also advise:

-I have 4 bank accounts. If I am able to show the required amount of funds from 2 bank accounts then do I still have to show the details of bank balance from other 2 accounts aswell or should I not mentioned those accounts ?


Regards
JSPCAN

Fixed deposits, savings account, PPF all can be shown as POF. It doesn't matter from how many accounts you show POF. In your case you can just show the details of 2 bank accounts having enough funds. That's enough.

 

[JSPCAN]

Thanks Iohit.

 

[jpv2212]

Hi,

I am in India (I think I didnot mention it earlier).

-What about Fixed Deposit and money in Public Provident Fund.....can those be shown as liquid funds?


Additionally , also advise:

-I have 4 bank accounts. If I am able to show the required amount of funds from 2 bank accounts then do I still have to show the details of bank balance from other 2 accounts aswell or should I not mentioned those accounts ?


Regards
JSPCAN

Beware, my friend!

There is a rule in PPF that you can't withdraw money from this account until 3 years (or may be 5, I don't know exactly how many years).
And, even after this period of time, you can't withdraw all money from this account. There is a limit on how much you can withdraw from it. They give you the money on a loan basis.

Better check with the bank about this before submitting this as PoF.

The main concern to IRCC regarding PoF is that you should be able to use that money for your expenses as soon as you land in Canada. Now, if you can't withdraw from PPF, then it's not a valid PoF.

Hope it's clear now.

 

[JSPCAN]

Thanks JPV.

OK. I will check with the bank on PPF part....this a valuable input.

But more importantly I hope Fixed Deposit in Indian bank are definitely accepted....is that sure?


Regards
Jaspreet

 

[jpv2212]

Thanks JPV.

OK. I will check with the bank on PPF part....this a valuable input.

But more importantly I hope Fixed Deposit in Indian bank are definitely accepted....is that sure?


Regards
Jaspreet

Yes, I've heard people showing their FD as PoF. They are valid, since you can use the money whenever you want to.

 

[Bhoomi12]

Fixed deposits, savings account, PPF all can be shown as POF. It doesn't matter from how many accounts you show POF. In your case you can just show the details of 2 bank accounts having enough funds. That's enough.

How mature should be these funds ? 4 or 6 months? If it's 4 month, then is it fine ?

 

[lohit]

How mature should be these funds ? 4 or 6 months? If it's 4 month, then is it fine ?

Usually 6-12 months bank statements is decent to show for POF.

 

[Dhrvsd]

I have a query. I have attached two POF documents. 1. Bank letter (>14000 CAD) and 2. Provident fund letter (additional). The provident fund letter is handwritten by RPFO, signed and attached with account statement. Even if they don't consider it, I'm above the minimum as per my bank statement. In my application I've mentioned I'll get 17500 CAD. Question being- are there chances of rejection?