I have a question related to proof of funds.
For some time, I have been working in Australia on work visa.
I have an NRE account which I use to deposit all my savings. A month ago, I have converted bulk of my funds within that account to a fixed deposit.
Can I use that NRE account fixed deposit to show proof of funds?
As per my understanding, IRCC is concerned with your liquid funds and a fixed deposit might be hard to justify as a liquid asset. Can someone else confirm this for @docparth86?
As long as you have more than the minimum required as per CIC you don’t need to show anything additional. If you do, then technically you can liquidate your FD with a penalty (can vary) and show that as liquid cash (since you mentioned “all my savings”). Maybe get a letter from the bank specifying how much liquid cash you will get if they liquidate FD and submit that as additional funds?
I am getting the letter from my bank along the lines of what CIC say on their website:
Letter(s) must:
be printed on the financial institution’s letterhead
include their contact information (address, telephone number and > email address)
include your name
list outstanding debts such as credit card debts and loans
include, for each current bank and investment account:
account numbers
the date each account was opened
the current balance of each account
the average balance for the past six months
I have some funds which are sitting outside of the FD. But the bulk of my saving are now locked within FD. And yes, I did confirm with the bank that they can liquidate it if needed with a penalty of course.
The FD is in US currency which I don’t think would be a problem?
With regards to “how much liquid cash I would get”:
The FD is 30K US Dollars – which would amount to way more than 12K CA$ after deducting whatever penalty there is. I don’t think the penalty would be more than a couple of grands of USD.
Whatever is the final total $ number of liquid cash, make sure you add a cover letter stating that and its conversion to CAD on that day’s exchange rate.