what exactly is a PERSONAL provident fund ?
if you mean the normal provident fund which is setup by company for employee according to govt regulations, then yes... that can be used. have seen many cases where people have used PF and got nominations.
As the name suggests - its Personal PF account where I can contribute upto 1.5 lakhs annually and get the rebate in taxes (India). Some people invest in Insurance policies, NSC etc. So, likewise, we can also save money by investing in PPF. The only drawback is we cannot withdraw money from this account until its maturity period which can be 5/10/15/20 years.
But on a few exceptions, it can be still withdrawn like marriage/education/house construction etc.
So, now the question is --- Can I use this money to show in POF or not?
As the name suggests - its Personal PF account where I can contribute upto 1.5 lakhs annually and get the rebate in taxes (India). Some people invest in Insurance policies, NSC etc. So, likewise, we can also save money by investing in PPF. The only drawback is we cannot withdraw money from this account until its maturity period which can be 5/10/15/20 years.
But on a few exceptions, it can be still withdrawn like marriage/education/house construction etc.
So, now the question is --- Can I use this money to show in POF or not?
PPF cannot be used for POF as there is a lockin period of 7 years. However PF can be considered as POF and I have showed that and got nomination from Saskatchewan.
In this case you will need to withdraw the anount from PPF account and then transfer this to your account. I do not know under what conditions the money can be withdrawn from PPF account. But to avoid confusions withdraw the money and keep in your account in form of FD or savings account balance. You would need to keep records of the following
1. Copy of statement showing the money transfer from PPF account to your savings bank account. If transferred via cheque then please keep a copy of cheque for records.
2. Copy of bank statement showing the amount credited in your account.
3. A letter if explanation stating that you have withdrawn the PPF as it is allowed to withdraw the money after lockin period of 5 years. This LOE is a must.
If you do these things then you are good to use the money for immigration purpose.
