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Capital Gain Account Scheme - IDBI Bank Capital Gain Account Apply Now

Home > Capital Gain Account

Capital Gain Account Scheme - IDBI Bank Capital Gain Account

IDBI Bank has been authorized to accept deposits under the Capital Gains Accounts Scheme (CGAS), 1988 (Gazette notification dated November 29, 2012 from CBDT)

The scheme facilitate investment in order to save Capital Gains tax for the Capital Gains made by selling a capital investment like residential house, flat, shares, family businesses, farm houses, agriculture land etc. under Central Governments Capital Gains scheme, 1988.

IDBI Bank’s Capital Gain Account Scheme can be availed by

  • Bullet Resident Individuals
  • Bullet Body of individuals
  • Bullet Non-individuals like Hindu Undivided family (HUF)
  • Bullet Sole proprietorship firms
  • Bullet Partnership firms companies
  • Bullet Association of persons etc.

IDBI Bank Capital Gain Account Features

  • Bullet Nature of facility- Acceptance of deposits in the form of Savings Deposit or Term Deposit for availing benefit under CGAS, 1988 by the depositor

  • Bullet Target Segment- All entities of investors looking at investment to save Capital Gains Tax

  • Bullet Types of deposit- There will be two types of deposit accounts
    • Bullet Deposit Account-A: Saving Account.
    • Bullet Deposit Account-B: Term Deposit Account

  • Bullet Minimum Amount- Minimum amount should be Rs. 10,000/-

  • Bullet Maximum Amount- Rs. 100 Crore

  • Bullet Minimum /Maximum period-
    • Bullet 15 days minimum and maximum upto 20 years
    • Bullet 45 days minimum and maximum 20 years for senior citizen

  • Bullet Rate of interest-
    • Bullet Deposit A: Savings Bank rate as per RBI guidelines
    • Bullet Deposit B: As decided by ALCO from time to time
    Retail, Preferential and Bulk category- Existing Term Deposit Card rate for retail, Premium and Bulk deposit as applicable
    Senior Citizen - Senior Citizens get an extra benefit on the interest rate (0.5% extra) for deposit from 1 year and above.

  • Bullet TDS- As per extant IT guidelines

  • Bullet Interest Calculation- As per extant guidelines for SB and Term Deposit

  • Bullet Premature withdrawal- As per CGAS, 1988 guidelines Withdrawal of more than Rs. 25,000/, will be allowed through crossed Demand Draft/ Pay Order/ NEFT/ RTGS only

  • Bullet Premature withdrawal and Penalty- As per guidelines issued from time to time. Presently under RTD no premature penalty is prescribed, hence no premature penalty is proposed if TD booked under the scheme.  CGAS 1988 provides for 1% penalty for premature withdrawal

  • Bullet Utilization of the amount of withdrawal- As per the guidelines of the CGAS, 1988

  • Bullet Loan / Overdraft against Fixed Deposit- Not Applicable

  • Bullet Overdue deposit- Interest on overdue deposit is paid as per prevalent policy of the bank from time to time

  • Bullet Sweep-in options (i.e. Fund flowing from FFD to operative a/c- Not Applicable

  • Bullet Nature of FD receipt- Confirmation of Deposit (COD) as per present process and guidelines

  • Bullet Change or alienation- Amount standing to the credit of the depositor in any account under the Scheme shall not be offered as security for any loan or guarantee and shall not be charged or alienated in any manner, whatsoever

  • Bullet Transfer and conversion of Account- Allowed as per the Bank as well as CGAS 1988 guideline. The process and guidelines of bank and CGAS 1988 Scheme to be followed

  • Bullet Issue of Duplicate Pass Book or Receipt- In the event of loss or destruction of pass book or receipt, the branch may issue, on application made to it, a duplicate thereof

  • Bullet Nomination by an Individual- As per the guidelines of the CGAS, 1988

  • Bullet Other features- The operations of the accounts shall be guided by the provision of the CGAS, 1988

How to Apply

Applying for a Capital Gain Account is absolutely simple. Just call Phone Banking numbers or visit your Nearest Branch. Our representative will contact you at the earliest.

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