Capital Gain Account Scheme
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
- Resident Individuals
- Body of individuals
- Non-individuals like Hindu Undivided family (HUF)
- Sole proprietorship firms
- Partnership firms companies
- Association of persons etc.
IDBI Bank Capital Gain Account Features
Nature of facility
Acceptance of deposits in the form of Savings Deposit or Term Deposit for availing benefit under CGAS, 1988 by the depositor
All entities of investors looking at investment to save Capital Gains Tax
Types of deposit
There will be two types of deposit accounts
- Deposit Account-A: Saving Account.
- Deposit Account-B: Term Deposit Account
Minimum amount should be Rs. 10,000/-
Maximum amount should be Rs. 100 Crore
Minimum /Maximum period
- 15 days minimum and maximum upto 20 years
- 45 days minimum and maximum 20 years for senior citizen
Rate of interest-
- Deposit A: Savings Bank rate as per RBI guidelines
- 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.
As per extant IT guidelines
Interest CalculationAs per extant guidelines for SB and Term Deposit
Premature withdrawalAs per CGAS, 1988 guidelines Withdrawal of more than Rs. 25,000/, will be allowed through crossed Demand Draft/ Pay Order/ NEFT/ RTGS only
Premature withdrawal and PenaltyAs 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
Utilization of the amount of withdrawalAs per the guidelines of the CGAS, 1988
Loan / Overdraft against Fixed DepositNot Applicable
Overdue depositInterest on overdue deposit is paid as per prevalent policy of the bank from time to time
Sweep-in options (i.e. Fund flowing from FFD to operative a/cNot Applicable
Nature of FD receiptConfirmation of Deposit (COD) as per present process and guidelines
Change or alienationAmount 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
Transfer and conversion of AccountAllowed as per the Bank as well as CGAS 1988 guideline. The process and guidelines of bank and CGAS 1988 Scheme to be followed
Issue of Duplicate Pass Book or ReceiptIn the event of loss or destruction of pass book or receipt, the branch may issue, on application made to it, a duplicate thereof
Nomination by an IndividualAs per the guidelines of the CGAS, 1988
Other featuresThe operations of the accounts shall be guided by the provision of the CGAS, 1988
How To Apply
Applying for a Capital Gain Account in 3 easy steps.
01. Get In Touch
Call on our Phone Banking numbers - Toll Free -
1800-22-1070 (24x7 service)
02. Visit Our Branch
Visit the nearest branch.
03. Receive a Call Back
Our representative will contact you at the earliest.