Udaipur : HDFC Bank, India’s leading private sector bank, has received authorisation from the Government to offer deposits under the Capital Gains Accounts Scheme (CGAS), 1988. CGAS provides a facility for taxpayers to hold their unused capital gains for a maximum of three years in a bank account.
With CGAS, taxpayers who are unable to finalise their re-investment before the income tax filing deadline can open savings accounts (A) and fixed deposits (B) with the Bankacross all urban and semi-urban branches (excluding rural branches). According to the applicable section of the Income-Tax Act, they will not only be able to avail tax exemption but also earn interest on their deposits for a maximum period of three years.
Key features of the deposits with HDFC Bank under CGAS:
- Easy Deposits: Customers can make deposits via NEFT, RTGS, Fund Transfer, IMPS and UPI both online and in-person at the branches
- Zero Balance Requirement: Savings accounts have a zero-balance requirement and nil transaction charges
- QuarterlyInterest Pay-out:Deposit holders will get quarterly interest on fixed deposits as well as on savings accounts
- View only Digital Access: Deposit holders will have view-only access via NetBanking and MobileBanking
- Account Tracking: Account holders will getpassbook for tracking savings accounts and fixed deposits advice
Ms Sunali Rohra, Head – Government & Institutional Liabilities, New Economy Group and Alternate Banking Channels & Partnership, HDFC Banksaid, “We are grateful to the Government of India for reposing faith in us as a reliable partner for implementing the CGAS. With this offering, customers can both earn interest and availtax exemption on their unutilised capital gains. We invitecustomers to leverage our extensive branch network and digital prowess to securely park their unutilised capital gains.”
As of now, all resident Indians can avail the deposit facility with the Bank under CGAS. The facility applies to capital gains arising fromthetransfer of the followingassets:
- Residential house property (apartment / building / land)
- Agricultural land
- Any capital asset other than residential house property
- Land or building forming part of an industrial undertaking transferred by way of compulsory acquisition
- Industrial assets shifted from an urban to a non‑urban area (plant, machinery, land, or building)
- Industrial assets relocated from an urban area to a Special Economic Zone (SEZ) (plant, machinery, land, or building)
