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Capital Gains SB account

Capital Gains SB account

TARGET CUSTOMERS ·   All assesses who are eligible for exemption under Section 54, 54B, 54D, 54F or 54G of the Income tax Act 1961 (43 of 1961) can deposit under this scheme.

·   Can be opened in all branches except rural branches

KYC REQUIREMENT As applicable to Normal Savings Bank account
NATURE OF OPERATION Non cheque book SB account
AVERAGE MONTHLY MINIMUM BALANCE ·  As applicable to Normal SB account

·       SU –  Rs. 500/ and   M/U  – Rs. 1000/-

CHARGES FOR NON-MAINTENANCE OF MINIMUM BALANCE ·  Charges based on the amount of short fall in average monthly balance. Refer latest service charges notification.
CONVERSION OF ACCOUNT ·  Conversion from Type A (Savings Bank) to Type B (Term Deposit) permitted and vice versa without charges


·  Cheque books are not issued – Withdrawal only through withdrawal forms  with application in Form C along with Passbook.


·  Amount beyond Rs. 25000/- will be issued vide Account Payee Demand Draft
RTGS/NEFT ·  No RTGS / NEFT permitted
NET BANKING ·  Only viewing, Transactions are restricted
ATM DEBIT CARD ·  Not issued
ECS DEBIT ·  No ECS debit permitted
NOMINATION ·  Online facility is restricted – Maximum 3 persons can be nominated
RESTRICTIONS IN TRANSACTIONS AT THE BRANCH ·  Withdrawal by cash is restricted to Rs. 25000/-

Amount beyond                     Rs. 25000/- will be issued vide Account Payee Demand Draft

CLOSURE OF ACCOUNT ·  Application in Form G with letter from assessing officer of the Income tax office to be provided for closure of the account


( Last modified on Sep 14, 2022 at 01:09:02 PM )