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 | · NILFV |
| CHARGES FOR NON-MAINTENANCE OF MINIMUM BALANCE | · NIL |
| CONVERSION OF ACCOUNT | · Conversion from Type A (Savings Bank) to Type B (Term Deposit) permitted and vice versa without charges |
| CHEQUE BOOK
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· Cheque books are not issued – Withdrawal only through withdrawal forms with application in Form C along with Passbook. |
| DD
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· 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 |
