ICICI Bank launches Capital Gains Account Scheme for resident individuals and HUFs to park uninvested long-term capital gains.

Key facts

• ICICI Bank has been authorised to accept deposits under the Capital Gains Account Scheme (CGAS), 1988, a government-notified scheme under the Income Tax Act, 1961.
• Customers can deposit un-invested long term capital gains or sale proceeds from the sale of specified capital assets.
• Funds can be parked for up to three years in savings or term deposit accounts while earning interest.
• Type A (Savings Account) offers flexible withdrawals linked to approved reinvestment purposes.
• Type B (Term Deposit Account) is available in cumulative or non-cumulative formats for fixed-tenure deposits.
• Savings Account (Type A) is mandatory; Fixed Deposit (Type B) can also be opened.
• Cheque Book and Debit Card services are not available under the Capital Gains Account Scheme.
• Premature FD closure is allowed in accordance with Capital Gains Account Scheme and ICICI Bank’s FD premature closure policy.