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Eligibility:A deposit or deposits may be made under the provisions of section 54, 54B, 54D, 54F or 54G of the I.T Act 1961 by any depositor intending to avail of the benefit under the said section or sections of the Act, as the case may be, in accordance with the provisions of this scheme.
Types of Deposits:Two types of accounts can be opened under this scheme viz., Account-A and Account-B. Account-A shall be in the form of Savings Deposit and Account-B shall be in the form of Term Deposits.
Application Form and other stationeries:
Withdrawal from the account:For making initial withdrawal from Account-A, the depositor should apply in Form-C together with the Pass Book. If the withdrawal is permitted, necessary entry must be made in the Pass Book forthwith. For subsequent withdrawal, the utilization certificate should be furnished, in duplicate, in Form-D.
Payments exceeding Rs 20000/- should be made by means of Demand Draft, Pay Orders, etc. For withdrawal from Account-B, the proceeds along with the accrued interest be credited in Account-A and drawings will be allowed as indicated above. The amount so withdrawn be utilized within 60 days from the date of drawing
Charge or alienation:
The amount stand at the credit of any depositor shall not be offered as security for any loan as guarantee and shall not be charged in any manner.
Closure of Account:
The account(s) can be closed, if applied for in Form-G with the approval of the Assessing Officer under whose jurisdiction his I.T.File is maintained. If any nomination has been granted in respect of the accounts, the disposal of such accounts be made as per guideline provided in the scheme.
The tax payers can avail of the benefit of exemption from Capital Gains, only if the amount of Capital Gains or the net consideration is deposited with the Bank on or before their due date of filing return of income. All of our branches, other than branches classified as ‘Rural’ are authorized to open accounts and accept deposits under this scheme.