SBI CAPGAINS PLUS (CAPITAL GAIN SCHEME 1988)

Sold a plot of land or a flat or any such property recently? You could be liable to pay Long Term Capital Gains Tax. However, if you plan to re-invest it in a residential property or any other specified asset within the stipulated time frame, you can park the proceeds in SBI's CapGains Plus, under the Capital Gains Account Scheme, 1988 and be eligible to claim exemption of Long Term Capital Gains Tax on sale of Capital Assets.

The Benefit for you:
  • Adequate time to acquire the new asset of your liking

  • Earn interest at Savings Bank or Fixed Deposit rates as you wait.

Eligible Applicants
  • Resident Individuals, Body of individuals,

  • Non-individuals like Hindu Undivided Family (HUF), Sole Proprietorship firms; Partnership firms, Companies, Association of persons etc.

  • Non-resident Indians (NRIs)

  • Resident but not Ordinary Resident (RNOR)

  • Artificial Judicial persons who have capital gains, taxable in India.

Type of Accounts
  • Savings Bank Account (Deposit Account-A) and Term Deposits (TDR / STDR) (Deposit Account-B)

Minimum Amount
  • Rs. 1,000 in case of CapGains Term Deposits

Maximum Balance/Amount
  • No upper ceiling

Period of Deposit

Not exceeding 2 to 3 years from the date of transfer of original asset as given below:–

  • Max 24 months - if capital gains is U/s 54, 54B, 54 F. (As declared in Form A by depositor)

  • Max 36 months - if capital gains is U/s 54, 54 D, 54 F, 54 G & 54GB (As declared in Form A by depositor)

Interest Rate
  • As applicable to normal Savings Bank account and/or Term Deposits for respective maturities of Retail & Bulk deposits. No additional interest rate benefit for Senior Citizens or Staff.

Coverage
  • The Capital Gains Deposit Scheme is operative at all branches except Rural branches.

Closure/Premature Payment
  • Closure of TDR/STDR (Account – B) allowed before maturity. (Proceeds to be credited to CapGains SB account-Account- A only).

  • At the time of closure of all accounts, the depositor will have to produce specific authority letter/ certificate from the Income Tax Officer of the respective jurisdiction. The closure would be allowed on the terms mentioned in the letter of authority.

Loan facility
  • No loan facility against this deposit is available. This term deposit can neither be accepted as margin money for non-fund based nor as collateral to any type of fund-based facilities.

Accounting Procedure
Nomination
  • Nomination facility is available for the deposits (Up to 3 Nominees can be nominated)

Transfer of Account
  • Account can be transferred from one branch to another branch

Issue of Duplicate Pass Book or Receipt
  • In the event of loss or destruction of pass book or receipt, the branch may issue, on application made to it, a duplicate thereof

Note:

Auto renewal is NOT available for Term Deposits or Special Term Deposits opened under SBI CapGains Plus unlike the Regular Term Deposit or Special Term Deposit product.

Upon maturity of a Term Deposit or Special Term Deposit opened under SBI CapGains Plus, the proceeds will be credited into the Savings Bank Account opened under SBI CapGains Plus.