Chandigarh, Jan 1:- ICICI Bank today announced the launch of the Capital Gains Account Scheme enabling customers to deposit un-invested long term capital gains or sale proceeds from the sale of specified capital assets. This facility allows them to avail tax exemptions for up to three years while earning interest on deposited funds.
The launch follows the Government’s approval of ICICI Bank as an authorised institution to handle CGAS deposits.
Starting January 1, 2026, this scheme is available for Resident individuals and Hindu Undivided Families It will be available for non-individuals and NRIs shortly. It benefits taxpayers who are unable to reinvest long term capital gains before the Income Tax Return filing deadline. Customers can open a Capital Gains Account by visiting their nearest ICICI Bank branch
An ICICI Bank spokesperson said, “We thank the Government of India for recognising ICICI Bank as an authorised institution for CGAS deposits. With this scheme, customers can park un-invested long term capital gains, earn interest, and claim tax exemptions, while planning reinvestment up to three years. This offering reinforces our commitment to deliver financial solutions that meet evolving customer needs.”
Key features & benefits of CGAS;
· Type A (Savings Account): Flexible withdrawals linked to approved reinvestment purposes
· Type B (Term Deposit Account): Cumulative or non-cumulative formats for fixed-tenure deposits
· Tax exemption: Deposit un-invested capital gains or sale proceeds before the ITR due date to claim exemption on long-term capital gains under relevant Income Tax sections
· Temporary parking of funds: Up to three years to plan reinvestment without losing exemption eligibility
· Interest earned: Similar to regular savings account or fixed deposits.
· Flexible reinvestment: Proceeds can be invested in property, agricultural land, or new capital assets of industrial undertaking in non-urban areas/ special economic zones depending on the CGAS chosen; withdrawal of proceeds requires proof of usage of funds
