The Capital Gains Tax Saving Scheme sanctioned in 1988 states that any person who opens an account under this scheme is applicable to customers who wishes to claim freedom from tax paying under the section 54 for capital gain.
Features
| Branches Authorised | This scheme is authorised to only BOI’s non-rural branches i.e all the semi urban, urban and metro branches are eligible to relish on this scheme. |
| Types of Accounts | There are two types of account :
· Account A : is a Saving Account Type · Account B : is a Term Deposit Account cumulative or non-cumulative. |
| Account Opening Form | Some of the documents you have submit for account opening are :
· Form A (in Duplicate) · Address Proof · Copy of PAN Card · Passport Size Photograph · Unstamped HUF letter in case of account is for HUF |
| Chequebook Facility | Not available. |
| Withdrawal | To withdraw a certain amount from deposit A (saving bank account) one has to produce an application in form C alongwith Pas book. |
| Futher Withdrawal | For various withrawal Form D (in duplicate) by providing the details of the previous withdrawal. Banks are not liable to allow further withdrawal if the referred particulars are not produced to the bank. |
| Mode of Payment | If the withdrawal of an amount which is over Rs 25,000 should be affected by bnak only bty crossed Demand Draft. |
| Utilization of Amount Withdrawn | If you withdraw a sum of money from account A then you have to utilize it within 60 days and re-deposit that sum of money in Account A immediately. Non-compliances of this rule shall deliver the depositor to lose all the freedom under relevant sections. |
Schemes of Bank of India
Bank of India Star Sunidhi Tax-Saving Deposit Scheme
Bank of India Star Flexi-Recurring Deposit Scheme
Bank of India Quarterly/Monthly Term Deposit Scheme
Bank of India Double Benefit Term Deposit Scheme
BOI Star Yuva Account
Bank of India Saving Bank Ordinary Account
