HDFC Bank authorised to accept deposits under Capital Gains Accounts Scheme

HDFC Bank has been authorised by the Government of India to accept deposits under the Capital Gains Accounts Scheme (CGAS), 1988. In a press release issued by the bank regarding this significant decision, it was stated that this scheme will prove to be very useful for taxpayers. CGAS provides a facility through which taxpayers can safely park their idle capital (capital gains) in a bank account for a maximum period of 3 years.

Often, taxpayers are unable to reinvest their capital before the deadline for filing income tax returns. In such circumstances, this scheme provides them great relief. According to HDFC Bank, customers can now open Savings Accounts (A) and Fixed Deposits (B) in all urban and semi-urban branches. However, this facility will not be available in rural branches. As per the relevant section of the Income Tax Act, by maintaining these deposits, customers will not only avail the benefit of tax exemption but will also earn interest on their deposits for a maximum of 3 years. Currently, all resident Indians can avail of this facility.

Regarding the implementation of this scheme, Sunali Rohra, Head – Government & Institutional Liabilities, New Economy Group & Alternate Banking Channels and Partnership at HDFC Bank, stated, "We are grateful to the Government of India for choosing us as a trusted partner for the implementation of CGAS. With this offering, customers can earn interest on their idle capital and also avail the benefit of tax exemption. We invite customers to safely park their capital using our vast branch network and digital capabilities."

On the other hand, as another major change in the banking sector, Axis Bank has also announced changes to its rules. According to a report by ABP Asmita, the changes in rules for cash transactions and maintaining minimum balance for Axis Bank customers will come into effect from 1 December, 2026. These changes will apply to domestic savings accounts, NRI Easy Access accounts, and agricultural accounts. As per the new rule, customers will now be able to make free cash transactions only 3 times a month, which was previously 4 times. However, no change has been made to the total free cash transaction financial limit of ₹1 lakh.

Axis Bank has also significantly increased the penalty charged for not maintaining the minimum balance. The penalty for Easy Access accounts in semi-urban and rural branches, which was previously ₹300 or ₹150, has now been increased to ₹600. In metropolitan and urban branches, the maximum amount of this penalty will also be ₹600. However, salaried account customers have been exempted from this penalty. General customers are advised to maintain the minimum amount in their accounts and use digital transactions more frequently to avoid penalties.

HDFC Bank is India's leading private sector bank, providing various types of financial services. The bank has a vast branch network across the country and is also a leader in the digital banking sector. The bank has previously also played an important role in the implementation of various government schemes. Through this new facility, the bank is attempting to assist its customers in tax planning.

Additionally, according to a report by Business Standard, stock market analysts have expressed positive views regarding the Nifty Smallcap and Midcap indices. According to the technical outlook of HDFC Securities and Bajaj Broking, the Nifty Smallcap index is looking stronger compared to the Midcap and could touch new highs.