As per Rule 9 of Capital Gain Accounts Scheme, 1988, the procedure is as follows:
There shall be two types of deposit accounts, namely —
- “Deposit account-A”(Savings Account)
- “Deposit account-B” (Term Deposit)
- Withdrawal from Account-A :
- Amount can be withdrawn from Account-A at any time after making initial subscription by depositing Form C along with the pass book in the deposit office.
- For any withdrawal from Account-A, other than initial withdrawal, a depositor needs to apply in Form D in duplicate.
- Withdrawal from Account -B : A depositor intending to withdraw the amount from Account-B, shall first transfer the amount in his Account-B to Account-A and withdraw the amount in the same manner as is specified for Account-A.
- Manner of transfer and conversion of deposit account are prescribed under the Rule 7 of Capital Gain Accounts Scheme,1988.
- Depositor having the deposit account B may apply in Form-B along with deposit receipts and details of deposit account A for transfer of the amount standing to credit in deposit account B. In case depositor has not opened deposit account A, depositor has also to request for opening deposit account A along with Form B.