Can anyone let me know whether I can withdraw the amount deposited in SBI under capital gains account scheme in CG Term Deposit account prematurely. I have made a deposit of Rs 5 lacs for 1 year in Oct, 2013. Now, I may require to pay to the builder in Jan, 2014 for the flat booked with him. Is it possible? If so, what is the procedure? I am not getting proper clarification from the bank.
Banks will always offer CG account with time deposit because of its sheer volume, which will help only the bank. So never ever take a time deposit CG account.
Write a letter to the bank stating the details of the builder and the amount to be withdrawn. Ask for the withdrawal form and closure form from the bank. You will have to push or else you will get nothing but excuses from the bank.
The Capital gain account scheme must have that option. Kinldy push them with this issue.
Most of the bank's manager doesn't know of their own bank scheme..please go and push them..
Karia Overseas
Ahmedabad
CA
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Rahul Dang & Associates-Chartered Accountants
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SMJ global advisors pvt ltd
New Delhi
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