ICICI Bank has officially launched the Capital Gains Account Scheme (CGAS) in India, effective January 1, 2026. This scheme, a government-notified initiative under the Income Tax Act, 1961, allows taxpayers to deposit uninvested long-term capital gains or sale proceeds from specified capital assets to claim tax exemptions. The move follows the Government of India's approval designating ICICI Bank as an authorised institution for handling CGAS deposits, expanding options for individuals seeking to defer tax liabilities. The scheme is particularly beneficial for taxpayers who are unable to reinvest their long-term capital gains before the Income Tax Return (ITR) filing deadline. It provides a crucial window of up to three years to plan and execute reinvestments in eligible assets, such as residential property or land, without forfeiting the associated tax exemptions. Funds deposited under the CGAS also accrue interest, similar to regular savings accounts or fixed deposits, depending on the chosen account type. Initially, the Capital Gains Account Scheme is available for resident individuals and Hindu Undivided Families (HUFs). ICICI Bank has indicated plans to extend the scheme to non-individuals and Non-Resident Indians (NRIs) in the near future, further broadening its reach. Customers can open a Capital Gains Account by visiting their nearest ICICI Bank branch, excluding rural locations as per CGAS rules. The scheme offers two types of accounts: Type A, which functions as a savings account, providing flexible withdrawals linked to approved reinvestment purposes, and Type B, a term deposit account available in cumulative or non-cumulative formats for fixed-tenure deposits. All withdrawals from Type B accounts will be routed through the Type A savings account, with strict monitoring to ensure funds are used for their intended purpose. This initiative reinforces ICICI Bank's commitment to providing comprehensive financial solutions that cater to the evolving needs of its customers, especially in tax planning and wealth management.