Fixed deposits under FRTD interest in Capital Gains account

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    BTVREDDY New Member

    Dear Sir,

    Recently we have sold one property. Thc sale considerations have been parked in IDBI capital gains account. As per our financial plans we do not require any money from this CG account for another year. Hence we decided to put this money in Fixed deposits under "FLOATING RATE TERM DEPOSIT (FRTD)" interest scheme. But the banker is not agreeing to issue FDs under FRTD rate which is 8.21% at present. Whereas he is agreeable to issue FDs under normal rates which is 7.75%. As we pursued this issue with several officers in the bank, the only reply we received was "NOT OFFERING FRTD FDs FOR CAPITAL GAINS ACCOUNT". No specific reason was given in spite of our repeated requests as to why it can not be offered as the same is beneficial to general public.
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