HDFC Bank on Wednesday announced that it has received government authorisation to offer deposit facilities under the Capital Gains Accounts Scheme (CGAS), 1988.

The scheme allows taxpayers to park unutilised capital gains in designated bank accounts for a period of up to three years, providing additional time to reinvest the proceeds and claim applicable tax benefits.

Under the facility, taxpayers who are unable to complete their reinvestment before the income tax return filing deadline can open savings accounts and fixed deposits with HDFC Bank.

The facility will be available across the bank's urban and semi-urban branches, excluding rural branches, the bank said in a statement.