Section 4(8) in Compulsory Deposit Scheme Act, 1963
(8)Any deposit made under this section shall bear simple interest at the rate of four per cent.per annum to be calculated from the first day of the month immediately following the month in which the deposit is made to the last day of the month immediately preceding the month in which it is repaid (both days inclusive) and notwithstanding anything in the Income-tax Act, the amount of such interest shall be free of any tax under that Act.
