Exemption under section 10(15)(ii): interest on Post Office Cumulative Time Deposits exempt if deposits within postal bank limits. The Central Board of Direct Taxes clarifies that interest under the Post Office Savings (Cumulative Time Deposits) Rules, 1959, is exempt under section 10(15)(ii) of the Income-tax Act, 1961, to the extent the deposit does not exceed the maximum amount permitted by the Post Office Savings Bank regulations.