Interest on reinvestment deposit schemes/recurring deposit schemes/Cash Certificates, etc.-Treatment thereof-Under section 80L of the Income-tax Act, 1961

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.... Several banks are accepting deposits under the reinvestment deposit schemes, recurring deposit schemes, cash certificates and similar schemes. These schemes have been evolved to provide the public with an attractive medium of investment and simultaneously mobilise savings. 2. Under these schemes, a depositor invests a sum of money for a certain period of years and at the end of the contracted p....