Compulsory Deposit Scheme Act : Protection against attachment. Indian Bare Acts :

Compulsory Deposit Scheme Act,1963

Act No : 21

Section : Protection against attachment.

11.Protection against attachment. (1) The amount standing to the credit of any depositor shall not be liable to attachment under any decree or order of any court in respect of any debt or liability incurred by the depositor. (2) Any amount standing to the credit of a depositor at the time of his death and payable to his nominee under a scheme shall vest in the nominee and shall be free from any debt or other liability incurred by the deceased or incurred by the nominee before the death of the depositor.