According to the Indian Partnership Act, 1932, when the partnership deed is silent about interest on drawings, no interest is charged on the drawings made by partners.
This means the rate of interest on drawings is 0% when the partnership deed does not specify any rate.
It's important to note the distinction between different types of interest in partnership:
Interest on Drawings → 0% (if deed is silent)
Interest on Capital → 0% (if deed is silent)
Interest on Loan by Partner → 6% p.a. (if deed is silent)
The partnership deed must explicitly mention that interest on drawings is to be charged and at what rate. Only then will interest be calculated on partner's drawings. In the absence of such provision, partners can withdraw amounts without any interest liability.