The Government Savings Promotion Act, 1873

This Act may be called the Government Savings 1[Promotion] Act, 1873. Local extent.--It extends to 2[the whole of India 3* * * * *]. 4* * * * *

2. [Act not to apply to deposits in Anchal Savings Bank.Omitted by the Finance Act, 2018 (13 of2018), s. 117 (w.e.f. 1-4-2018).

1[3. Definitions.--In this Act, unless the context otherwise requires,-- (a) "account" means an account opened under any of the Savings Schemes; (b) "administrator" means an administrator as defined in clause (a) of section 2 of the IndianSuccession Act, 1925 (39 of 1925); (c) "Authorised Officer" means-- (i) in the case of a Post Office Savings Bank, an officer authorised by the Director GeneralPosts; and (ii) in the case of State Bank of India or a banking company or any other company orinstitution, an officer so authorised by State Bank of India or that banking company or that othercompany or that institution, as the case may be; (d) "banking company" means a banking company as defined in clause (c) of section 5 of theBanking Regulation Act, 1949 (10 of 1949); (e) "depositor" means an individual by whom, or on whose behalf money has been deposited in aGovernment Savings Bank and deposit means the money so deposited; (f) "executor" means an executor as defined in clause (c) of section 2 of the Indian SuccessionAct, 1925 (39 of 1925); (g) "Government Savings Bank" means-- (i) a Post Office Savings Bank; or (ii) State Bank of India or a banking company, or any other company or institution, as theCentral Government may, by notification in the Official Gazette, specify for the purposes of thisAct; (h) "guardian", in relation to a minor or a person of unsound mind means-- (i) either of the parents; (ii) where neither parent is alive or where neither or the only living parent is incapable ofacting as such, a person entitled under the law for the time being in force to have the care of theproperty of a minor or a person of unsound mind, as the case may be; (iii) legal guardian appointed by a court; (i) "minor" means a person who has not attained the age of majority under the Indian MajorityAct, 1875 (9 of 1875); (j) "prescribed" means prescribed by rules made under this Act; (k) "Savings Schemes" means the Government Savings Schemes, including Savings Certificatesand Public Provident Fund Scheme, listed in the Schedule; (l) "Schedule" means the Schedule annexed to this Act.]

1[3A. Framing of Savings Schemes.--(1) The Central Government may, by notification in the OfficialGazette, frame new Savings Schemes or amend or discontinue existing Savings Schemes to promotehousehold savings in the country. (2) The Central Government may, by notification in the Official Gazette, include or omit or amendSavings Schemes in the Schedule. (3) The notification referred to in sub-section (1) may include any or all of the following provisions,depending on the design of such Scheme, namely:-- (a) the persons who shall be eligible to make deposit in a Savings Scheme; (b) the terms and conditions subject to which deposit may be made; (c) the manner of calculation, frequency of payment and rate of interest payable on the deposit; (d) the maximum and minimum limits of deposit; (e) premature closure, withdrawal of deposit, grant of loans against deposit and transfer ofdeposit; (f) any other provision depending on the purpose and design of the Savings Scheme.]

1[3B. Deposit by minor.--(1) A minor who has attained the age of ten years may open and operate anaccount in the Government Savings Bank, if so permitted under a Savings Scheme. (2) Subject to the provisions of sub-section (1), the guardian of a minor may open and operate anaccount on behalf of the minor, till he becomes a major.]