Government Savings Promotion Act, 1873
No: 5 Dated: Jan, 05 1873
THE GOVERNMENT SAVINGS PROMOTION ACT, 1873
ACT NO. 5 OF 1973
An Act to regulate and channelise the savings from general public into Government Savings Schemes.
Preamble.—WHEREAS it is expedient to amend the law relating to the payment of deposits in Government Savings Banks;
It is hereby enacted as follows:—
Preliminary
1. Short title.—This Act may be called the Government Savings Promotion Act, 1873.
Local extent.—It extends to the whole of India.
2. Act not to apply to deposits in Anchal Savings Bank.Omitted by the Finance Act, 2018 (13 of 2018), s. 117 (w.e.f. 1-4-2018).
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 Indian Succession 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 General Posts; and
(ii) in the case of State Bank of India or a banking company or any other company or institution, an officer so authorised by State Bank of India or that banking company or that other company or that institution, as the case may be;
(d) “banking company” means a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);
(e) “depositor” means an individual by whom, or on whose behalf money has been deposited in a Government 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 Succession Act, 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 the Central Government may, by notification in the Official Gazette, specify for the purposes of this Act;
(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 of acting as such, a person entitled under the law for the time being in force to have the care of the property 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 Majority Act, 1875 (9 of 1875);
(j) “prescribed” means prescribed by rules made under this Act;
(k) “Savings Schemes” means the Government Savings Schemes, including Savings Certificates and Public Provident Fund Scheme, listed in the Schedule;
(l) “Schedule” means the Schedule annexed to this Act.