THE GOVERNMENT SAVINGS PROMOTION ACT, 1873

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2 · [An Act to regulate and channelise the savings from general public into Government Savings Schemes.]

1 · Short title. — This Act may be called the Government Savings 3 [Promotion] Act, 1873.

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).

7 · [3. Definitions . — In this Act, unless the context otherwise requires,—

1 · The Act has been extended to the Union territory of Goa, Daman and Diu vide Notification No. S.O. 2734 dated 1st September, 1962, see Gazette of India, Extraordinary, Pt. II, Sec. 300, p. 1991, extended to and brought into force in Dadra and Nagar Haveli by Reg. 6 of 1963, s. 2 and Sch. I (w.e.f. 1-7-1965) and to the whole of the Union territory of Lakshadweep by Reg. 8 of 1965, s. 3 and Sch.. (w.e.f. 1-10-1967).

2 · Subs. by Act 13 of 2018, s.114, for long title (w.e.f. 1-4-2018).

3 · Subs. by s. 115 , ibid., for "Banks" (w.e.f. 1-4-2018).

4 · . Subs. by the A.O.1950, for " all the Provinces of India " which had been subs, by the A. O. 1948, for " the whole of British India " .

5 · . The words " except the State of Jammu and Kashmir " which were subs. by Act 3 of 1951, for " except Part B States " omitted by Act 62 of 1956, s. 2 and Sch.

6 · . The commencement clause rep. by Act 16 of 1874, s. 1 and Sch., Pt. I.

7 · Subs. by Act 13 of 2018, s. 118, for section 3 (w.e.f. 1-4-2018).

3A · Framing of Savings Schemes.—(1) The Central Government may, by notification in the Official Gazette, frame new Savings Schemes or amend or discontinue existing Savings Schemes to promote household savings in the country.

3B · Deposit by minor.—(1) A minor who has attained the age of ten years may open and operate an account in the Government Savings Bank, if so permitted under a Savings Scheme.

1 · [4. Nomination by depositor.— 2 [(1) The depositors shall designate one or more individuals, as nominee or nominees, who shall be entitled, in the event of the death of the depositor of a single account, or all the depositors of a joint account, as the case may be, to receive the sum due, as an owner or a trustee, and to the extent, as may be specified by the depositor at the time of making nomination:

1 · Subs. by Act 45 of 1959, s. 3, for the former s. 4.

2 · Subs. by Act 13 of 2018, s. 119, for sub-section (1) (w.e.f. 1-4-2018).

1 · [(4) The transfer of deposit, if permitted under a Savings Scheme, shall automatically cancel a nomination previously made.]

4A · Payment on death of depositor.—(1) If a depositor dies and there is in force at the time of the death of the depositor a nomination in favour of any person, the deposit shall be paid to the nominee.

2 · [(3A) Where the deposit belongs to a minor or to a person of unsound mind who dies and there is no nominee immediately before the date of commencement of Part I of Chapter VIII of the Finance Act, 2018 (13 of 2018), the deposit shall be paid to the guardian.]

5 · Payment to be a discharge.— 8 [Any payment made in accordance with the foregoing provisions of this Act] shall be a full discharge from all further liability in respect of the money so paid:

1 · Ins. by Act 13 of 2018, s. 119 (w.e.f. 1-4-2018).

2 · Ins. by s. 120, ibid. (w.e.f. 1-4-2018).

3 · Subs. by s. 116 , ibid., for " Secretary" (w.e.f. 1-4-2018).

4 · . Subs. by Act 56 of 1985, s. 2, for "five thousand rupees".

5 · Subs. by Act 13 of 2018, s. 120, for “deceased; and” (w.e.f. 1-4-2018).

6 · Clause (b) omitted by s. 120 , ibid. (w.e.f. 1-4-2018).

7 · Sub -section (5) omitted by s. 120, ibid. (w.e.f. 1-4-2018).

8 · . Subs, by Act 45 of 1959, s. 4 for "Such payment".

9 · Subs. by Act 13 of 2018, s. 121, for “But nothing” (w.e.f. 1-4-2018).

6 · Security for due administration.—The 4 [Authorised Officer] of 5 [a Government Savings Bank] may take such security as he thinks necessary from any person 6 [to whom he pays any money under sub-section (4) of section 4A] for the due administration of the money so paid, and he may assign the said security to any person interested in such administr ation.

7 · Power to administer oath. — For the purpose of ascertaining the right of the person claiming to be entitled as aforesaid, the 4 [Authorised Officer] of 7 [a Government Savings Bank] may take evidence on oath or affirmation according to the law 8 for the time being relating to and affirmations .

9 · [7A. Power to call for information.—The Central Government through any designated authority, may call for such information, documents and evidence as it may deem necessary, in relation to any account, for carrying out the purposes of this Act.]

8 · Deposit when excluded in computing court fees.—Where the amount of the deposit belonging to the estate of a deceased depositor does not exceed 10 [the prescribed limit] , such amount shall be excluded in computing the fee chargeable, under the Court-Fees Act, 1870 (7 of 1870), on the probate, or letters of administration, or certificate (if any), granted in respect of his property 11 :

9 · [Act not to apply to deposits belonging to estates of European soldiers or deserters.] Omitted by the Government Savings Banks (Amendment) Act, 1959 (45 of 1959), s. 7.

10 · Payment of deposits to minor or guardian.—Any deposit made by, 12 [or on behalf of, a minor], may be paid to him personally, if he made the deposit, or to his guardian 13 [for the use of such minor], if the deposit was made by any person other than the minor, together with the interest accrued thereon.

1 · Subs. by Act 13 of 2018, s. 121, for “And any creditor” (w.e.f. 1-4-2018).

2 · . Of the words "or the said Act No. 26 of 1855" the words "the said" were omitted by Act 12 of 1891, s. 2 and Sch. I, Pt. I, and the remaining words by Act 45 of 1959, s. 4.

3 · Subs. by Act 13 of 2018, s. 121, for “if the latter had obtained” (w.e.f. 1-4-2018).

4 · . Subs. by s. 116 , ibid ., for "Secretary" (w.e.f. 1-4-2018).

5 · Subs. by s. 122, ibid., for certain words (w.e.f. 1-4-2018).

6 · . Subs. by Act 45 of 1959, s. 5, for "to whom he pays any money under section 4".

7 · Subs. by Act 13 of 2018, s. 123, for certain words (w.e.f. 1-4-2018).

8 · . See the Indian Oaths Act, 1873 (10 of 1873).

9 · Ins. by Act 13 of 2018, s. 124 (w.e.f. 1-4-2018).

10 · . Subs. by s. 125, ibid ., for "three thousand rupees " (w.e.f. 1-4-2018).

11 · . Cf. the Savings Bank Act, 1828 (9 Geo. 4, c. 92), s. 40, now rep. by the Savings Banks Act, 1863 (26 and 27 Viet., c. 87).

12 · Subs. by Act 13 of 2018, s. 126, for “or on behalf of, any minor” (w.e.f. 1-4-2018).

13 · Subs. by s. 126, ibid., for “for his use” (w.e.f. 1-4-2018).

11 · [Legalization of like payments heretofore made.] Omitted by the Government Savings Banks (Amendment) Act, 1959 (45 of 1959), s. 7.

12 · Payment of deposits belonging to lunatics.—If any depositor becomes insane or otherwise incapable of managing his affairs, and if such insanity or incapacity is proved to the satisfaction of the 2 [Authorised Officer] of the 3 [Government Savings Bank] in which his deposit may be,

7 · [12A. Operation of account by differently abled persons.—Any depositor who suffers from physical infirmity, including blindness may operate and make a deposit through any literate individual whom he authorises.]

13 · [Payment of married women ' 's deposits.] Omitted by the Finance Act, 2018 (13 of 2018), s. 130 (w.e.f. 1-4-2018).

14 · Protection of action taken in good faith.—No suit or other legal proceeding shall lie against the 1 [Authorised Officer] or any other officer of the 10 [Central Government] in respect of anything which is in good faith done or intended to be done under this Act.

11 · [14A. Protection against attachment.—The amount standing to the credit of any depositor in the Public Provident Fund Scheme 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.]

15 · Power to make rules. — (1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act.

13 · [(b) the conditions as to interest or discount relating to deposits generally, or any class of deposits in particular;]

1 · Subs. by Act 13 of 2018 , s. 126 for "receipt of any minor" (w.e.f. 1-4-2018).

2 · . Subs. by s. 116 , ibid. d. , for "Secretary" (w.e.f. 1-4-2018).

3 · Subs. by s. 127 , ibid., for "Bank" (w.e.f. 1-4-2018).

4 · Subs. by s. 127, ibid., for

5 · . Subs. by s. 127, ibid., for "such person" (w.e.f. 1-4-2018).

6 · Subs. by s. 127, ibid., for “nothing in this section authorises payments to any person other than” (w.e.f. 1-4-2018).

7 · Ins. by s. 128, ibid. (w.e.f. 1-4-2018).

8 · The heading “Deposits made by Married Women” omitted by s. 129, ibid. (w.e.f. 1-4-2018).

9 · . Subs. by Act 45 of 1959, for the heading "Rules", and s. 14.

10 · . Subs. by Act 13 of 2018, s. 131, for "Government" (w.e.f. 1-4-2018).

11 · Ins. by s. 132 , ibid. (w.e.f. 1-4-2018).

12 · Clause (a) omitted by s. 133, ibid. (w.e.f. 1-4-2018).

13 · Subs. by s. 133, ibid., for clause (b) (w.e.f. 1-4-2018).

1 · [(g) the fees that may be levied for discharge of any services under this Act;]

2 · [(i) the limit and procedure under clause (a) of sub-section (4) of section 4A;

4 · [16. Repeal and savings.—(1) The Government Savings Certificates Act, 1959 (46 of 1959) and the Public Provident Fund Act, 1968 (23 of 1968) are hereby repealed.

1 · Subs. by Act 13 of 2018, s. 133, for clause (g) (w.e.f. 1-4-2018).

2 · . Subs. by s. 133, ibid., for clause (i) (w.e.f. 1-4-2018).

3 · . Subs. by Act 20 of 1983, s. 2 and Sch. (w.e.f. 15-3-1984).

4 · Ins. by Act 13 of 2018, s. 134 (w.e.f. 1-4-2018).

10 · -Year National Plan Savings Certificates

10 · -Year Treasury Savings Deposits Certificates

12 · -Year National Plan Savings Certificates

15 · -Year Annuity Certificates (II series)

10 · -Year Defence Deposit Certificates

12 · -Year National Defence Certificates

10 · -Year National Savings Certificates (I-Issue)

7 · -Year National Savings Certificates (II-Issue)

7 · -Year National Savings Certificates (III-Issue)

7 · -Year National Savings Certificates (IV-Issue)

7 · -Year National Savings Certificates (V-Issue)

12 · -Year National Savings Annuity Certificates

5 · -Year National Development Bonds

6 · -Year National Savings Certificates (VI-Issue)

6 · -Year National Savings Certificates (VII-Issue)

10 · -Year Social Security Certificates

10 · -Year National Savings Certificates (IX-Issue).]

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TL_BE_2ILELLSHED In THF (Z4ITE 0f INDIA EXTR ORE ; NKI PART II F4 SECTION 3 4ee SU B SECTION ( 1)

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REGISTERED NO.D (D.N) 127

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REGISTERED NO.D(D.N)-72

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GOVER>ff.lSNT OF INDIA MINISTRY OF FII^I/^^^CE (DEPARTMENT OF ECOI^MIG AFFAIRS )

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REGISTERED NO: D (DNE

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The Gazette of India

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The Gazette of India

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REGISTERED No: B. {DN) 92

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REGISTERED NO. D (DN) 127

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tarh $. #1. in.7,J*127

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tfuy} &. #. (. 5.)-72

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The Gazette of India

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The Gazette of India

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The Gazette of India

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The Gazette of India

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