P.O. S.B. Manual Vol. III - India Post

1CHAPTER-1THE GOVERNMENT SAVINGS BANKS ACT, 1873(5 OF 1873)(28 January, 1873)[As amended by Government Savings Bank Amendment Act, 1959 and further modified from time totime]An Act to make certain provisions relating to Government Savings BanksPRELIMINARY(1) (a) Short title :- This Act may be called the Government Savings Banks Act, 1873.(b) Local extent:- It extends to the whole of India.Note:- The Act has been extended to the State of Sikkim vide Ministry of Home AffairsNotification No. F.11013/1/82-SKM dated 22.7.1983.2. Act not to apply to deposits in Anchal Savings Bank:- This Act shall not apply to any depositsmade in the Anchal Savings Bank of the State of Travancore Cochin and, notwithstanding anythingcontained in this Act, any law in force in the said State immediately before the commencement of thePart B States (Law) Act, 1951 (3 of 1951), relating to such deposits, shall continue to apply thereto as ifthat law had not been repealed.3. Interpretation clause:- In this Act:(a) “Depositor” means a person by whom, or on whose behalf, money has beenheretofore, or shall be hereafter, deposited in a Government Savings Banks, and “deposit” means moneyso deposited;Provided that on and after 13.5.2005 the provisions of this clause shall have effect as if for thewords ‘a person’ the words ‘ an individual’ has been substituted.[Amended vide Finance Act, 2005 dated 13.5.2005](b) “Government Savings Banks” means -(i) a Post Office Savings Bank; or(ii) a banking company, or any other company or institution, as the Central Government may,by notification in the Official Gazette, specify for the purpose of this Act;(bb) ‘Secretary’ means –(i) in the case of a Post Office Savings Bank, the Postmaster General appointed for the areain which the Post Office Savings Bank is situated, or any officer of the Government as theCentral Government may, by general or specific order, specify in this behalf,; and(ii) in the case of banking company or other company or institution, an officer of that bankingcompany or other company or institution, as the case may be, or any officer of theGovernment or any other person as the Central Government may, by general or specificorder, specify in this behalf;[Clause(b) and (bb) amended vide Finance Act (2) of 2004](c) “Minor” means a person who is not deemed to have attained his majority under the IndiaMajority Act, 1875 (9 of 1875);(d)“Prescribed” means prescribed by rules made under this Act.