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GOVERNMENT SAVINGS BANKS ACT

Ministry of Law and Justice

Act nº 5 of 1873


  • Amending Acts
  • Act nº 5 of 1873

Preamble

GOVERNMENT SAVINGS BANKS ACT, 1873[Act, No. 5 of 1873]

[AS ON 1957]

[28th January, 1873]

PREAMBLE

An Act to amend the law relating to Government Savings Banks.

WHEREAS it is expedient to amend the law relating to the payment of deposits in Government Savings Banks;

It is hereby enacted as follows:

Section 1. Short title

This Act may be called the Government Savings Banks Act, Sch 1873.

Local extent.- It extends to { 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 ".} [the whole of India { The words " except the State of Jammu and Kashmir " which were subs.by Act 3 of 1951, for " except Part BStates " omitted by Act 62 of 1956, s.and Sch.}].

{ The commencement cl.rep. by Act 16 of 1874, s.1 and Sch., Pt.I.}

{ Ins. by Act 3 of 1951, s.3 and Sch.The original s.2 was rep.of Act 12 of 1873, s.1 and Sch., Pt.II.}

Section 2. Act not to apply to deposits in Anchal Savings Bank

This Act shall not apply to any deposits made in the Anchal Savings Bank of the State of Travancore-Cochin, and, notwithstanding anything contained in this Act, any law in force in the State An immediately before the commencement of the Part BStates (laws),.Act, 1951, (3 of 1951) relating to such deposits, shall continue to apply thereto as if that law had not been repealed.]

Section 3. Interpretation-clause

In this Act-

" depositor " means a person by whom, or on whose behalf, money has been heretofore, or shall be hereafter, deposited in a Government Savings Bank, and " deposit " means money so deposited:

1[Provided that on and after the date on which the Finance Bill, 2005 receives the assent of the President, the provisions of this clause shall have effect as if for the words "a person", the words "an individual" had been substituted.]

{ Subs. by Act 16 of 1923, s.2, for the original definition.} [" Secretary " means, in the case of a Post Office Savings Bank, the Postmaster-General appointed for the area in which the Savings Bank is situate, { Ins.by the A.O.1948.} [or if that area is in Pakistan, by the Postmaster-General for such area in India as the Central Government may by general or special order specify in this behalf]

{ Subs. by Act 13 of 1916, s.2 and Sch., for the original definition.} [" minor " means a person who is not deemed to have attained his majority under the Indian Majority Act, 1875.(9 of 1875)]

2[prescribed" means prescribed by rules made under this Act.]

1. Inserted by Finance Act 2005 w.e.f. 13.05.2005.

2. Inserted by the Government Savings Bank (Amendment) Act, 1959, w.e.f. 18-09-1959.


Section 4. Nomination by depositor

1 [4. Nomination by depositor

(1) Notwithstanding anything contained in any law for the time being in force, or in any disposition, whether testamentary or otherwise, by a depositor in respect of his deposit, where any nomination made in the prescribed manner supports to confer on any person the right to receive the deposit on the death of the depositor, the nominee shall, on the death of the depositor become entitled, to the exclusion of all other persons, to be paid the deposit, unless the nomination is varied or cancelled in the prescribed manner.

(2) Any nomination referred to in sub-section (1) shall become void in the nominee predeceases, or where there are two or more nominees, all the nominees predecease, the depositor.

(3) Where the nominee is a minor it shall be lawful for the depositor to appoint in the prescribed manner any person to receive the deposit in the event of his death during the minority of the nominee.

1. Substituted for section 4 by the Government Savings Bank (Amendment) Act, 1959, w.e.f. 18-09-1959. prior to substitution section 4 stood as follows "[4.Payment on death of depositor.- If a depositor dies and probate of his will or letters of administration of his estate or a succession certificate granted under the Indian Succession Act, 1925, (30 of 1925) is not within three months of the death of the depositor produced to the Secretary of the Government Savings Bank in which the deposit is, then-

(a) if the deposit does not exceed five thousand rupees, the Secretary may pay the same to any person appearing to him to be entitled to receive it or to administer the estate of the deceased, and

(b) within the aforesaid limit of five thousand rupees, any officer employed in the management of a Government Savings Bank who is empowered in this behalf by a general or special order of the Central Government may, to the extent to which he is empowered by such order and subject to any general or special orders of the Secretary in this behalf, pay the deposit to any person appearing to him to be entitled to receive it or to administer the estate.].


Section 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) Where the nominee is a minor, the deposit shall be paid --

(a) in any case where a person has been appointed to receive it under sub-section (3) of section 4, to that person; and

(b) where there is no such person, to the guardian of the minor for the use of the minor.

(3) Where a deposit is payable to two or more nominees and either or any of them is dead, the deposit shall be paid to the surviving nominee or nominees.

(4) If a depositor dies and there is no nomination in force at the time of his death and probate of his will or letters of administration of his estate or a succession certificate granted under the Indian Succession Act, 1925 ( 39 of 1925.), is not within three months of the death of the depositor produced to the Secretary of the Government Savings Bank in which the deposit is, then --

(a) if the deposit does not exceed1[such limits as may be prescribed] the Secretary may pay the same to any person appearing to him to be entitled to receive it or to administer the estate of the deceased; and

(b) within the2[limit prescribed under clause (a)], any officer employed in the management of a Government Savings Bank who is empowered in this behalf by a general or special order of the Central Government may, to the extent to which he is empowered by such order and subject to any general or special orders of the Secretary in this behalf, pay the deposit to any person appearing to him to be entitled to receive it or to administer the estate.

(5) Nothing contained in this section shall be deemed to require any person to accept payment of a deposit, which is a time deposit, before it has become due.]

1. Substituted for "five thousand rupees,." by the Government Savings Bank (Amendment) Act, 1959, w.e.f. 18-09-1959.

2. Substituted for "aforesaid limit of five thousand rupees" by the Government Savings Bank (Amendment) Act, 1985, w.e.f. 04-09-1985.


Section 5. Payment to be a discharge

1[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:

Saving of right of executor.- But nothing herein contained precludes any executor or administrator, or other representative of the deceased, from recovering from the person receiving the same the amount remaining in his hands after deducting the amount of all debts or other demands lawfully paid or discharged by him in due course of administration.

Saving of right of creditor.- And any creditor or claimant against the estate of the deceased may recover his debt or claim out of the money paid under this Act, { The words " the said " rep.by Act 12 of 1891, s.2 and Sch., Pt.I.}2[***], { Rep.by s.2 of this Act.} to any person, and remaining in his hands unadministered, in the same manner and to the same extent as if the latter had obtained letters of administration of the estate of the deceased.

1. Substituted for "Such payment" by the Government Savings Bank (Amendment) Act, 1959, w.e.f. 18-09-1959.

2. Words "Or Act No.26 of 1855" omitted by he Government Savings Bank (Amendment) Act, 1959, w.e.f. 18-09-1959.


Section 6. Security for due administration

The Secretary of any such Bank { Ins.by Act 16 of 1923, s.4.} [or any officer empowered1[under sub-section (4) of section 4A]] may take such security as he thinks necessary from any person2[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 administration

1. Substituted for "under section 4" by the Government Savings Bank (Amendment) Act, 1959, w.e.f. 18-09-1959.

2. Substituted for "to whom he pays any money under section 4" by the Government Savings Bank (Amendment) Act, 1959, w.e.f. 18-09-1959.


Section 7. Power to administer oath

For the purpose of ascertaining the right of the person claiming to be entitled as aforesaid, the Secretary of any such Bank { Ins.by Act 16 of 1923, s.4.} [or any officer empowered1[under sub-section 4 of section 4A] may take evidence on oath or affirmation according to the law { See the Indian Oaths Act, 1873 (10 of 1873).} for the time being relating to oaths and affirmations.

Penalty for false statements.- Any person who, upon such oath or affirmation, makes any statement which is false, and which he either knows or believes to be false or does not believe to be true, shall be deemed guilty of an offence under section 193 of the Indian Penal Code.(45 of 1860).

1. Substituted for "under section 4" by the Government Savings Bank (Amendment) Act, 1959, w.e.f. 18-09-1959.


Section 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 { Subs.by Act 17 of 1917, s.2, for " one thousand rupees ".} [three thousand rupees,] such amount shall be excluded in computing the fee chargeable, under the Court-fees Act, 1870, (7 of1870) on the probate, or letters of administration, or certificate (if any), granted in respect of his property{ Cf.the Savings Bank Act, 1828 (9 Geo.4, c.92), s.40, now rep.by the Savings Banks Act, 1863 (26 and 27 Vict., c.87).}:

Provided that the person claiming such probate or letters or certificate shall exhibit to the Court authorized to grant the same a certificate of the amount of the deposit in any Government Savings Bank belonging to the estate of the deceased.Such certificate shall be signed by the Secretary of such Bank, and the Court shall receive it as evidence of the said amount.

Section 9. [Omitted]

1[***]

1.Section 9 and 11 omitted by he Government Savings Bank (Amendment) Act, 1959, w.e.f. 18 -09-1959. prior to omission section 9 and 11 stood as follows

"9. Act not to apply to deposits belonging to estates of European soldiers or deserters.- Nothing hereinbefore contained applies to money belonging to the estate of any European officer, non-commissioned officer, or soldier dying in Government service in India, or of any European who, at the time of his death, was a deserter from the said service.

11. Legalization of like payments here to force made.- All payments of deposits heretoforce made to minors or their guardians by any Secretary of a Government Savings Bank shall be deemed to have been made in accordance with law."


Section 10. Payment of deposits to minor or guardian

Any deposit made by, or on behalf of, any minor, may be paid to him personally, if he made the deposit, or to his guardian for his use, if the deposit was made by any person other than the minor, together with the interest accrued thereon.

The receipt of any minor or guardian, for money paid to him under this section, shall be a sufficient discharge therefor.

Section 11. [Omitted]

1[***]

1.Section 9 and 11 omitted by he Government Savings Bank (Amendment) Act, 1959, w.e.f. 18 -09-1959. prior to omission section 9 and 11 stood as follows

"9. Act not to apply to deposits belonging to estates of European soldiers or deserters.- Nothing hereinbefore contained applies to money belonging to the estate of any European officer, non-commissioned officer, or soldier dying in Government service in India, or of any European who, at the time of his death, was a deserter from the said service.

11. Legalization of like payments here to force made.- All payments of deposits heretoforce made to minors or their guardians by any Secretary of a Government Savings Bank shall be deemed to have been made in accordance with law."


Section 12. Payment of deposits belonging to lunatics

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 Secretary of the Bank in which his deposit may be,

such Secretary may, from time to time, make payments out of the deposit to any proper person,

and the receipt of such person, for money paid under this section, shall be a sufficient discharge therefor.

Where a committee or manager of the depositor's estate has been duly appointed, nothing in this section authorizes payments to any person other than such committee or manager.

Section 13. Payment of married womens deposits

Deposits made by married women

Any deposit made by or on behalf of a married woman, or by or on behalf of a woman who afterwards marries, may be paid to her, whether or not1[section 20 of the Indian Succession Act, 1925 (39 of 1925.)]{ The relevant provisions of the Indian Succession Act, 1925 (39 of 1925) may now be referred }, section 4, applies to her marriage; and her receipt for money paid to her under this section shall be a sufficient discharge therefor.

1. Substituted "the Indian Succession Act, 1865, (10 of 1865)" by the Government Savings Bank (Amendment) Act, 1959, w.e.f. 18-09-1959.