THE 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 to
An Act to make certain provisions relating to Government Savings Banks
(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 Affairs
Notification No. F.11013/1/82-SKM dated 22.7.1983.
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 said State immediately before the commencement of the
Part B States (Law) Act, 1951 (3 of 1951), relating to such deposits, shall continue to apply thereto as if
that law had not been repealed.
Interpretation clause:- In this Act:
(a)\u201cDepositor\u201d means a person by whom, or on whose behalf, money has been
heretofore, or shall be hereafter, deposited in a Government Savings Banks, and \u201cdeposit\u201d means money
Provided that on and after 13.5.2005 the provisions of this clause shall have effect as if for the
words \u2018a person\u2019 the words \u2018 an individual\u2019 has been substituted.
[Amended vide Finance Act, 2005 dated 13.5.2005]
\u201cGovernment Savings Banks\u201dmeans -
a Post Office Savings Bank; or
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)\u2018Secretary\u2019 means \u2013
in the case of a Post Office Savings Bank, the Postmaster General appointed for the area
in which the Post Office Savings Bank is situated, or any officer of the Government as the
Central Government may, by general or specific order, specify in this behalf,; and
in the case of banking company or other company or institution, an officer of that banking
company or other company or institution, as the case may be, or any officer of the
Government or any other person as the Central Government may, by general or specific
order, specify in this behalf;
[Clause(b) and (bb) amended vide Finance Act (2) of 2004]
\u201cMinor\u201d means a person who is not deemed to have attained his majority under the India
Majority Act, 1875 (9 of 1875);
\u201cPrescribed\u201dmeans prescribed by rules made under this Act.