The Government Savings Promotion Act, 1873

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

In force · As amended up to 2026-08

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). 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). (c) the non-accrual of interest on deposits when the maximum limits are exceeded and the recovery of any interest paid in excess in the same manner as an arrear of land revenue or in any other manner; (d) the persons to whom and the manner in which deposits may be paid; (e) the form of nominations, the manner in which, the persons in whose favour and the conditions and restrictions subject to which, nominations may be made and the registration of nominations; (f) the variation or cancellation of nominations; 1[(g) the fees that may be levied for discharge of any services under this Act;] (h) the manner in which any person may be appointed for the purpose of sub-section (3) of section 4; 2[(i) the limit and procedure under clause (a) of sub-section (4) of section 4A; (j) the mode of making deposits, such as physical, electronic or through use of any other tools of communication and information technology; (k) benchmark for interest rates on deposits with a view to ensure financial sustainability of Savings Schemes; (l) amount to be excluded in computing the court fee chargeable under the Court-Fees Act, 1870 (7 of 1870) for the purpose of section 8 of the Act; - (m) mechanism for redressal of grievances and settlement of disputes; (n) any other matter which is required to be or may be, prescribed.] (3) Every rule made under this section shall be laid as soon as may be after it is made before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or[3] [in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid] both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so however that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.] 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. (2) Notwithstanding such repeal and without prejudice to the provisions contained in the General Clauses Act, 1897 (10 of 1897), with respect to repeals— (a) anything done or any action taken or purported to have been done or taken, including any rule, notification, order or notice made or issued or any direction given under the repealed enactments shall be deemed to have been done or taken under the corresponding provisions of this Act; (b) subject to the provisions of clause (a), any instrument executed or certificate issued, or anything done under or in pursuance of any repealed enactment shall, if is in force at the commencement of Part I of Chapter VIII of the Finance Act, 2018 (13 of 2018), continue to be in force in so far as it could have been executed, or issued or done under or in pursuance of such Part, shall have effect as if the same has been executed, issued or done under or in pursuance of the provisions contained in the aforesaid Part; 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). (c) all deposits made or accounts or certificates held under the repealed enactments shall be deemed to be deposits or holdings in the Savings Scheme made under the corresponding provisions of this Act; and (d) any proceeding under the repealed enactments pending immediately before the commencement of Part I of Chapter VIII of the Finance Act, 2018 (13 of 2018) before any court shall, subject to the provisions of this Act, continue to be heard and disposed of by the said court. (3) The repeal shall not prejudicially affect the interest of depositors who, before the commencement of Part I of Chapter VIII of the Finance Act, 2018 (13 of 2018), made deposits or were issued certificates or made contribution to any scheme under the repealed enactments. THE SCHEDULE [ See section 3A] This Act applies to the following Government Savings Schemes: PART A EXISTING SAVINGS SCHEMES 1. Post Office Savings Account 2. National Savings Monthly Income (Account) 3. National Savings Recurring Deposit 4. Sukanya Samridhhi Account 5. National Savings Time Deposit (1 year, 2 years, 3 years and 5 years) 6. Senior Citizens' Savings Scheme

Source: India Code

How this section changed

  1. substituted by Act 20 of 1983, s. 2

    In force from 15 Mar 1984

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

  2. substituted by Act 13 of 2018, s. 133

    In force from 1 Apr 2018

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

  3. substituted by Act 13 of 2018, s. 133

    In force from 1 Apr 2018

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

  4. inserted by Act 13 of 2018, s. 134

    In force from 1 Apr 2018

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