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Section 3: Definitions

government saving promotion general rules, 2018Central Rules · 1873

(1) In these Rules, unless the context otherwise requires:-

(a) “Accounts Office” means an office of a Government Savings Bank authorised to open an account;

(b) “Act” means the Government Savings Promotion Act, 1873 (5 of 1873);

(c) “Eligible Balance” means the amount of balance at the credit of the account, including interest accrued thereon, after effecting recoveries on account of outstanding principal and interest, if any, in respect of a loan availed by the depositor;

(d) “Form” means a form appended to these rules;

(e) “Joint Account” means an account opened in the names of more than one and upto four individuals;

(f) “Matured account” means an account, which has completed its term or extended term and has become due for payment;

(g) “Non-resident Indian” means an individual being a citizen of India or a person of Indian origin who is not a ‘resident’ as per the provisions of the Income Tax Act, 1961 (43 of 1961)

(h)“Officially Valid Document” means the passport, the driving licence, the Voter's Identity Card issued by the Election Commission of India, job card issued by Mahatma Gandhi National Rural Employment Guarantee Act duly signed by an officer of the State Government, letter issued by the National Population Register containing details of name and address;

(i) “Operation of an Account” means opening of, deposit in, transfer of or withdrawal from an Account;

(j) “Passbook” means a document, in physical or electronic form, issued by an Accounts Office containing particulars of the depositor and details of transactions made in that account;

(k) “Single Account” means an account opened in the name of one individual;

(l) “Transfer” means transfer of an account of a depositor from one Accounts Office to another Accounts Office.

(m) “Schedule” means a schedule annexed to this rule.

(2) The words and expressions used herein and not defined but defined in the Act shall have the same meanings as assigned to them in the Act.

Where this provision sits

Actgovernment saving promotion general rules, 2018
Section3
Marginal noteDefinitions
JurisdictionCentral
StatusIn force as published by the source

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