Savings Banks
Legal definition for Indian law research
Definition
Savings banks, institutions for the safe custody and increase of the small savings of the poor. See Chitty's Statutes, tit. 'Savings Banks.' They are: (1) Trustee; (2) Post Office; (3) Military; (4) Statutory; (5) Uncontrolled.
(1) Trustee Savings Banks are regulated by a long series of Acts (the Trustee Savings Banks Acts, 1861 to 1934), which provide that they must not be described in a manner which implies that the Government is responsible to depositors, that the money received must be paid to the Bank of England or Ireland and carried to an account kept in the names of the National Debt Commissioners, and that annual accounts must be sent to the Commissioners. An 'Inspection Committee,' estab-lished under the Savings Bank Act, 1891, has extensive powers of supervision for the purpose of detecting any breaches of the Acts or rules regulating a bank. Deposits by any depositor in more than one Trustee Savings Bank is prohibited, and the Treasury have power to limit the amount from one person in the year.
(2) Post Office Savings Banks (which have the direct security of Government) are established under the Post Office Savings Bank Act, 1861, which enacts that the Postmaster-general, with the consent of the Treasury Commissioners, may direct such of his officers as he shall see fit to receive deposits for remittance to the principal office, and repay the same under such regulations as may be prescribed (s. 1). Every such deposit (which may not be of less amount than one shilling, nor of any sum not a multiple thereof) is to be entered in the depositor's book, attested by the receiving officer and by the dated stamp of his office, and the amount received is to be reported on the same day to the Postmaster-General.
For the power of the Public Trustee in opening accounts, see Post Office Savings Bank (Public Trustee) Act, 1908.
(3) Military Savings Banks are constituted under 22 & 23 Vict. c. 20, repealing former Acts. The (English) Naval Savings Bank Act, 1869, established similar banks for the use of the Royal Navy and Marines. The Military Savings Bank Act has been extended to the, AIR Force since 1918.
(4) There are also various Savings Banks established for the use of special classes of depositors which are regulated by Act of Parliament, e.g., the Savings Bank for the Merchant Service: see s. 148, (English) Merchant Shipping Act, 1894.
(5) Uncontrolled Savings Banks which are not subject to the statutory control which gives security to the other four classes. Many of these institutions are quite solvent and well managed, though cases of failure of 'share-out' clubs and similar Savings Bank institutions are frequent owing to want of competent supervision by depositors who are chiefly of the working classes, or poor people.
(1) Trustee Savings Banks are regulated by a long series of Acts (the Trustee Savings Banks Acts, 1861 to 1934), which provide that they must not be described in a manner which implies that the Government is responsible to depositors, that the money received must be paid to the Bank of England or Ireland and carried to an account kept in the names of the National Debt Commissioners, and that annual accounts must be sent to the Commissioners. An 'Inspection Committee,' estab-lished under the Savings Bank Act, 1891, has extensive powers of supervision for the purpose of detecting any breaches of the Acts or rules regulating a bank. Deposits by any depositor in more than one Trustee Savings Bank is prohibited, and the Treasury have power to limit the amount from one person in the year.
(2) Post Office Savings Banks (which have the direct security of Government) are established under the Post Office Savings Bank Act, 1861, which enacts that the Postmaster-general, with the consent of the Treasury Commissioners, may direct such of his officers as he shall see fit to receive deposits for remittance to the principal office, and repay the same under such regulations as may be prescribed (s. 1). Every such deposit (which may not be of less amount than one shilling, nor of any sum not a multiple thereof) is to be entered in the depositor's book, attested by the receiving officer and by the dated stamp of his office, and the amount received is to be reported on the same day to the Postmaster-General.
For the power of the Public Trustee in opening accounts, see Post Office Savings Bank (Public Trustee) Act, 1908.
(3) Military Savings Banks are constituted under 22 & 23 Vict. c. 20, repealing former Acts. The (English) Naval Savings Bank Act, 1869, established similar banks for the use of the Royal Navy and Marines. The Military Savings Bank Act has been extended to the, AIR Force since 1918.
(4) There are also various Savings Banks established for the use of special classes of depositors which are regulated by Act of Parliament, e.g., the Savings Bank for the Merchant Service: see s. 148, (English) Merchant Shipping Act, 1894.
(5) Uncontrolled Savings Banks which are not subject to the statutory control which gives security to the other four classes. Many of these institutions are quite solvent and well managed, though cases of failure of 'share-out' clubs and similar Savings Bank institutions are frequent owing to want of competent supervision by depositors who are chiefly of the working classes, or poor people.
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