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TMI BlogSubstitution of new sections 3, 3A and 3B for section 3- Definitions-Framing of Savings Schemes-Deposit by minor.X X X X Extracts X X X X X X X X Extracts X X X X ..... this Act, unless the context otherwise requires,- (a) account means an account opened under any of the Savings Schemes; (b) administrator means an administrator as defined in clause (a) of section 2 of the Indian Succession Act, 1925 (39 of 1925); (c) Authorised Officer means (i) in the case of a Post Office Savings Bank, an officer authorised by the Director General Posts; and (ii) in the case o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may, by notification in the Official Gazette, specify for the purposes of this Act; (h) guardian in relation to a minor or a person of unsound mind means (i) either of the parents; (ii) where neither parent is alive or where neither or the only living parent is incapable of acting as such, a person entitled under the law for the time being in force to have the care of the property of a minor or a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mes in the Schedule. (3) The notification referred to in sub-section (1) may include any or all of the following provisions, depending on the design of such Scheme, namely: (a) the persons who shall be eligible to make deposit in a Savings Scheme; (b) the terms and conditions subject to which deposit may be made; (c) manner of calculation, frequency of payment and rate of interest payable on the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany , depositor , executor , Government Savings Bank , guardian , minor , prescribed , Savings Schemes and Schedule . The proposed section 3A provides for framing of Saving Schemes by the Central Government or to amend or to discontinue existing Savings Schemes to promote household savings in the country. It also provides for amendment of the Schedule by the Central Government , by notification ..... X X X X Extracts X X X X X X X X Extracts X X X X
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