The Government Savings Banks Act, 1873

Act No. V of 1873
Date of Assent: [Date from original act]
Status: Active

Preamble

An Act to provide for the establishment and regulation of Government Savings Banks.

Short Title and Commencement

This Act may be called the Government Savings Banks Act, 1873, and shall extend to the whole of Bangladesh.

Definitions

Government Savings Bank: A savings bank established and maintained by the Government for the encouragement of thrift among the people.

Depositor: Any person who deposits money in a Government Savings Bank.

Main Provisions

Section 1 - Power to Establish Savings Banks

The Government may, by notification in the official Gazette, establish savings banks at such places and under such rules as it may think fit.

Section 2 - Management of Banks

Every Government Savings Bank shall be under the management of such officer as the Government may appoint in this behalf.

Section 3 - Deposits and Withdrawals

The rules may provide for: - The minimum and maximum amounts that may be deposited - The mode of making deposits and withdrawals - The rate of interest to be allowed on deposits - The periods for which deposits may be made

Section 4 - Investment of Funds

All moneys received in Government Savings Banks shall be invested in such manner as the Government may direct.

Section 5 - Accounts and Audit

Proper accounts shall be kept of all transactions of Government Savings Banks, and such accounts shall be audited in such manner as the Government may prescribe.

Historical Context

This Act was enacted to encourage savings among the general public by providing a secure and government-backed savings mechanism.

Current Application

While modern banking systems have evolved significantly, this Act provides the legal foundation for government-operated savings schemes in Bangladesh.

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Source: Bangladesh Laws - Ministry of Law, Justice and Parliamentary Affairs
Available at: http://bdlaws.minlaw.gov.bd/act-details-9.html