Permitted deposit locations expanded: post office savings, scheduled banks and cooperative banks qualify, with transitional banking-company exception.

Accumulations may be deposited in Post Office savings accounts (including time deposits), a scheduled bank, or a co-operative society engaged in banking (including cooperative land mortgage or land development banks); a proviso allows accumulated sums to continue deposited with banking companies subject to general banking regulation under a transitional exception. An Explanation defines "scheduled bank" to include the national bank constituted under its statute, subsidiary banks, corresponding new banks constituted under the acquisition statute, and banks listed in the central bank's Second Schedule.

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