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of <h1>Bill Proposes New Sections 3, 3A, 3B to Update Government Savings Banks Act, 1873; Encourages Savings and Minor Accounts</h1> Clause 116 of the Bill proposes replacing section 3 of the Government Savings Banks Act, 1873, with new sections 3, 3A, and 3B. Section 3 provides definitions for key terms such as 'account,' 'administrator,' 'Authorised Officer,' 'banking company,' 'depositor,' 'executor,' 'Government Savings Bank,' 'guardian,' 'minor,' 'prescribed,' 'Savings Schemes,' and 'Schedule.' Section 3A allows the Central Government to create, amend, or discontinue Savings Schemes to encourage household savings and amend the Schedule accordingly. Section 3B permits minors aged ten and above to open accounts, while guardians can manage accounts for minors below ten.
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