Deposit by minor: minors above a minimum age may open and operate savings accounts; guardians may act for younger minors. The amendment replaces section 3 to define terms governing accounts, Government Savings Banks, Savings Schemes, authorised officers, depositor, guardian and minor. It authorises the Central Government to frame, amend or discontinue Savings Schemes and to alter the Schedule by notification, permitting notifications to set eligibility, terms, interest, deposit limits, withdrawals, loans and transfers. It also allows a minor above a specified minimum age to open and operate an account where a Scheme permits, and permits a guardian to operate accounts on behalf of minors until majority.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deposit by minor: minors above a minimum age may open and operate savings accounts; guardians may act for younger minors.
The amendment replaces section 3 to define terms governing accounts, Government Savings Banks, Savings Schemes, authorised officers, depositor, guardian and minor. It authorises the Central Government to frame, amend or discontinue Savings Schemes and to alter the Schedule by notification, permitting notifications to set eligibility, terms, interest, deposit limits, withdrawals, loans and transfers. It also allows a minor above a specified minimum age to open and operate an account where a Scheme permits, and permits a guardian to operate accounts on behalf of minors until majority.
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