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of <h1>Finance Bill 2018: Amendments to Government Savings Banks Act on Nominee Designation in Section 4 Explained.</h1> Clause 117 of the Finance Bill, 2018 proposes amendments to the Government Savings Banks Act, 1873. It replaces sub-section (1) of section 4, allowing depositors to designate nominees who will receive funds from a deceased's account, either as owners or trustees, as specified by the depositor. If the depositor is a minor or of unsound mind, the guardian will designate the nominee. Additionally, a new sub-section (4) is introduced, stating that any nomination will be automatically canceled if the deposit is transferred under a Savings Scheme.
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