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of <h1>Finance Act 2018 Updates: New Sections 3, 3A, 3B in Government Savings Banks Act; Minors Can Open Accounts</h1> The Finance Act, 2018, amends the Government Savings Banks Act, 1873, by substituting new sections 3, 3A, and 3B. Section 3 provides definitions for terms such as 'account,' 'administrator,' 'authorised officer,' and 'depositor.' Section 3A empowers the Central Government to frame, amend, or discontinue Savings Schemes to enhance household savings, detailing eligibility, deposit terms, and other provisions. Section 3B allows minors aged ten and above to open and operate accounts in Government Savings Banks, with guardians permitted to manage accounts on behalf of minors until they reach adulthood.
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