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of <h1>Finance Act 2018 amends Government Savings Banks Act: New rules for nominating beneficiaries and automatic cancellation of prior nominations.</h1> Section 4 of the Government Savings Banks Act, 1873, has been amended by the Finance Act, 2018. The revised sub-section (1) allows depositors to designate one or more nominees to receive the account balance upon the depositor's death. If the depositor is a minor or of unsound mind, the guardian must designate the nominee. Additionally, a new sub-section (4) states that any transfer of deposit under a Savings Scheme will automatically cancel any prior nomination.
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