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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2018 Updates Savings Banks Act: Revises Interest Conditions, Service Fees, Deposit Limits & Grievance Redressal.</h1> The Finance Act, 2018 amends Section 15 of the Government Savings Banks Act, 1873. It omits clause (a) and revises clause (b) to address conditions related to interest or discounts on deposits. Clause (g) is updated to specify fees for services under the Act. New clauses (i) to (n) are introduced, covering deposit limits and procedures, deposit methods, interest rate benchmarks for savings schemes, court fee exclusions, grievance redressal mechanisms, and other prescribed matters. These amendments aim to modernize and ensure the financial sustainability of savings schemes.
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