POST OFFICE SAVINGS BANK: SUBSIDIARY LEGISLATION
POST OFFICE SAVINGS BANK REGULATIONS
under s. 14
ARRANGEMENT OF REGULATIONS
REGULATION
1. Citation
2. Interpretation
3. Application to open an account
4. Procedure on making deposits
5. Pass books
6. Duties of officer receiving deposit
7. Loss of pass book
8. Delivery of pass book to Postmaster-General
9. Amount of deposits
10. Deposits made in error
11. Depositors
12. Calculation of interest
13. General provisions relating to withdrawals
14. Withdrawals by warrant or crossed cheque
15. Powers of attorney
16. Withdrawals by telegraph
17. Withdrawals on demand
18. Transfers within Malawi
19. Transfers from Malawi
20. Transfers to Malawi
21. Closing an account
22. Person not to have more than one account
23. Trustees
24. Withdrawals for maintenance of person under the age of 7 years
25. Persons unable to write
26. Married women
27. Proof of identity
Schedule
G.N. 35/1968
169/1968
14/1970
217/1971
20/1979
163/1980
PRELIMINARY
These Regulations may be cited as the Post Office Savings Bank Regulations.
In these Regulations, unless the context otherwise requires—
‘‘appropriate form’’ means such form obtainable at a Post Office as may be approved by the Postmaster-General for the purpose concerned;
‘‘depositor’’ means the person or persons jointly or severally authorized to make withdrawals from an account in accordance with regulation 4 or regulation 11;
Post Office Savings Bank Regulations
‘‘joint account’’ means an account in the names of two individuals who may only operate the account or make withdrawals jointly;
‘‘Post Office’’ means a Post Office or other place at which the business of the Savings Bank is conducted;
‘‘working day’’ means any day on which the business of the Savings Bank is conducted.
DEPOSITS AND PASS BOOKS
3. Application to open an account
(1) An application to open an account in the name of an individual or a joint account may be made at any Post Office.
(2) An application to open any account other than an account referred to in subregulation (1) shall be made to the Postmaster-General, and shall require the approval of the Minister.
4. Procedure on making deposits
(1) Before a first deposit is made into an account the person opening the account shall make and sign a declaration in the appropriate form.
(2) Such declaration shall specify the person or persons authorized to make withdrawals from the account, giving his or their full names, occupation and place of residence, shall contain copies of his signature or their signatures, as the case may be, and shall be witnessed.
(3) The Postmaster-General may require such evidence as he deems necessary to satisfy him as to the authority of the depositor to make withdrawals from the account
(4) The person making any deposit shall complete a deposit slip in the appropriate form.
(1) When a first deposit is made into an account, a numbered pass book relating to that account, on which there shall be affixed the signature or signatures of the depositor, shall as soon as practicable be handed to the person opening the account.
(2) Pass books shall remain the property of the Savings Bank and shall be surrendered to an officer when the account is closed.
6. Duties of officer receiving deposit
(1) The officer receiving a deposit shall enter the amount of the deposit in the pass book, shall affix his initials and the date stamp of his office opposite such entry, and shall report the receipt of the deposit to the Postmaster-General:
Provided that the Postmaster-General may, in such circumstances as he may determine, authorize a number of deposits to be aggregated and the total amount to be entered in the pass book as a single deposit.
(2) The entry of the amount of a deposit in a pass book shall be an acknowledgment of the depositor’s right to repayment of such amount, together with any interest payable thereon:
Provided that where the amount of such deposit recorded in the pass book differs from the amount shown on the deposit slip relating to such deposit, then the amount shown on the deposit slip shall, unless the contrary be proved to the satisfaction of the Postmaster-General, be deemed to be the amount to which the depositor shall be entitled to repayment together with any interest thereon.
Where the Postmaster-General is satisfied that a pass book is lost or destroyed or is so damaged or defaced as to be unfit for further use he shall, on application being made to a Post Office in the appropriate form, and upon payment of a fee of 50 tambala, issue a new pass book:
Provided…
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