MALTA GOVERNMENT SAVINGS BANK [ S.L.167.01 1
SUBSIDIARY LEGISLATION 167.01
MALTA GOVERNMENT SAVINGS BANK 
REGULATIONS
2nd September, 1961
LEGAL NOTICE 53 of 1961, as amended by Legal Notices 54 of 1961,
26 of 1962, 45 of 1963, 36 of 1969, 42 of 1970, 83 of 1971, 1 of 1982 and 3
of 1983.
Title .
Savings Bank Regulations.
Interpretation.
Amended by:
L.N. 54 of 1961;
L.N. 1 of 1982.
2. In these Regulations, unless the context otherwise
requires-
"Accountant General" includes any officer or employee of the
Treasury to whom any duties have been assigned by the Accountant
General for the purposes of carrying out the provisions of the
Ordinance and of these Regulations;
"date of maturity" means, in relation to twelve-month fixed
deposit accounts, the anniversary of the date on which a sum of
money is deposited or re-deposited in such account, and in relation
to six-month fixed deposit accounts, the date of the lapse of six
calendar months from the date of deposit or re-deposit in such
accounts;
"depositor" means the person in whose favour a deposit is made
in any account at the Savings Bank;
Cap. 167.
Ordinance;
"person" includes any body corporate and any body of persons
whether having a legal personality distinct from that of its members
or not.
Minimum and 
maximum amount 
of deposits.
Amended by:
L.N. 83 of 1971.
3. (1) Subject to the provisions of the Ordinance and of these
Regulations, any person may deposit money in the Savings Bank
either in savings or in fixed deposit account.
(2) No deposit of less than five cents shall be made in a
savings account.
(3) No deposit shall be made which will bring the aggregate
amount standing in the depositor’s name in the books of the
Savings Bank to a total of more than four thousand liri.
(4) The limitation imposed by sub-regulation (3) on the
maximum permissible amount of deposits shall not apply to -
( a ) any minor or interdicted or incapacited person in
whose favour a deposit is made in pursuance of a court
order;
( b ) any curator in bankruptcy and any judicial garnishee
2 [ S.L.167.01 MALTA GOVERNMENT SAVINGS BANK
acting in the course of his duties as such;
( c ) any duly registered trade union or co-operative
society;
( d ) any body of persons the principal objects of which
include, according to its constitution, the promotion of
savings among its members and the investment
thereof;
( e ) any Government official acting in the course of his
duties as such.
Saving for existing 
deposits in excess 
of maximum 
permissible 
amount.
Amended by:
L.N. 83 of 1971.
4. (1) Where on the date of the coming into force of these
Regulations the aggregate amount standing in the books of the
Savings Bank in the name of any depositor exceeds four thousand
liri, any account or accounts to the credit of such depositor shall
continue to bear interest in respect of any amount not exceeding
either -
( a ) such aggregate amount as aforesaid, or
( b ) for so long as such aggregate amount exceeds four
thousand liri, the sum standing in the name of the
depositor either in savings account or in fixed deposit
account on such date.
(2) Nothing in sub-regulation (1) shall be taken as restricting
the maximum amount which may be deposited at interest by or on
behalf of a person mentioned in regulation 3(4).
Interest.
Amended by:
L.N. 54 of 1961;
L.N. 26 of 1962;
L.N. 36 of 1969;
L.N. 42 of 1970;
L.N. 83 of 1971;
L.N. 1 of 1982.
5. (1) Interest on deposits of not less than twenty-five cents
shall be allowed at the rate of three  per centum per annum  in
respect of savings deposits, at the rate of five  per centum per
annum  in respect of six-month fixed deposit accounts and at the
rate of six  per centum per annum  in respect of twelve-month fixed
deposit accounts:
Provided that interest on twelve-month deposit accounts in
existence on the 31st December, 1981, shall be allowed at the rate
in force on that   date until the date of maturity thereof next
following such date.
(2) Such interests shall be reckoned as from the date following
that on which a deposit or, in the case of fixed deposits, a re-deposit
is made.
Balancing of 
savings  accounts.
Amended by:
L.N. 83 of 1971;
L.N. 1 of 1982.
6. Every savings account shall be balanced on the 31st
December of each year and the interest which shall have accrued up
to that date shall be added to the principal on the following day and
shall bear interest as forming part thereof.
Rules as to fixed 
deposits.
Amended by:
L.N. 54 of 1961.
Substituted by:
L.N. 3 of 1983.
7.  (1) Except as provided in sub-regulation (4) a fixed deposit
shall not be withdrawn before the date of maturity.
(2) If the principal of a fixed deposit is not withdrawn within
ten days after the date of maturity it shall be deemed to be re-
deposited as from such date.
(3) No interest shall accrue on fixed deposits before the date of
maturity. After such date the interest may be withdrawn at any time
MALTA GOVERNMENT SAVINGS BANK [ S.L.167.01 3
but no interest shall be paid on it in respect of the period during
which it remains unclaimed.
(4) The Accountant General may allow a fixed deposit to be
withdrawn before the date of maturity.
(5) Where, in allowing a withdrawal as aforesaid, the
Accountant General is satisfied on the evidence produced that a
real need exists for such withdrawal in part or in whole, and thirty
days have passed since the deposit or re-deposit was made, interest
on the amount so withdrawn shall be reckoned at the prevailing
savings account rate, and the balance of the fixed deposit, if any,
shall remain deposited under the same conditions originally
obtaining.
(6) A withdrawal of a fixed deposit allowed otherwise than as
provided in sub-regulation (5), shall be deemed to imply a waiver
on the part of the depositor to any claim for interest in respect of
any period shorter than that for which the deposit is made.
Particulars and 
information to be 
given on making a 
first deposit.
8.  (1) On making a first deposit in an account at the Savings
Bank and whenever thereafter he is required so to do by the
Accountant General, the person who opens such account shall
specify - 
( a ) the name and surname, the occupation and residence of
the person in whose favour the account is opened, and,
if the last-mentioned person is a minor, the date and
place of birth of such minor;
( b ) such other particulars as the Accountant General may
require for the purpose of ascertaining the identity of
the person in whose favour the account is opened,
including, in the case of a body of persons, tile name
by which such body is known, its address and the name
and surname of the persons who are, for the time
being, empowered to make withdrawals on behalf of
such body. 
(2) The person who opens an account as aforesaid, and, after
such account is opened, the person in whose favour the account is
opened, shall at his own expense furnish the Accountant General
with any document or information which the Accountant General
may require for the proper carrying out of the business of the
Savings Bank in relation to such account, including, without
prejudice to the generality of the foregoing, a copy of the deed,
agreement, rules, statute or other instrument constituting or
governing any body of persons in whose favour the account is
opened.
(3) Where a person appears to be born out of wedlock no
information regarding his parentage may be sought except with his
own consent.
Joint accounts.
persons, provided that no one of them has already another account
at the Savings Bank.
4 [ S.L.167.01 MALTA GOVERNMENT SAVINGS BANK
Deposits to the 
credit of more than 
one account.
Amended by:
L.N. 83 of 1971.
10. No depositor in the Savings Bank shall keep or make
deposits to the credit of more than one savings account and one
fixed deposit account in such Bank. 
Issue of passbook. 11.  (1) On the opening of an account a numbered passbook,
which shall not be transferable, shall be delivered free of charge to
the person making the deposit.
(2) Such passbook shall bear on the front cover the name of the
person in whose favour the account has been opened and such other
particulars as may in the opinion of the Accountant General be
necessary to secure compliance with the provisions of the
Ordinance and of these Regulations.
Presentation of 
signed deposit 
form.
12. No deposit shall be accepted except on the presentation of
a deposit form provided by the Savings Bank and duly filled in and
signed by the person making the deposit 
Record of deposits 
in passbook.
13.   All deposits shall be entered in the passbook by the officer
receiving the same, and such officer shall affix his signature and
the date of the deposit opposite such entry.
Annual 
presentation of 
passbook for 
verification.
14. Every depositor, whenever required so to do by the
Accountant General, shall present his passbook at the Savings Bank
in   order that the entries in the passbook may be compared with the
entries in the books of the Savings Bank.
Lost passbooks. 15. (1)  If any depositor shall lose his passbook he shall report
the loss without delay to the Accountant General who may, if he
thinks fit and subject to compliance with such conditions as he may
require (which may include the giving of a satisfactory indemnity)
issue the depositor with a duplicate passbook.
(2) The Accountant General may also, if he thinks fit, delay the
issue of a duplicate passbook until three months have elapsed from
the date of receipt of notification of the loss.
Deposits in excess 
of a maximum 
permissible 
amount.
16.  If any person deposits an amount higher than the maximum
amount permissible under these Regulations, the Accountant
General may at any time return the excess to the person in whose
name the amount deposit was made without any interest accrued
thereon and after deducting any interest previously paid on such
excess.
Withdrawals.
Amended by:
L.N. 83 of 1971.
17. (1) Subject to the provisions of the Ordinance and of the
other provisions of these Regulations, no withdrawals shall be
allowed except on the presentation of a withdrawal form provided
by the Savings Bank and duly filled in and signed by the person
making the withdrawal.
(2) Any person presenting the passbook relating to a savings
account may withdraw a sum not exceeding the amount of interest
accrued   on such account during the year ending on the 31st March
immediately preceding such withdrawal.
(3) Except as provided in sub-regulation (2) payment of any
sum withdrawn from any account in the Savings Bank shall not be
made except to the depositor or to the person legally authorised to
claim such payment on behalf of the depositor.
MALTA GOVERNMENT SAVINGS BANK [ S.L.167.01 5
(4)  A power of attorney shall not be accepted by the
Accountant General for the purposes of any withdrawal from an
account at the Savings Bank unless it is in writing and is witnessed
or authenticated in the manner following, that is to say -
( a )  if the depositor has signed the power of attorney, his
signature shall be witnessed by a person holding a
university degree or diploma, or by a member of the
clergy, or by a public officer not below the rank of
executive officer or by a police officer not below the
rank of inspector;
Cap. 12.
( b ) if the depositor is unable to sign, his mark shall be
authenticated by an advocate, a notary public or the
parish priest of the parish in which the depositor
resides in the manner provided in article 634(2) of the
Code of Organization and Civil Procedure;
( c ) if the depositor is resident outside Malta at the time of
the grant of the power of attorney, his signature or
mark thereon shall be witnessed or authenticated by
some person competent for such purpose in the place
in which he resides at such time.
(5) Payment of any sum withdrawn from any joint account
shall be made to the depositors jointly or to any person or persons
legally authorised to claim such withdrawal on their behalf, unless
the depositors have expressly authorised any one or more of them
to act separately for the purposes of such withdrawal.
(6) No withdrawal shall be allowed except on the presentation
of the passbook to which the withdrawal relates and whenever any
withdrawal is made the paying officer shall enter the amount
withdrawn in the passbook and affix his signature and the date of
the withdrawal opposite such entry.
(7) The Accountant General may require three days’ notice of
the withdrawal of the whole or any part of any depositor’s balance
in savings account.
Transfers of 
deposits.
18.   (1) On application from depositors, deposits may be
transferred free of charge -
( a ) from the Savings Bank to the branch of the Savings
Bank in Gozo or vice versa;
( b ) from the Savings Bank to the Post Office Savings
Bank of the United Kingdom or to that of Gibraltar or
to the Commonwealth Savings Bank of Australia or
vice versa.
(2) No application for a transfer of any deposit shall be
entertained unless the applicant shall have been a depositor in the
Savings Bank for at least two months previous to the date of the
application:
Provided that this sub-regulation shall not apply in any
case where the Accountant General is satisfied that any hardship
could result from compliance therewith.
(3) Applications for transfers of deposits shall be made in such
6 [ S.L.167.01 MALTA GOVERNMENT SAVINGS BANK
form as the Accountant General may require and shall be
accompanied by the passbook and by other evidence to the
satisfaction of the Accountant General of the title of the applicant
to the deposit to which the/application relates.
(4) Subject to the provisions of the Ordinance and of these
Regulations, sums transferred to the Savings Bank under this
regulation shall for all purposes be treated as deposits made in the
Savings Bank.
Forms.  19.  The Accountant General may draw up and put into use all
such forms as may be necessary for the proper carrying out of the
business of the Savings Bank.
Hours of business.
Amended by:
L.N. 45 of 1963.
20.   The Savings Bank and its branches shall be open for the
transaction of business on such days and at such hours as the
Accountant General with the approval of the Minister responsible
for Finance may direct.
