
Posts and Telecommunications Act, 1992
Post Office Savings Bank Regulations, 1996
Government Notice 113 of 1996
- Published in Government Gazette 1322 on 6 June 1996
- Commenced on 6 June 1996
- [This is the version of this document at 15 November 2017.]
- [Note: The version of this legislation as at 15 November 2017 was revised and consolidated by the Legal Assistance Centre and the Government of the Republic of Namibia. All subsequent amendments have been researched and applied by Laws.Africa for NamibLII.]
1. Definitions
In these regulations, unless the context otherwise requires-“Board” means the board of directors of Namibia Post Limited;“business day” means a day other than a Sunday or public holiday;“deposit” means the whole or part of any amount deposited in any account or other investment facility of the Savings Bank, together with interest payable thereon;“depositor” means-(a)any person who has to his or her credit any amount in any account or other investment facility of the Savings Bank;(b)in the case of a joint account, or any other investment facility in which deposits are accepted from two natural persons jointly, both persons who have an amount to their credit in such account or facility;(c)in the case of a trust account, the executor, curator, trustee or guardian concerned;(d)in the case of a stop order for salary deduction, that person on whose behalf of the order is done; or(e)in the case of a save-as-you-earn-account any person from whom fixed instalments are received for a fixed time period either by way of stop order or cash.[Paragraphs (d) and (e) are inserted by General Notice 276/1997. Paragraph (e) should end with a semicolon rather than a full stop.]“Fixed term deposit” means the whole or part of any amount deposited in any fixed term deposit account for a certain fixed period against a fixed interest rate and payable at the end of that period.[The definition of “Fixed term deposit” is inserted by General Notice 276/1997. It should end with a semicolon rather than a full stop.]“Gazette” means the Government Gazette of the Republic of Namibia;“holder”, in relation to a Savings Bank Certificate, means the person or persons in whose name that Savings Bank Certificate is registered;“joint account” means any account opened in respect of a deposit made and maintained jointly by two natural persons;“lawfully authorised” means authorised in writing by means of a power of attorney, resolution of the members or officers of a society, or other document approved by the Managing Director, provided that the original power of attorney, resolution or other document, or a copy thereof certified by a notary public or commissioner of oaths, is furnished to the Managing Director;“Managing Director” shall mean the person appointed as managing director of the Company;“Master” means the Master of the High Court of Namibia;“on demand”, in relation to the repayment of any deposit, means the making of such repayment without prior authorisation by the Savings Bank Head Office;“rules”, in relation to a society, means the memorandum and articles of association, bye-laws, rules, constitution or other document governing the establishment, powers and operation of the society;“savings account” means an account maintained at the Post Office Savings Bank and operated on by means of a savings book;“Save-as-you-earn account” means an account maintained for a fixed period in which account fixed monthly deposits are made with a bonus payable on the interest accrued at a fixed rate and payable at the end of that period.[The definition of “Save-as-you-earn account” is inserted by General Notice 276/1997. It should end with a semicolon rather than a full stop.]“Savings Bank” means the Post Office Savings Bank controlled and managed by the Company;“Savings Bank Head Office” means the Post Office Savings Bank, Windhoek;“savings book” means a book issued to a depositor and in which deposits in and withdrawals from a savings account are recorded;“Savings Bank Certificate” means a certificate issued in accordance with the provisions of regulation 20;“society” means a society, company, association, institution, establishment, board, committee, club or fund, whether or not it is registered or incorporated in terms of any law;“society account” means any account opened in respect of a deposit made and maintained by a society;“the Act” means the Posts and Telecommunications Act, 1992 (Act No. 19 of 1992);“the Company” means Namibia Post Limited;“the Establishment Act” means the Posts and Telecommunications Companies Establishment Act, 1992 (Act No. 17 of 1992);“trust account” means any account opened in respect of a deposit made and maintained by an executor, curator, trustee or guardian for the purpose of depositing estate or trust moneys in it.2. Objectives of the Savings Bank
3. Confidentiality of transactions
Save as may be required by law or by order of a competent Court, no person shall disclose to any person other than the depositor himself or herself or his or her lawfully authorised agent any details of any deposit or any other transaction entered into by a depositor with the Savings Bank.4. Categories of persons from whom deposits may be accepted
Subject to any provision to the contrary herein contained, a deposit in the Savings Bank shall be accepted from-5. Deposits by married women
A married woman shall be entitled to deposit moneys with the Savings Bank and to require repayment of any moneys so deposited, notwithstanding the fact that she may be married in community of property or without the exclusion of the marital power of her husband.6. Deposits by or on behalf of minors
7. Opening of trust account
8. Opening of society account
9. Minimum amount to be maintained in a savings account
An amount of not less than N$10.00 (Ten Dollars) or such other amount as may be determined by the Managing Director from time to time, shall at all times be maintained in a savings account.10. Issuing of savings books to depositors
11. Details of deposits and repayments to be entered in savings book
Any deposit made to or any repayment from a savings account shall, upon such deposit or repayment being made, be entered in the depositor’s savings book by the official receiving the deposit or making the repayment, and shall be confirmed by the impression of his official date stamp; provided that if the savings book is not presented at the time a deposit is made to the savings account, such entry shall be made upon submission of the savings book in terms of regulation 16.12. Repayment of deposits in Savings Accounts on demand
13. Application by telegraph for repayment of deposits from savings accounts
14. Application for repayment of deposits from society accounts
15. Deposits and repayments by cheque
16. Audit of savings accounts
17. Loss of or damage to savings books
18. Closing of savings account
19. Dormant savings accounts
If a balance in a savings account has remained unchanged for more than three years, except for the accrual of interest, the Company may in its discretion transfer the balance to its revenue, but if the depositor concerned or any person legally competent to claim the balance on such depositor’s behalf applies for the repayment thereof, or if an amount for deposit in the savings account concerned is paid after such transfer, an amount equal to the balance and the interest which would have accrued thereon if it had not been so transferred shall be transferred from the revenue of the Company to the credit of the depositor concerned.20. Savings Bank Certificates
21. Repayment of Savings Bank Certificates
22. Minimum amount to be maintained in a Savings Bank Certificate
An amount of not less than N$50.00 (Fifty Dollars) or such other amount as may be determined by the Managing Director from time to time, shall at all times be maintained in a Savings Bank Certificate.23. Loss or destruction of or damage to Savings Bank Certificates
24. Interest on deposits
25. Repayment of deposits in the event of the death, insolvency or other disability of a depositor
26. Limitation of furnishing of information to depositors
The Savings Bank shall not be bound to furnish information relating to any transaction which took place with the Savings Bank more than three years prior to the date upon such information is requested.27. Charges may be levied by Company
28. Managing Director may decline to open or may close account
The Managing Director may in his absolute discretion and without assigning any reason therefor decline to open any account with the Savings Bank in the name of any person, and may in his absolute discretion and without assigning any reason therefor close any account previously opened by any person with the Savings Bank.29. Fixed term deposit
30. Save-as-you-earn-account
History of this document
15 November 2017 this version
Consolidation
06 June 1996
Commenced
Cited documents 2
Act 2
1. | Posts and Telecommunications Act, 1992 | 133 citations |
2. | Posts and Telecommunications Companies Establishment Act, 1992 | 64 citations |