National Savings Bank (Amendment) Regulations 2003

• Citation: S.I. 2003/2895
• Sections: 6

Section 1 Citation and commencement

These Regulations may be cited as the National Savings Bank (Amendment) Regulations 2003, and shall come into force on 5th January 2004.

Section 2 Amendment of the 1972 Regulations

The National Savings Bank Regulations 1972 shall be amended in accordance with regulations 3 and 4 of these Regulations.

Section 3 Amendment of the 1972 Regulations

After regulation 2, insert—

Disapplication of particular regulations to certain accounts

(2A) The following provisions of these Regulations shall not apply to an investment account of any description for which terms and conditions have been set pursuant to section 9A(1) of the National Savings Bank Act 1971—

(a) regulations 4(3) to 4(5) (inclusive);

(b) regulations 5 and 6;

(c) regulations 8 to 19 (inclusive);

(d) regulations 21 and 25;

(e) regulations 27 to 29 (inclusive);

(f) regulations 30 to 33 (inclusive);

(g) regulations 35 to 38A (inclusive); and

(h) regulations 42 and 46(2).

Closure of ordinary deposit accounts

(2B) Notwithstanding regulations 16(2), 20, 22(1), 28(2) and 43 below—

(a) an ordinary account may not be opened after 28th January 2004,

(b) an ordinary deposit may not be made after 31st July 2004, and

(c) any withdrawal from an ordinary account after 31st July 2004

must be for the whole amount standing to the credit of the account at the date of withdrawal and any accrued interest that has not been credited to the account.

Section 4 Amendment of the 1972 Regulations

In regulation 11(5), after “1st January 1990” insert “and to an account opened after 28th January 2004 by transferring all the money held in an ordinary account to that account”.

Section 5 Amendment of the 1977 Limits Order

The National Savings Bank (Investment Deposits)(Limits) Order 1977 shall be amended in accordance with the following provision of these Regulations.

Section 6 Amendment of the 1977 Limits Order

After article 3, insert—

(3ZA) Article 3 shall not apply to an investment account of any description for which terms and conditions have been set pursuant to section 9A(1) of the National Savings Bank Act 1971.