The National Savings Regulations 2015

Withdrawals of investment deposits

24.—(1) This regulation applies to applications to withdraw investment deposits.

(2) The Director of Savings may, if the Director of Savings considers it expedient, dispense with any (or all) requirements in these Regulations in order to—

(a) vary the procedure for making an application to withdraw;

(b) vary the method of making payment; or

(c) make payment in any manner the Director of Savings considers appropriate.

(3) An application to withdraw must be made to the principal office of the National Savings Bank in the approved form, and must be signed by the depositor or by a person entitled to make the application.

(4) An application to withdraw may include a request—

(a) that payment be made to the depositor (or person entitled to receive payment under these Regulations)—

(i) by electronic transfer to an account specified in the application; or

(ii) by crossed warrant; or

(b) that any amount payable be used—

(i) to make a deposit in another account in the name of the depositor in the National Savings Bank; or

(ii) to purchase, in the name of the depositor, securities issued under the auspices of the Director of Savings to raise money under section 12 of the National Loans Act 1968(1),

and is to be treated by the Director of Savings as authority to give effect to that request.

(5) The Director of Savings may—

(a) refuse an application to withdraw to the extent that it relates to a deposit not yet received in cleared funds;

(b) limit the number of crossed warrants which may be issued to or under the direction of the same applicant in any calendar year;

(c) refuse an application to withdraw where it is for an amount less than a specified amount fixed for this purpose by the Director of Savings; or

(d) refuse a request under paragraph 4(b).

(6) An application to withdraw must be accompanied by the deposit book relating to the deposits (if one was issued).

(7) Where an application to withdraw is made by more than one person, the applicants may request that the sum withdrawn be paid to any one or more of them to the exclusion of the others.

(8) In relation to a society or body corporate, an application to withdraw may include a request that the sum withdrawn be paid to any officer of the society or body corporate or, where the society is a branch, to any officer of the central body or of any other branch.

(9) Where, pursuant to an application under paragraph (4)(a), a payment by electronic transfer is initiated—

(a) a determination of the authority to make the payment does not deprive any person of a full discharge under these Regulations, where the payment is made in the normal course on being initiated;

(b) receipt of the payment by the banker or other person with whom the specified account is kept shall be equivalent to receipt by a person entitled to payment of deposits from the investment account concerned.

(10) The death of a person who has made an application to withdraw shall not of itself terminate the authority under paragraph (4), but where the Director of Savings receives notice that the applicant has terminated the authority or has died—

(a) where payment was requested by crossed warrant, the Director must not issue the warrant; or

(b) if a crossed warrant has already been issued, or where payment was requested by electronic transfer, the Director of Savings must take reasonable steps to prevent payment being made.

(11) No application to withdraw may include a request for payment in cash.

(1)

1968 c. 13; section 12 was amended by the Finance Act 1982 (c. 39) sections 152(1) and 152(2) and the Postal Services Act 2011 (c. 5) section 91(1), (2), Schedule 12, Part 3, paragraph 8.8(a) and (b).