The National Savings Bank Regulations 1972

In these Regulations, unless the context otherwise requires—

• “approved” means approved by the Director of Savings;

• “charitable society” means a penny savings bank, or a charitable or provident institution or society, and includes a charitable donation or bequest for the maintenance, education, or benefit of the poor;

• “deposit” means a deposit with the National Savings Bank, and “depositor” shall be construed accordingly;

• “depositor serving in the Royal Navy or in the Royal Marines” includes a depositor who is an employee of the Navy, Army and Air Force Institutes serving in any of Her Majesty's ships on a foreign station;

• “friendly society” means a friendly society registered under the Friendly Societies Act 1896 or a branch registered under that Act of a friendly society so registered;

• “investment deposit” has the same meaning as in the National Savings Bank Act 1971;

• “mentally disordered person”, in the application of these Regulations to England and Wales, means a person who is incapable, by reason of mental disorder within the meaning of the Mental Health Act 1959, of managing and administering his property and affairs;

• “officer” used in connection with a society or body corporate includes the solicitor of the society or body;

• “ordinary deposit” has the same meaning as in the National Savings Bank Act 1971;

• “receiver”, in the application of these Regulations to England and Wales, means, in relation to any act or thing done or to be done in respect of a mentally disordered person, a receiver or other person authorised in that behalf under Part VIII of the Mental Health Act 1959;

• “savings bank business” means the receipt and repayment of deposits with the National Savings Bank and all business incidental to such receipt and repayment;

• “savings bank office” means a place at which savings bank business is transacted;

• “savings certificate” means a certificate issued under the name of a war savings certificate or a national savings certificate by the Treasury through the department of the Postmaster General or under the auspices of the Director of Savings for the purpose of raising money authorised to be raised by any Act;

• “Treasury Solicitor” means the Solicitor for the affairs of Her Majesty's Treasury;

• “trustee savings bank” means any trustee savings bank within the meaning of the Trustee Savings Banks Act 1969.

Any reference in these Regulations to the provisions of any enactment or regulations shall be construed, unless the context otherwise requires, as a reference to those provisions as amended by any other enactment or regulations.

The Interpretation Act 1889 shall apply for the interpretation of these Regulations as it applies for the interpretation of an Act of Parliament, and as if these Regulations and the Regulations hereby revoked were Acts of Parliament.

Subject to the provisions of these Regulations, a depositor, on opening an account and whenever thereafter required so to do, shall specify his full name and his residence and, if required, the date of his birth and his occupation, and shall make and sign a declaration in the approved form as to the facts so specified, and, if required, furnish the Director of Savings with an additional specimen of his signature.

Except where the depositor is to be or is described in the account as a trustee pursuant to Regulation 5(2) or 9 below, the declaration shall set forth the particulars of every other account the depositor already has in the National Savings Bank (including every joint account in which his name appears) other than accounts in which he is described as a trustee pursuant to Regulation 5(2) or accounts to which Regulation 9 applies.

Where the account is opened or held by a trustee otherwise than under Regulation 9 below, the declaration shall set forth the particulars of every other account in the National Savings Bank to which are credited moneys belonging to the same trust fund as that to which the moneys credited or to be credited to the first mentioned account belong, and, for the purposes of this paragraph, moneys credited to an account in the name of a trustee shall be deemed to belong to the same trust fund as that to which belong other moneys credited or to be credited to another account in the name of that trustee, unless such first mentioned moneys are held by that trustee upon trusts which (as respects the beneficiaries, or their respective interests, or the purposes of the trust, or the powers of the trustee) differ from those on which such other moneys are held by him.

Where the declaration is made by a trustee pursuant to Regulation 9(2) below, the declaration shall set forth the particulars of every other account in the National Savings Bank standing in his name (including every joint account under Regulation 9 or otherwise in which his name appears as a trustee) in respect of which he is a trustee for the same (and no other) beneficiary.

This Regulation shall not apply to accounts opened by or under the authority of any statute or statutory instrument whereunder the making of the declaration is dispensed with, or to cases in which the Director of Savings shall direct that the making of the declaration is unnecessary.

Deposits may be made by and in the name of any person who has attained the age of seven years and who is not under any legal disability otherwise than by reason of his age.

Where deposits are made by and in the name of a trustee otherwise than under Regulation 9 below, he may be described in the account as a trustee of a specified trust or as a trustee without specifying a trust.

Deposits may be made on behalf and in the name of a minor under the age of seven years.

A declaration in the approved form shall be made by the person opening the account, who shall state in the declaration such facts relating to the minor as are required to be specified in relation to a depositor by Regulation 4(1) and (2) above.

After attaining the age of seven years, the minor himself, whenever required to do so, shall specify such facts as aforesaid and make and sign a declaration in the approved form and, if required, furnish the Director of Savings with an additional specimen of his signature.

Where it is proved to the satisfaction of the Director of Savings that any deposits in the name of a minor under the age of seven years are urgently needed for the maintenance, education, or benefit of the minor, or that in any other circumstances it is expedient so to do, the Director of Savings may, in his discretion, pay the deposits, or any part thereof, to any person whom he shall judge proper to receive the same.

Deposits may be made on behalf and in the name of a mentally disordered person by his receiver.

On the opening of an account in the name of a mentally disordered person, a declaration in the approved form shall be made by his receiver, who shall specify the capacity in which he acts.

Any application for the withdrawal of deposits standing in the name of a mentally disordered person, or any part thereof, shall be made by his receiver.

Where a depositor is a mentally disordered person and there is no receiver by whom application for withdrawal of deposits standing in the depositor's name might be made, the Director of Savings may, if it is proved to his satisfaction that it is just and expedient so to do, pay the deposits, or any part thereof, to any person whom he shall judge proper to receive the same.

Deposits may be made in the joint names of two or more persons entitled to make deposits.

A declaration in the approved form shall be made by all the persons in whose names the account is to be opened.

Any application to withdraw the deposits shall be made by all the persons in whose names the account stands, or by the survivor of those persons.

Upon the application of all the said persons or the survivor of them, the Director of Savings may remove the name of any person from the title of the account and may substitute the name of another person in place thereof with the consent in writing of the person whose name it is desired to substitute, and every party to the account as altered shall make the declaration required upon the opening of an account.

Deposits may be made by one person as trustee for another person in the joint names of the trustee and the beneficiary.

A declaration in the approved form shall be made by the trustee.

Any application to withdraw the deposits shall be made jointly by the parties to the account, or by the survivor of them.

Where one of the parties to the account has become a mentally disordered person or bankrupt, the Director of Savings may, in his discretion, pay the deposits to the other party to the account, with or without the concurrence of the receiver or of the Official Receiver or trustee in bankruptcy (if any) of the party who is a mentally disordered person or bankrupt.

The Director of Savings may, if he thinks fit, on the application of either party to the account, cause the account to be put in the name of the beneficiary alone or in the names of the beneficiary and another trustee; where the name of another trustee is substituted, he shall make a declaration in the approved form.

Deposits may be made by a friendly society through its trustees either in the name of the society or in the names of the trustees, the full name of the society being entered in the title of the account.

Where a friendly society is a branch of a larger friendly society, any officers of the central body or of any other branch of the larger society may be specified as the persons by whom applications for withdrawal shall be signed.

The trustees may, by direction in writing in the approved form signed by them, amend their application for authority to make deposits so far as it relates to the specification of the officers or members of the society by whom applications for withdrawal shall be signed.

Notwithstanding paragraphs (2)(b), (3) and (4) above, any application to withdraw the deposits may be made by any persons for the time being recognised by the Director of Savings as entitled to sign applications for withdrawal.

Deposits may be made by the trustees or treasurer of a charitable society and by the trustees or treasurer of any other society (including in that expression any unincorporated body of persons) of moneys belonging to any fund, being a fund which the Director of Savings, in his discretion, shall deem proper to be deposited in the National Savings Bank.

The trustees or treasurer may, by direction in writing in the approved form signed by them or him, amend their or his application for authority to make deposits so far as it relates to the specification of the officers or members of the society by whom applications for withdrawal shall be signed.

Notwithstanding paragraphs (2)(b) and (3) above, any application to withdraw the deposits may be made by any persons for the time being recognised by the Director of Savings as entitled to sign applications for withdrawal.

Deposits may be made in the name of a building society incorporated under the Building Societies Act 1962 or under the enactments repealed by that Act, in the name of a society registered under the Industrial and Provident Societies Act 1965, and (subject to the approval of the Director of Savings in each case) in the name of any other body corporate or in the name of a corporation sole.

In the case of a corporation sole, a declaration in the approved form shall be made by the person constituting the corporation for the time being.

Subject to the approval of the Director of Savings, and to such conditions as he may impose, deposits may be made by a responsible officer of any government department or office or of any public authority in his official capacity, and the account shall stand in the name of the official title of that officer with such additional description as the Director of Savings may require, and withdrawals from the account shall be made in accordance with the conditions imposed as aforesaid.

Deposits may be made in Scotland by the Sheriff Clerk of a Sheriff Court under the authority of any statute or statutory instrument in that behalf.

Application to open an account shall be made in the approved form, and shall be signed by the Sheriff Clerk in the presence of a witness.

Any application to withdraw the deposits shall be signed by the Sheriff Clerk.

Where deposits standing in the name of a Sheriff Clerk are transferred into the name of the Sheriff Clerk of any other Sheriff Court, the Sheriff Clerk into whose name the deposits are transferred shall make an application as provided in paragraph (2) above.

In this Regulation references to the Sheriff Clerk include references to the Sheriff Clerk Depute.

Deposits may be made in Northern Ireland in the joint names of a County Court Judge and a Clerk of the Crown and Peace.

Application to open an account shall be made in the approved form, and shall be signed by the Clerk of the Crown and Peace.

Any application to withdraw the deposits shall be signed by the Clerk of the Crown and Peace and (except where the withdrawal is authorised by the rules of the Court without the necessity for such an order) shall be accompanied by a certified copy of the order of the Court authorising the withdrawal.

Where any deposits made under this Regulation are transferred into the names of any other County Court Judge and Clerk of the Crown and Peace, that Clerk of the Crown and Peace shall make an application as provided in paragraph (2) above.

In this Regulation references to a County Court Judge include references to a Recorder.

Deposits may be made by the Public Trustee in respect of any estate which he is administering or for which he is acting as custodian trustee or as ordinary trustee, or on behalf of any person for whom he is acting as trustee.

Application to open an account shall be made in the approved form, and shall be signed by the Public Trustee or by an officer of the Public Trustee authorised by him in writing to act on his behalf in opening accounts.

The title of each account opened by the Public Trustee shall specify on behalf of what estate or person the account is opened, or shall contain such other description as the Director of Savings may require.

Any application to withdraw the deposits, whether standing in the name of the Public Trustee alone or with some other person, shall be signed by the Public Trustee or by an officer of the Public Trustee duly authorised by him in writing to sign such application, and may be signed by the Public Trustee or such officer alone.

Any authority given by the Public Trustee under this Regulation shall be lodged with the Director of Savings at least 48 hours before any application signed by virtue of the authority is presented.

Subject to the provisions of these Regulations, where an account is opened, a book (in these Regulations referred to as a “deposit book”) shall be issued to the depositor, and where the account is in the names of two or more persons, shall be delivered or sent to such one of them as the Director of Savings shall think fit.

Except in such cases as the Director of Savings shall direct, every person who may properly sign an application to withdraw ordinary deposits shall sign his name in the space provided in the deposit book.

No charge shall be made for a deposit book.

Every deposit book shall be the property of the Director of Savings and shall be delivered up as and when required by him.

On the application of a depositor, the Director of Savings may, if he thinks fit, issue a new deposit book to replace a lost one.

If in the opinion of the Director of Savings any deposit book has been tampered with or is in such a condition as to render the issue of a new book desirable, he may, if he thinks fit, require the surrender and cancellation of the book and issue a new book to the depositor.

Notwithstanding anything in these Regulations, the Director of Savings may pay, any sum in respect of any amount in the National Savings Bank without the production of the deposit book, where he is satisfied that the depositor or other claimant is entitled to receive that sum.

If the issue of a crossed warrant is requested, the application shall be accompanied by the deposit book.

Where an application for the withdrawal of deposits is made by more than one person, the applicants may request that the sum to be withdrawn should be paid to any one or more of them to the exclusion of the others, and an application for the withdrawal of the deposits of a society or body corporate may contain a request that the sum to be withdrawn should 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, although such officer is not one of the applicants.

Subject to Regulations 22, 23 and 24 below, and except where the Director of Savings otherwise directs, every payment made by him shall be made by a warrant, and accordingly every application for withdrawal of deposits shall be treated as implying an authority to him to issue a warrant for the amount to be withdrawn and to pay it in accordance with the terms of the warrant, and the death of the person who made the application for withdrawal shall not of itself determine such authority; but if the Director of Savings receives notice that the applicant has died or has countermanded such authority, the Director of Savings shall not issue the warrant or, if it has already been issued, shall take all reasonable steps to stop payment thereof.

The provisions of section 76, sub-sections (1), (3), (4) and (5) and, so far as it relates to crossed cheques, sub-section (6) of section 77, and sections 78, 79, 80 and 81 of the Bills of Exchange Act 1882 (which relate to crossed cheques) and of sections 3 and 4 of the Cheques Act 1957 (which relate to unindorsed cheques as evidence of payment and to the protection of collecting bankers) shall apply to any crossed warrant issued under these Regulations as if the warrant were a cheque drawn on the Director of Savings by the officer issuing the warrant, but nothing in these Regulations shall make any such warrant negotiable.

An uncrossed warrant shall not be paid until the receipt for the amount thereby payable has been duly signed by the payee or by some person authorised by the payee to receive payment:

Provided that, where such a warrant is paid to a person purporting to be the payee or to be a person authorised by the payee to receive payment, then, notwithstanding that the receipt on the warrant was signed by some person being neither the payee nor a person so authorised, the making of the payment shall be a full discharge to the Director of Savings for the amount thereof, if it is shown that the payment was made in good faith and without negligence, and that the making of the payment is attributable to some act or omission on the part of the depositor or on the part of the payee or the person so authorised.

An uncrossed warrant shall be payable, on presentation with the relative deposit book, at the place named in the warrant or otherwise in accordance with the directions contained therein, and a crossed warrant shall be payable at the office in London of the Director of Savings or at such other place as he may direct.

The amount of every withdrawal shall be entered in the deposit book by the person making the payment and the entry shall be attested by that person.

The posting of a letter containing a warrant issued under these Regulations addressed to any person at the last address furnished by him to the Director of Savings shall, as regards the liability of the Director of Savings, be equivalent to the delivery of the warrant to the person to whom the letter was addressed.

If the Director of Savings considers it expedient so to do, he may at his discretion vary the procedure on withdrawal and the method of payment authorised by these Regulations and dispense with all or any of the requirements therein contained, and may effect payment in such manner as he may think fit.

This Regulation shall not apply in the case of such accounts as the Director of Savings shall direct.

Application to withdraw ordinary deposits by telegraph may be made at savings bank offices.

The application shall be made in the approved form, the deposit book shall be produced, and the applicant shall pay the cost of each telegram to and from the Director of Savings.

Payment of the sum applied for shall not be made unless the authority of the Director of Savings has been received at the office of payment and the payee has signed a receipt in the approved form.

This Regulation shall not apply to moneys deposited pursuant to Regulation 13, 14 or 15 above.

On the application of a depositor serving as aforesaid, the telegram applying for withdrawal may contain a request to the Director of Savings that payment should be made of the required sum to a third party named in the telegram; and in that event, payment shall be made by crossed warrant drawn in favour of the third party.

An uncrossed warrant shall be presented for payment by the person named therein or by a person duly authorised by him to receive payment.

The authority for a person other than the person named in a warrant to receive the amount payable on the warrant shall be either a power of attorney duly executed in the presence of a witness, or an authority in the approved form or letter signed in the presence of a person authorised by the Director of Savings in that behalf:

Provided that the Director of Savings may in his discretion, in any case in which he thinks fit, dispense with the attestation of the signature to any such authority or letter.

An authority or letter may be signed by a minor if he has attained the age of seven years, and shall be as valid and binding upon him as if he had been of full age.

Where a power of attorney, authority or letter authorises payment to be made to a firm, or to a body corporate or corporation sole, any person purporting to be a member of the firm or body corporate, or to be an officer thereof or of the corporation sole, and accredited to the satisfaction of the Director of Savings, may present and receive payment under the warrant.

This Regulation shall not apply to moneys deposited pursuant to Regulation 13, 14 or 15 above.

Where investment deposits are to be made by or on behalf of a depositor, a separate account shall be opened and a separate deposit book issued in respect of those deposits.

Subject to the provisions of this Regulation and of Regulation 29 below, a depositor may apply to transfer deposits standing in his name, being ordinary deposits, to an investment deposit account in his own name or to be opened in his own name, or, being investment deposits, to an ordinary deposit account in his own name, and the provisions of Regulation 30 below shall apply in relation to such an application.

An investment deposit may not be made (whether directly or by way of transfer) unless the person who will be the depositor in whose name the deposit will stand is also a depositor in respect of ordinary deposits and the amount due to him in respect of those ordinary deposits (excluding, in the case of an investment deposit to be made by transfer from an ordinary deposit account in the name of the proposed transferee, the amount to be so transferred) is not less than £50.

For the purposes of this Regulation, a person who is a trustee shall be treated separately in his personal capacity and in his capacity as trustee, and in the latter capacity separately in respect of each separate trust fund, and one trust fund shall be treated as separate from another trust fund if (and only if) the trusts on which the first mentioned fund is held differ in any respect from those on which the other fund is held, whether as respects the beneficiaries, or their respective interests, or the purposes of the trust, or the powers of the trustee.

An investment deposit of less than £1 may not be made.

Except where the Director of Savings otherwise directs, money deposited by way of investment deposit (or any interest thereon) may not be withdrawn or transferred (except to an investment deposit account) unless one month's prior notice of withdrawal or transfer thereof has been given to the Director of Savings in accordance with this Regulation.

Every such notice of withdrawal shall be given by sending or delivering to the Director of Savings at the principal office of the National Savings Bank an application for withdrawal in the approved form signed by the depositor or other person entitled to sign the application and requesting that payment be made by a warrant payable on the expiration of one month beginning with the day on which the application is received at the principal office.

Every notice of transfer of investment deposits shall be given by sending or delivering to the Director of Savings at the principal office of the National Savings Bank an application for transfer in the approved form requesting that the transfer be made on the expiration of one month beginning with the day on which the application is received at the principal office, and the application shall be accompanied by the relevant deposit book.

Subject to the provisions of these Regulations, a depositor may apply to transfer deposits standing in his name into the name of any other depositor or into an account to be opened in the name of any person entitled to make deposits in the National Savings Bank; except where the Director of Savings otherwise directs, an application for transfer shall be in the approved form and shall be accompanied by the deposit book relating to the deposits.

On being satisfied as to the title of the applicant to transfer the deposits, the Director of Savings may effect the desired transfer, and the death of the applicant shall not of itself determine the authority given by the applicant for the transfer to be made; but if the Director of Savings receives notice before the transfer is effected that the applicant has died, the transfer shall not be made.

This Regulation shall, so far as applicable, apply to the transfer of sums from the account of a deceased depositor, and, in particular, the legal personal representative of the depositor, or any person to whom any sum due to the depositor at the time of his death may be paid in accordance with the provisions of these Regulations, may, subject to the provisions of these Regulations, instead of withdrawing any such sum, apply for the transfer thereof into his own name or the name of another person.

Any application to transfer any sum from the account of a depositor in the National Savings Bank to a government savings bank outside the United Kingdom (being a bank with which the Director of Savings has entered into an arrangement for such transfers) shall be made in the approved form, and shall be accompanied by the deposit book.

Where an application is made to the Director of Savings for the transfer to the National Savings Bank of a sum standing to the credit of a depositor in a government savings bank outside the United Kingdom (being a bank with which the Director of Savings has entered into an arrangement for such transfers), and a certificate from the government savings bank certifying that there is a sum due to the depositor in respect of money deposited by him in the said bank is produced, the amount mentioned in the certificate shall be treated as a deposit made in the name of the applicant, and the applicant shall, if required, make a declaration in the approved form.

Upon the application of a depositor, the Director of Savings may add the names of other persons in the title of the depositor's account.

Every person whose name is added in the title of an account shall make and sign the declaration required upon the making of a first deposit and, if required, furnish an additional specimen of his signature.

Subject to the provisions of these Regulations, a depositor, being a person who has attained the age of sixteen years, may nominate any person to receive any sum due to the depositor at his death in respect of his deposits.

Every nomination shall be made in writing in a form approved by the Director of Savings, and shall be signed by the nominator in the presence of a witness, and the signature of the nominator shall be attested by the witness.

A nomination shall be of no effect unless it is sent to the Director of Savings during the lifetime of the nominator.

The Director of Savings may in his discretion refuse to accept any nomination received by him, and, upon a notification of the refusal of the Director of Savings to accept a nomination being sent to the nominator, the nomination shall be of no effect.

Every nomination accepted by the Director of Savings shall be registered by him and returned to the nominator.

A nomination may be in favour of one person or of several persons (who shall be clearly designated in the nomination), and, where there is more than one nominee, may direct that specific sums shall be paid to one or more of the nominees or that the nominees shall take the money nominated in specified shares, or may give directions to both effects.

A person who attests the signature of a nominator to a nomination shall not take any benefit thereunder.

A notice of revocation for the purposes of these Regulations shall be signed by the nominator in the presence of a witness, who shall attest the signature of the nominator, and the notice shall be of no effect unless it is sent to the Director of Savings during the lifetime of the nominator.

Notwithstanding that a nomination has been revoked by the marriage of the nominator, any payment which, before the marriage comes to the knowledge of the Director of Savings, is made by him, being a payment which would have been a lawful payment if the nomination had not been so revoked, shall, subject to the provisions of these Regulations for saving the rights of third parties, be as valid as if the nomination had not been so revoked.

A nominator shall, on making a nomination, furnish to the Director of Savings such particulars of any National Savings Bank account and savings bank annuity or insurance to which the nomination applies as the Director of Savings may require.

A nominator shall, if and whenever a change occurs in relation to any savings bank account or annuity or insurance to which the nomination applies, forthwith make such corrections in and additions to the particulars furnished as may be necessary, and shall forthwith forward to the Director of Saving the amended particulars.

Where, by reason of the failure of a nominator to comply with the foregoing requirements of this Regulation, any money payable in respect of any deposits, annuity, or insurance of the nominator at the date of his death is paid to a person other than the nominee or a person claiming through him, that payment shall, subject to the provisions of these Regulations for saving the rights of third parties, be as valid as if the nomination had not been made.

Where a nominee dies after the death of the nominator but before any sum has been paid to him as nominee, the provisions of these Regulations shall apply to the nominee and the sum payable to him, as if at the date of his death the deceased nominee were a depositor in the National Savings Bank and the said sum were deposited in his name in a National Savings Bank account.

Notwithstanding any rule of law to the contrary, any nominee to whom a payment may be made under this Regulation may sign a receipt therefore if he has attained the age of sixteen years, and the receipt shall be a valid receipt without the signature of any other person.

Any nomination made before 1st October 1921 shall continue to be governed by Regulations 66 to 79 of the Post Office Savings Bank Regulations 1910, but Regulations 34, 35(1)(e) and 37(2) of these Regulations shall apply to any such nomination.

A nomination made before the coming into operation of these Regulations shall, subject to the provisions of these Regulations, be deemed to extend to all sums to which a nominator is entitled at the time of his death in respect of a savings bank annuity or insurance as well as to sums due to him in respect of his deposits, unless the nominator has in the nomination expressly excluded any such sums from the operation of the nomination.

Notwithstanding any rule of law to the contrary, any person to whom a payment may be made under paragraph (1)(b) or (c) above or under the proviso to paragraph (1) above may sign a receipt therefor if he has attained the age of sixteen years, and the receipt shall be a valid receipt without the signature of any other person, and where any person to whom a payment may be so made is unable by reason of his age or for any other reason whatsoever to give a discharge therefor under these Regulations the Director of Savings may make the payment to any person who satisfies him that he will apply it for the maintenance or otherwise for the benefit of the first mentioned person.

Subject to paragraph (2) above, the Director of Savings, in making any payment under paragraph (1)(b) or (1)(c)(iii) above or under the proviso to paragraph (1) above, shall, unless he is of opinion that hardship or inconvenience would be thereby caused, have regard to the rules of law relating to the distribution of the estates of deceased persons, but if he is of that opinion, may depart from those rules in such manner and to such extent as he considers just.

In this Regulation the expression “will” includes a codicil.

Nothing in this Regulation shall affect the operation of any nomination duly made under these Regulations.

Interest on an investment deposit shall not commence until the first day of the month next following the day of deposit, and shall cease on the first day of the month in which it is withdrawn.

Interest on investment deposits shall be calculated to 31st December in every year and shall be added to and become part of the principal; but interest shall not be calculated on any amount less than £1 or some multiple of £1.

For the purpose of this Regulation, money deposited by way of investment deposit and withdrawn under and in accordance with these Regulations shall be deemed to have been withdrawn on the earliest day on which the relevant payment warrant was payable.

Where any document (including the declaration on opening an account, an application for withdrawal and any authority to receive the amount payable on a warrant) is required by the Director of Savings or by these Regulations to be signed by any person and that person is unable to write, it shall be sufficient for the purposes of these Regulations if the document is marked by that person in the presence of a witness in such manner as the Director of Savings may require.

Where an uncrossed warrant is made payable to a person who is unable to write, he shall, when he presents the warrant for payment, affix his mark to the receipt on the warrant in the presence of a person who is known to the paying officer, and who can identify the person applying for the money as the person named in the warrant.

Subject to the provisions of these Regulations, no notice of any trust, express, implied, or constructive, shall be receivable by the Director of Savings in respect of any deposit.

The Director of Savings shall not by reason of any description of a depositor as a trustee (whether or not a trust is specified) pursuant to Regulation 5(2) above, or by reason of anything contained in any declaration or any document whatsoever relating to an account, be affected with notice of any trust express, implied or constructive.

Where, in pursuance of a power of attorney, the done of the power makes, or joins in making, an application for the transfer or withdrawal of any deposits standing in the name of the donor of the power, or in the donor's name jointly with that of any other person, the Director of Savings may act on the power of attorney and give effect to the application notwithstanding that it appears from the power of attorney or from any evidence required for the purposes of the power of attorney or from the description of the donor as a trustee pursuant to Regulation 5(2) above or otherwise that the deposits are held on a trust; and in making any transfer or payment in pursuance of any such application the Director of Savings shall not be affected with any notice of the trust.

The fact that in making application for the transfer or withdrawal of any deposits the done of a power of attorney purports to be acting in the exercise of the power shall, in favour of the Director of Savings, be conclusive evidence that the dealing is authorised by the power, unless the Director of Savings has at the time of the dealing notice that it is not so authorised.

The Director of Savings and any person acting under his authority shall not be liable in respect of any payment duly made or act duly done in accordance with the National Savings Bank Act 1971 and the Regulations for the time being made thereunder; and any such payment shall, subject to the provisions of these Regulations for saving the rights of third parties, be deemed to be a valid payment.

Without prejudice to the generality of the preceding paragraph, the Director of Savings shall in no case be responsible for the misapplication of any sum payable on a warrant by any friendly society, charitable society or other society (including any unincorporated body of persons), body corporate, or corporation sole, or by any trustee, director, officer or representative of such a society, body or corporation, or of any government department or public authority, or by the persons mentioned in Regulations 13, 14 and 15 above, or anyone authorised by such persons respectively to receive payment of the sum payable on a warrant.

The Director of Saving shall be entitled to require evidence to be given to his satisfaction of the identity of any person, of the title of any person to any deposits, or of the authority of any person to withdraw or transfer any deposits, or to require evidence that anything purporting to be done in pursuance of these Regulations has been duly done, or otherwise with respect to any matters on which the due exercise of his powers or performance of his duties under these Regulations depends, and the Director of Savings may for the purpose of obtaining any such evidence require a statutory declaration to be made by any person.

The Director of Savings may accept as conclusive proof of the death of a depositor any evidence which establishes to his satisfaction the fact that the depositor has not been heard of for a period of seven years or more, and, for the purposes of this paragraph, the expression “depositor” includes any person beneficially interested at any time, whether absolutely or contingently, in the personal estate of a deceased depositor.

These Regulations shall extend to Northern Ireland.

These Regulations shall extend to the Isle of Man.

These Regulations shall extend to the Channel Islands.

The Regulations specified in the Schedule to these Regulations are hereby revoked.

In so far as any application, declaration, payment, transfer or nomination made, approval, authority, direction, notice or receipt given, warrant or document issued, or other thing done, under any Regulations revoked by these Regulations could have been made, given, issued or done under a corresponding provision of these Regulations, it shall not be invalidated by the revocation, but shall have effect as if made, given, issued or done under that corresponding provision.

These Regulations shall not affect the validity of anything done by or in relation to the Postmaster General before 1st October 1969 under the provisions of any Regulations revoked by these Regulations; and anything which at that date was in process of being done under those provisions by or in relation to the Postmaster General may be continued by or in relation to the Director of Savings.

The mention of particular matters in this Regulation shall be without prejudice to the general application of section 38 of the Interpretation Act 1889 as it applies for the interpretation of these Regulations.