Account Opening Requirements and Statements (Section 5 Amendment)
- Must state full name, age, residence, and occupation at account opening.
- If opening on behalf of others, must provide name and residence/location and relation to the individual or society.
- Declarant must acknowledge having read the rules and regulations.
- Must sign a statement affirming no benefit from other Postal Savings accounts unless as trustee, representative of deceased, beneficiary, legal holder of certificate of deposit (per Act 1780), or member of certain societies.
- False statements result in forfeiture of 25% of deposits credited to the person making false statements, enforceable by law.
Certificate of Deposit Issuance and Withdrawal Procedures (Section 8 Amendment)
- Certificates of deposit issued for deposits under Act 1780 upon application with an affidavit stating use only in connection with a firearm license.
- Certificate title transferable only by indorsement to the Insular Treasurer.
- Interest rate and payment terms same as for other Postal Savings deposits.
- Withdrawal requires presentation of certificate and signing of application witnessed by Postal Savings officer.
- Application verified by chief of Postal Savings Bank Division before authorized payment.
- Principal withdrawal requires surrender and endorsement of the certificate.
Interest on Deposits Limits (Subsection (b), Section 10 Amendment)
- Deposits above PHP 1,000 by any depositor do not earn interest except for charitable and benevolent societies where the limit is PHP 2,000.
- This limitation does not apply to deposits under Act 1780 with corresponding certificates of deposit, which retain their interest benefits.
Section Numbering and Short Title (Sections 21, 22, 23)
- Current sections 21 and 22 renumbered as 22 and 23.
- New Section 21 inserted to officially designate the law as "The Postal Savings Bank Act".
Effectivity Clause
- The amendments and provisions of this Act take effect immediately upon its passage on February 24, 1908.