POSTAL SAVINGS BANK 67 



At the Vienna Postal Savings Bank Office deposits may be withdrawn 

 immediately, irrespective of their amount. It is sufficient to present the form 

 of demand completed and signed, together with the savings bank book. 

 Deposits at the postal savings bank bear interest at 3 % per ann. On the 

 31st. of December of each year the interest is added to the principal and the 

 same interest is given on the new total. No interest is given on amounts 

 in excess of 2,000 crs. It must be observed that in the case of postal 

 savings bank deposits currency of prescription is interrupted by every 

 new deposit, every new demand for withdrawal and ever}^ registration of 

 interest in the bank book. The provisions of § 1,480 of the Austrian 

 General Civil Code, according to which at the end of three years arrears 

 of interest are lost by prescription, does not apply in the case of postal 

 savings bank deposits. 



The correspondence of depositors with the postal savings bank does not 

 pay postage and is exempt from stamp and other duties. 



The interest on deposits is exempt from income tax but not from the 

 tax on personal income (§ 125, No. 5 ; § 169, No. 2, of law of Octo- 

 ber 25th., 1896. Bulletin of Imperial Laws, No. 220). 



{b) Postal Cheque and Clearing Service. 



In the number of our Bulletin for August, 1913 (pp. 129 et seqq)., 

 we have already shown in a general way the importance the postal cheque 

 and clearing service has assumed in certain States; we there showed the 

 systems on which this service is carried on and why in Austria it was as- 

 sociated with the Postal Savings Banks. 



The Cheque Service of the Austrian Postal Savings Bank Office consists 

 in the opening of current accounts by the Office into which deposits may be 

 made through any post office, while the depositor may make payments by 

 means of cheques out of the amounts entered to his account. The credit, 

 therefore, is formed by payments made in any post office either by the owner 

 of the account himself or by third parties in his favour ; in the debit ac- 

 count are entered the payments the owner of the account makes by means of 

 postal cheques supplied by the administration, which may be cashed in 

 any post office. 



The advantage of the postal cheque is that it can be accepted and 

 paid in any post office of the State. If any person, even not belonging 

 to the service, desires to make payment to the owner of a current account he 

 need only pay the necessary sum into a post office and the administration 

 will credit the account with it. If, again, the owner of a current account 

 wishes to pay an amount to a third party who has no account with the 

 Office, he must make out a postal cheque to him payable in any office. 

 If, on the other hand, the account to be regulated concerns two persons 

 who both have accounts with the Office, the debtor makes out a cheque in 



