Sec. 269 ss

269SS shall not be applicable on deposits accepted by banks from saving / current / fixed deposit account holders as it is covered under first proviso to sec 269SS which states as under:

The provisions of this section shall not apply to any loan or deposit taken or accepted from or any loan or deposit taken or accepted by,

(i)                  Government

(ii)                Any banking company, post office saving bank or cooperative bank

(iii)               Any corporation established by a central, state or provincial act.

(iv)              Any government company