5. Powers of the Bank

For the purpose of carrying out the objects set out in section 4, the Bank may—

receive as deposits from its customers or collect on their behalf moneys which are repayable either on demand or otherwise;

grant loans and advances to, or give guarantees for the benefit of, its depositors and other customers for housing and such other purposes as may be approved by the Minister and enter into agreements for these purposes;

invest in securities of the Government or of the Government of any State or of any public authority or other securities for purposes consistent with its objects;

promote the formation of an incorporated company or participate in the promotion of such a company or acquire an undertaking or part thereof;

acquire land and property for or in connection with the exercise of its powers, and develop such land and property;

dispose of or lease or otherwise deal with the whole or any part of its undertaking or property;

provide and operate giro services;

accept from customers for safe custody securities and other articles of value;

levy a charge for any service rendered by it;

maintain accounts with the Government, the Government of any

open branches and appoint agents or correspondents;

operate schemes for the issue and promotion of premium savings certificates which are redeemable either on demand or otherwise and, notwithstanding any other written law to the contrary, hold, promote, organize and administer draws for the awarding of bonus payments to holders of issued premium savings certificates; and

carry on the general business of a savings bank and do all such other things as are incidental or conducive to the attainment of its objects.