Savings Bank Act of 1981

Savings Bank Act of 1981 - Amends the Home Owners' Loan Act of 1933 to permit an association which was formerly organized as a savings bank under State law to continue to carry on any activities it was engaged in immediately prior to conversion to a Federal Savings and Loan Association or a Federal mutual savings bank and to retain or make any investments of a type it held on such date. Permits such an association to establish branch offices and other facilities only in accordance with the limitations imposed by State law controlling applications of a savings bank organized under such State law.

Declares that the total obligations to any Federal mutual savings bank of any person, copartnership, association, or corporation shall at no time exceed ten percent of the net worth of such Federal mutual savings bank. Provides for exceptions from such limitation by the Federal Home Loan Bank Board.

Permits Federal mutual savings banks to accept demand deposits from any source whatever.

Increases to ten percent of the assets of a Federal association, the amount which may be invested by such association in service corporations.

Amends the Federal Deposit Insurance Act to declare that in implementing the indemnification agreement for the conversion of a State-chartered insured mutual savings bank into a Federal savings bank the Federal Deposit Insurance Corporation and the Federal Savings and Loan Insurance Corporation shall include, but not be limited to, those losses resulting from a decline in the market value of assets due to interest rate fluctuations.