Section 3(9) in The Rules for Payment Of Grant-in-Aid to Non-Government Educational, Cultural & Physical Education Institutions, 1963
(9)The institution shall unless specially exempted by Government, invest its endowment in trust stock or place them in deposit in the State Bank of India, the Post Office Savings Bank or any Schedule Bank or one Bank recognised by the State Government. All money realised as fees from students, contributions, endowment and donations received for the institutions, its reserved funds, sums earmarked for building operations or other capital purposes and grants-in-aid shall constitute the Institutional Fund, which shall be placed in the State Bank of India, the Post Office Savings Bank or any other Scheduled Bank or State Recognised Bank. No money shall be kept out of the Institutional Fund. Withdrawals from the Institutional Fund shall be made only by a person who is duly authorised by the Governing Body or the Managing Committee to operate the Fund, and only for the purpose of incurring expenditure for the maintenance or improvement of the institution.
