Section 4(k) in The Rules for Payment Of Grant-in-Aid to Non-Government Educational, Cultural & Physical Education Institutions, 1963
(k)(i)All accumulated, current and future accretions to the P.F. amount of the employees and contribution of the institution shall be deposited in the interest bearing personnel deposit account by the institution in Government Treasury in the manner and as per directions laid down by the State Government from time to time.(ii)The reserve funds and deposits etc. of institutions shall also be invested in the State Government. Securities or National Savings Securities viz. Post Office Savings Bank Account, National Defence Certificates or Defence Deposit Certificates only.(iii)All the other recurring and non-recurring grants which are not needed within a period of three months shall be deposited in the Post Office Saving Account.
