(5)The official receiver shall deposit all money received by him in the State Bank of India or in a Post office Savings Bank in the name of the court, keeping in his hands only such cash as is sanctioned by the court. An account may be opened in some other bank also with the previous approval of the Government. In places where there is no branch of the State Bank of India or any other suitable bank approved by the Government, the insolvency funds shall be deposited in the Treasury in a separate Personal Ledger Account as "Official Receivers Account" to be administered by the District Judge or by such other Presiding Officer as may be authorised by the District Judge in this behalf. He shall open a single current account in the bank in his official capacity for moneys belonging to all the insolvent estates under his management, if there is a large balance at the Credit of any particular estate, such portion thereof as is not likely to be required in the near future may be transferred from the general account to the fixed deposit account or Savings Bank Account in the name of the estate concerned, and the interest accruing on such deposits shall be credited to the ledger account of that estate.
