Section 7(1) in The M.P. Housing Board Regulations, 1977
(1)A Post Office Savings Bank deposit will be accepted as security, provided that the depositor has signed and delivered to the Postmaster a letter in the prescribed form. Alternatively security in the form of cash may be offered with a request that it be deposited in the Post Office Savings Bank in the name of the pledgee. In the latter case, the pledgee shall send a letter through the person who has to furnish the security explaining the nature of security and requiring the Postmaster to receive the deposit and issue the pass book in his (pledgee's) name. The person who is to furnish the security shall present a letter at the Post Office with the requisite amount in cash and the Savings Bank index card in the prescribed form signed at the foot by the pledger. The Postmaster will deliver the Savings Bank Pass Book to the person pledging the security. The latter shall transmit it without delay to the pledgee.
