Section 149(4)(c) in The Delhi School Education Rules, 1973
(c)The Pupil's Fund account shall be maintained and operated by the head of the school. The balance shall be deposited with a branch of the State bank of India or in a post office Saving Bank Account or with a Co-operative Bank approved by the Registrar, Cooperative Societies, Delhi. Only in absolutely unavoidable circumstances the balance may be retained in hand.