Rule – 101, Investment of fund moneys

101. All moneys contributed to the fund after the ³⁶[31st day of October, 1974] or received or accruing after that date by way of interest or otherwise to the fund may be deposited in a Post Office Savings Bank Account in India or in a current account ³⁷[or in a savings account] with any scheduled bank or utilised for the purpose of making contributions under Group Gratuity Scheme entered into with the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956) ³⁸[or any other insurer as defined in clause (28BB) of section 2 of the Income-tax Act, 1961] ³⁹[; and to the extent such moneys as are not so deposited or utilised shall be invested in the manner specified in sub-rule (2) of rule 67, and for this purpose, the expression “investible moneys” in that sub-rule shall mean the moneys of the fund as are not deposited or utilised as aforesaid].]

Reference: www.incometaxindia.gov.in