Rule 318 lets a gratuity fund keep its moneys in a Post Office Savings Bank Account in India, a current or savings account with a scheduled bank, or use them for contributions under a Group Gratuity Scheme with the Life Insurance Corporation of India or another insurer.
318
Rules 2026 · Rule 318
Investment of fund moneys (approved gratuity fund)
Rules 311-333
The rule (sub-rule 1). All moneys contributed to the fund, or received or accrued as interest or otherwise, may be (a) deposited in a Post Office Savings Bank Account in India; (b) deposited in a current account or savings account with any scheduled bank; or (c) used for contributions under a Group Gratuity Scheme entered into with the Life Insurance Corporation of India or any other insurer under section 2(58). As in rule 303, the PDF text carries a trailing fragment referring to a Department of Financial Services notification of 2 March 2015 that is not legible as a clause.