(1) All moneys contributed to the fund, or received or accrued by way of interest, or otherwise, may be–

(a) deposited in a Post Office Savings Bank Account in India; or

(b) deposited in a current account or a savings account with any scheduled bank; or

(c) utilised in accordance with rule 307 for making payments under a scheme of insurance or for purchase of annuities referred to in that rule;