Deposit requirement for employee funds: companies must place employee deposits in post office or scheduled bank accounts promptly. Companies must deposit employee money or securities received under contracts of service promptly into a post office savings bank account or a special account in the State Bank of India or a Scheduled Bank, and, if the company is itself a Scheduled Bank, into a special account in itself or another Scheduled Bank; such funds may not be utilised except for purposes agreed in the contracts of service, and a receipt does not amount to a security for the purposes of this requirement.