W.e.f. 01.04.1983, the same pattern of investment will apply in relation to accumulation of income in excess of 15%. The forms and modes of investing or depositing the money referred to in clause (b) of sub-section (2) shall be the following, namely:—
(i) investment in savings certificates as defined in clause (C) of section 2 of the Government Savings Certificates Act, 1959, and any other securities or certificates issued by the Central Government under the Small Saving Scheme of that Government;
(ii) deposit in any account with the Post Office Savings Bank;
(iii) deposit in any account with a scheduled bank, or a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank);
(iv) investment in units of the Unit Trust of India established under the Unit Trust of India Act, 1963;
(v) investment in any security for money created and issued by the Central Government or a State Government;
(vi) investment in debentures issued by, or on behalf, of any company or corporation both the principal whereof and the interest whereon are fully and unconditionally guaranteed by the Central Government or by a State Government;
(vii) investment or deposit in any public sector company; However, where such public sector company ceases to be a public sector company, the investment in share of such company shall be deemed to be an eligible investment for a period of 3 years.
Similarly, such other investment or deposit shall be deemed to be an eligible investment or deposit for the period upto the date on which such investment or deposit becomes repayable by such company.
(viii) deposit with or investment in any bonds issued by a financial corporation which is engaged in providing long-term finance for industrial development in India and which is eligible for deduction.
(ix) deposit with or investment in any bonds issued by a public company formed and registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes and which is eligible for deduction.
(ixa) deposits with or investment in any bonds issued by a public company formed and registered in India with the main object of carrying on the business of providing long term finance for urban infrastructure in India;
(x) investment in immovable property. However, “Immovable property” does not include any machinery or plant (other than machinery or plant installed in a building for the convenient occupation bf the buildings) even though attached to, or permanently fastened to, anything attached to the earth;
(xi) deposits with the Industrial Development Bank of India;
(xii) any other form or mode of investment or deposit as may be prescribed as rule 17C.