(10) An insurer shall not keep more than ten per cent. of his assets in fixed deposit or current deposit, or partly in fixed deposit and partly in current deposit, with any one banking company or with any co- operative society registered under the Co- operative Societies Act, 1912 (2 of 1912 ), or under any other law for the time being in force and doing banking business: Provided that in applying this sub- section to the amount in deposit with a banking company on any day, all the premiums credited during the preceding sixty days, to the account of the insurer with such banking company and the amounts deposited, during the preceding thirty days, by such insurer with that banking company for payment of claims or out of re- insurance recoveries, shall be excluded.