All moneys, belonging to this Commonwealth and the political subdivisions thereof, or held, by the Commonwealth and any such political subdivision, for any purpose, and deposited with any banking institution in this Commonwealth, may be insured with the Federal Deposit Insurance Corporation or any other corporation, hereafter organized by the United States for the purpose of insuring deposits up to the amount to which such corporation is, or may hereafter be authorized, to insure deposits in any one name; and when so insured, neither the Commonwealth, nor any such political subdivision thereof, shall require such banking institution to furnish additional bond insurance or security, to cover the amount of such deposits so insured.