12 CFR 217.3 - Interest on demand deposits.
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No member bank of the Federal Reserve System shall, directly or indirectly, by any device whatsoever, pay any interest on any demand deposit. 1
1 A member bank may continue to pay interest on a time deposit for not more than ten calendar days; (1) Where the member bank has provided in the time deposit contract that, if the deposit or any portion thereof is withdrawn not more than ten calendar days after a maturity date (one business day for “IBF time deposits” as defined in § 204.8(a)(2) of Regulation D), interest will continue to be paid for such period; or (2) for a period between a maturity date and the date of renewal of the deposit, provided that such certificate is renewed within ten calendar days after maturity.
[Reg. Q, 51 FR 9637, Mar. 20, 1986]
Title 12 published on 2013-01-01
no entries appear in the Federal Register after this date.