12 U.S. Code § 4306 - Payment of interest

(a) Calculated on full amount of principal
Interest on an interest-bearing account at any depository institution shall be calculated by such institution on the full amount of principal in the account for each day of the stated calculation period at the rate or rates of interest disclosed pursuant to this chapter.
(b) No particular method of compounding interest required
Subsection (a) of this section shall not be construed as prohibiting or requiring the use of any particular method of compounding or crediting of interest.
(c) Date by which interest must accrue
Interest on accounts that are subject to this chapter shall begin to accrue not later than the business day specified for interest-bearing accounts in section 4005 of this title, subject to subsections (b) and (c) of such section.


(Pub. L. 102–242, title II, § 267,Dec. 19, 1991, 105 Stat. 2338; Pub. L. 102–550, title XVI, § 1604(e)(2)(B), (C),Oct. 28, 1992, 106 Stat. 4084.)

1992—Subsecs. (a), (c). Pub. L. 102–550made technical amendment to references to “this chapter” to reflect correction of corresponding provision of original act.
Effective Date of 1992 Amendment

Amendment by Pub. L. 102–550effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) ofPub. L. 102–550, set out as a note under section 191 of this title.

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12 USCDescription of ChangeSession YearPublic LawStatutes at Large

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12 CFR - Banks and Banking



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