[Code of Federal Regulations]
[Title 12, Volume 2]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR217.3]

[Page 455]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 217--PROHIBITION AGAINST THE PAYMENT OF INTEREST ON DEMAND DEPOSITS (REGULATION Q)--Table of Contents
 
Sec. 217.3  Interest on demand deposits.

    No member bank of the Federal Reserve System shall, directly or 
indirectly, by any device whatsoever, pay any interest on any demand 
deposit.\1\
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    \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is withdrawn not more than ten calendar days after a maturity date (one 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 Sec. 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.
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                             Interpretations