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FEDERAL RESERVE B O A R D WASHINGTON ADDRESSOFFICIAL. CORRESPONDENCETO THEFEDERAL RESERVEBOARD X-9118 February 8, 1935 Dear Sir: Pursuant to the provisions of Sections III and V of Regulation "Q" of the Federal Reserve Board, the Board has prescribed a. maximum interest rate of 4 percent per annum on savings deposits and of 6 percent per annum on other time deposits payable only at offices of member banks located outside the United. States* A copy of the Board’s authorisation is inclosed. Very truly yours, Chester Morrill Secretary. Inclosure TO ALL FEDERAL RESERVE AGENTS MAXIMUM RATES OF INTEREST PAYABLE ON TIME AND SAVINGS DEPOSITS OUTSIDE OF THE UNITED STATES. Under the provisions of Regulation Q (paragraph (o) of subsec tion (c) of Section III and paragraph (5) of subsection (c) of Sec tion V), a member bank may pay interest on a time or savings deposit which is payable only at an office of such bank located outside of the States of the United States and of the District of Columbia at a rate not exceeding the maximum rate set forth in Regulation Q "or such higher maximum rate as may be prescribed by the Federal Re serve Board from time to time for payment in the locality in which such office is located". In accordance with these provisions of Regulation Q, the Fed eral Reserve Board hereby prescribes the following maximum rates of interest which may be paid by member banks on time and savings de posits payable only at offices of such banks located outside of the States of the United States and of the District of Columbia: On time deposits as defined in Regulation Q, a rate not in excess of 6 percent per annum, compounded quar terly, regardless of the basis upon which such interest may be computed; On savings deposits as defined in Regulation Q, a. rate not in excess of 4 percent per annum, compounded quar terly, regardless of the basis upon 'which such interest may be computed. 1.35 X--9118 -a -2- Such maximum rates of interest shall be effective February 1, 1935, and until such time as different rates may hereafter be pre scribed by the Federal Reserve Board. The above are the maximum rates of interest which, may be paid by member banks on such deposits in any place outside of the States of the United States and of the District of Columbia. However, the Federal Reserve Board will expect that no member bank will pay in terest on any such deposit at a rate in excess of that paid on de posits of a. like class by competing institutions situated in the locality in which such payment of interest is made. RATES OF INTEREST PAID ON DEPOSITS BY FOREIGN BRANCHES OF lOiBER BANKS X-9118-b Name of bank Location of head office___________ City State P.R.District No. Amount IRates paid by foreign Customary Rate* pai'd on report of branches of this hank date by: deposits Customary Maximum rate Other competing Sialive on -which rate* paid during foreign banks competing interest on report preceding six or banks is paid date months branches Country Savings Accounts Other Time Deposits Demand Deposits Country ' Savings Accounts Other Time Deposits Demand Deposits Country Savings Accounts Other Time Deposits Demand Deposits Country Savings Accounts Other Time'Deposits Demand Deposits Country " Savings Accounts Other Time Deposits Demand Deposits ’"*Rate applicable to major portion of deposits. Signature arid title of member bank officer.
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