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FED ERAL RESERVE BANK OF D ALLA S Dallas, Texas, April 17, 1936 PAYMENT OF INTEREST ON TIME DEPOSITS AFTER MATURITY To the Member Bank Addressed: Section 3 (f) of Regulation Q, which became effective January 1, 1936, prohibits the payment by a member bank of interest on any time deposit after the maturity of such deposit. I have just received a ruling from the Board of Governors of the Fed eral Reserve System to the effect that, notwithstanding the provisions of Regulation Q referred to above, the Board will offer no objection to the payment by a member bank of interest on a time deposit (at a rate not exceeding the applicable maximum rate prescribed in Regulation Q) for the period between the maturity date of the certificate representing such deposit and the date of renewal thereof, provided such certificate is renewed within ten days after maturity and the renewal certificate is dated back to the date of maturity of the original certificate. Yours very truly, Federal Reserve Agent This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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