The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
F ederal Reserve Bank DALLAS, TEXAS of Dallas 75222 C i r c u l a r No. 7 3 -2 7 2 O c to b e r 2 5 , 1973 SUPPLEMENT TO REGULATION Q Interest Rate Ceiling Imposed on ^-Year Consumer-Type Time Deposits To All Member Banks and Others Concerned in the Eleventh Federal Reserve District: Details of the enclosed printed Supplement to Regulation Q were forwarded under our Circular No. 73-268 dated October 19? 1973. The enclosure should be inserted in your Binder of Regulations and Bulletins. The Supplement to Regulation Q dated July 26, 1973? , should be removed from the Binder and destroyed. Yours very truly, P. E. Coldwell, P re sid e n t Enclosure This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM SUPPLEMENT TO REGULATION Q Effective November 1 ,1 9 7 3 SECTION 217.7 — M A X IM U M RATES OF INTEREST PAYABLE BY M EMBER BANKS ON TIM E A N D SAV IN G S DEPOSITS Pursuant to the provisions of section 19 of the Federal Reserve A ct and § 217.3, the Board of Governors of the Federal Reserve System hereby prescribes the following maximum rates1 of inter est per annum payable by member banks of the Federal Reserve System on time and savings deposits: (a) T im e deposits o f $ 1 0 0 ,0 0 0 or m ore. There is no maximum rate of interest presently pre scribed on any time deposit of $100,000 or more. (b) T im e deposits o f less than $ 1 0 0 ,0 0 0 . (1 ) Except as provided in paragraph (a) and subpart (2) of this paragraph, no member bank 1 The limitations on rates of interest payable by member banks of the Federal Reserve System on time and savings deposits, as prescribed herein, are not applicable to any deposit which is payable only at an office of a member bank located outside the States of the United States and the District of Columbia. shall pay interest on any time deposit at a rate in excess of the applicable rate under the following schedule: M aturity M axim um per cent 30 days or more but less than 90 days 5 90 days or more but less than 1 year 5Vi 1 year or more but less than 30 months 6 30 months or more 6 V2 (2) Member banks may pay interest on any time deposit of $1,000 or more, with a maturity of four years or more, at a rate not to exceed 7V4 per cent. (c) Savings deposits. N o member bank shall pay interest at a rate in excess of 5 per cent on any savings deposit.
@FedFRASER