Full text of Federal Reserve Bank of New York Circulars : [Correction of Amendments of Regulation Q]

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To the Addressee:

Circular No. 9225, dated December 31, 1981, transmitted several
amendments to the Board’s Regulation Q, "Interest on Deposits," effective
December 16, 1981, which conformed the regulation to rules adopted by
the Depository Institutions Deregulation Committee pursuant to the
Depository Institutions Deregulation Act of 1980.

Enclosed is a copy of

a correction of those amendments, which was published by the Board of
Governors in the Federal Register of January 4, 1982.




Circulars Division
FEDERAL RESERVE BANK OF NEW YORK

Board of Governors of the Federal Reserve System
INTEREST ON DEPOSITS
CORRECTION OF REG U LA TIO N Q

The schedule setting forth the m axim um interest rates th a t may be
paid by m em ber banks on fixed-ceiling tim e deposits of less than $100,000
(§217.7 (b)) is corrected to read as follows (correction designated by italics):

SECTION 217.7-MAXIMUM RATES OF
INTEREST PAYABLE BY
MEMBER BANKS ON
TIME AND SAVINGS DEPOSITS
♦

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*

(b) Fixed-ceiling time deposits of less than
$ 1 0 0 ,0 0 0 . E xcep t as provided in paragraphs
(a), (d), (e), (f), (g), and (i), no member bank
shall pay interest on any time deposit at a rate
in excess of the applicable rate under the
following schedule:

Maxi­
mum
per­
cent

Maturity

14 days or more but less than 90 d a y s............... 5%
90 days or more but less than 1 year ... ............ 5%
1 year or more but Less than 2-l/t y e a rs............. 6
2-V2 years or more but less than 4 y e a r s ......... 6*/2
4 years or more but less than 6 years .. ............7'/«
6 years or more but less than 8 years .. .......... TA
8 years or m o re ........................................................ 7%
*

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•

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For this Regulation to be complete, retain:
1) Regulation Q pamphlet, effective January 15. 1981.
2) Supplement to Regulation Q, effective January 15, 1981.
3) Amendments effective May 14, 1981; December 3, 1981: and
December 16, 1981.
4) This slip sheet.
PRINTED IN NEW YORK

[Ref. Cir. No. 9225]