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No member bank of the Federal
Reserve System shall, directly or indirectly, by any device
whatsoever, pay any interest on any demand deposit.1
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portion thereof is withdrawn not more than ten calendar days after a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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