Enlisted members’ deposits

§ 1035. Enlisted members’ deposits (a) An enlisted member of the Army, Navy, Air Force, or Marine Corps may deposit his savings, in amounts of $5 or more, with any branch, office, or officer of his armed force designated by the Secretary concerned. That branch, office, or officer shall give the member a deposit book containing the name of the member and of the officer receiving the deposit. The amount, date, and place of each deposit shall be entered in that book. Amounts so deposited shall be deposited in the Treasury and kept as a separate fund called the “Pay of the Army, Deposit Fund”, “Pay of the Navy, Deposit Fund”, “Pay of the Air Force, Deposit Fund ”, or “Pay of the Marine Corps, Deposit Fund”, as the case may be, and shall be accounted for in the same manner as public funds. 81 (b) Interest at the rate of 4 percent a year accrues on amounts deposited for six months or more. (c) Payments of deposits from the respective funds named in subsection (a), and interest thereon, may be made only to the member upon discharge, or at such time before his discharge as may be prescribed by the Secretary concerned, or to the member’s heirs or legal representative. (d) An amount deposited under subsection (a), with the interest thereon, is exempt from liability for the enlisted member’s debts, including any indebtedness to the United States or any instrumentality thereof, and is not subject to forfeiture by sentence of a court-martial.