Interest on deposits

§ 5213. Interest on deposits (a) The Postmaster General shall pay depositors interest on savings accounts at the rate of 2 per centum per year, but not in excess of the rate permitted to be paid on savings deposits by regulations prescribed by the Board of Governors of the Federal Reserve System, pursuant 74 Stat. 684 to section 371b of title 12, by member banks of the System located nearest to the place where the depository office in which the deposit was made. (b) The Postmaster General shall compute interest on deposits under such regulations as the Board of Trustees prescribes, and shall enter it to the credit of the depositor once for each quarter, beginning with the first day of the month following the date of the deposit. He may not allow interest on any part of funds deposited for a period of less than three months or on fractions of a dollar.