12 U.S.C. § 4306 : US Code - Section 4306: Payment of interest

Search 12 U.S.C. § 4306 : US Code - Section 4306: Payment of interest

(a) Calculated on full amount of principal
Interest on an interest-bearing account at any depository
institution shall be calculated by such institution on the full
amount of principal in the account for each day of the stated
calculation period at the rate or rates of interest disclosed
pursuant to this chapter.
(b) No particular method of compounding interest required
Subsection (a) of this section shall not be construed as
prohibiting or requiring the use of any particular method of
compounding or crediting of interest.
(c) Date by which interest must accrue
Interest on accounts that are subject to this chapter shall begin
to accrue not later than the business day specified for interest-
bearing accounts in section 4005 of this title, subject to
subsections (b) and (c) of such section.