Federal Reserve offers seven-day term deposits through its Term Deposit Facility
Description of Operation and Tender Parameters
| TDF Operation ID: | F63 |
| Operation Format: | Floating-Rate |
| Term: | Seven-Day |
| Reference Rate: | Interest rate paid on excess reserves (IOER) |
| Spread: | 0.01000% |
| Early Withdrawal Feature Included: | Yes |
| Penalty Rate for Early Withdrawal: | 0.75000% |
| Operation Date: | Thursday, February 18, 2016 |
| Opening Time: | 10:30 a.m. ET |
| Closing Time: | 12:30 p.m. ET |
| Notification Date (summary results): | Thursday, February 18, 2016 |
| Settlement Date: | Thursday, February 18, 2016 |
| Maturity Date: | Thursday, February 25, 2016 |
| Tender Parameters | |
| Maximum Number of Tenders: | 1 |
| Minimum Tender Amount: | \\$10,000 |
| Tender Increment: | \\$10,000 |
| Maximum Tender Amount (per institution): | \\$5,000,000,000 |
| Award Minimum Amount: | \\$10,000 |
| Award Maximum Amount: | \\$5,000,000,000 |
Submission of Tender
Participants must submit tenders by accessing the Term Deposit Facility application (https://www.federalreserve.org/arrow/ARROWWeb/home.do 
) between the opening time and the closing time on the operation date.
All tenders that are complete and compliant with the operation parameters listed above will be automatically awarded in full.
Early Withdrawal
The penalty for obtaining a return of funds prior to the maturity date includes the forfeiture of all interest on the term deposit plus an additional fee of 0.75000 percent at an annual rate applied to the principal over the entire term of the deposit. Requests for early withdrawal must be made between 10:00 a.m. ET and 12:00 p.m. ET. See the TDF Resource Center for additional details regarding this feature and the terms and conditions for early withdrawal (www.frbservices.org/centralbank/term_deposit_facility.html ).
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