Title 31

PART 306 APPENDIX


Appendix to Subpart E of Part 306 - Interest - Computation of Interest on Treasury Bonds, Treasury Notes, and Treasury Certificates of Indebtedness, and Computation of Discount on Treasury Bills - Interest Tables

31:2.1.1.1.25.5.5.5.5 :

Appendix to Subpart E of Part 306 - Interest - Computation of Interest on Treasury Bonds, Treasury Notes, and Treasury Certificates of Indebtedness, and Computation of Discount on Treasury Bills - Interest Tables computation of interest on annual basis One Day's Interest is 1/365 or 1/366 of 1-Year's Interest

Computation of interest on Treasury bonds, notes, and certificates of indebtedness will be made on an annual basis in all cases where interest is payable in one amount for the full term of the security, unless such term is an exact half-year (6 months), and it is provided that interest shall be computed on a semi-annual basis.

If the term of the securities is exactly 1 year, the interest is computed for the full period at the specified rate regardless of the number of days in such period.

If the term of the securities is less than 1 full year, the annual interest period for purposes of computation is considered to be the full year from but not including the date of issue to and including the anniversary of such date.

If the term of the securities is more than 1 full year, computation is made on the basis of one full annual interest period, ending with the maturity date, and a fractional part of the preceding full annual interest period.

The computation of interest for any fractional part of an annual interest period is made on the basis of 365 actual days in such period, or 366 days if February 29 falls within such annual period.

computation of interest on semiannual basis One Day's Interest is 1/181, 1/182, 1/183 or 1/184 or 1/2 Year's Interest

Computation of interest on Treasury bonds, notes, and certificates of indebtedness will be made on a semiannual basis in all cases where interest is payable for one or more full half-year (6 months) periods, or for one or more full half-year periods and a fractional part of a half-year period. A semiannual interest period is an exact half-year or 6 months, for computation purposes, and may comprise 181, 182, 183 or 184 actual days.

An exact half-year's interest at the specified rate is computed for each full period of exactly 6 months, irrespective of the actual number of days in the half-year.

If the initial interest covers a fractional part of a half-year, computation is made on the basis of the actual number of days in the half-year (exactly 6 months) ending on the day such initial interest becomes due. If the initial interest covers a period in excess of 6 months, computation is made on the basis of one full half-year, ending with the interest due date, and a fractional part of the preceding full half-year period.

Interest for any fractional part of a full half-year period is computed on the basis of the exact number of days in the full period, including February 29 whenever it falls within such a period.

The number of days in any half-year period is shown in the following table:

For the Half-Year

Interest period Beginning and ending days are 1st or 15th of months listed under interest period (number of days) Beginning and ending days are last days of months listed under interest period (number of days)
Regular year Leap year Regular year Leap year
January to July 181 182 181 182
February to August 181 182 184 184
March to September 184 184 183 183
April to October 183 183 184 184
May to November 184 184 183 183
June to December 183 183 184 184
July to January 184 184 184 184
August to February 184 184 181 182
September to March 181 182 182 183
October to April 182 183 181 182
November to May 181 182 182 183
December to June 182 183 181 182
1 year (any 2 consecutive half-years) 365 366 365 366