BlackletterCalifornia law

Government Code § 53645

ARTICLE 2. Deposit of Funds

Current as of September 28, 2026Gov. Code, § 53645Official source ↗

Amended by Stats. 1992, Ch. 523, Sec. 5.3. Effective January 1, 1993.

Interest shall be computed and paid by the depository, as follows:

(a) For active deposits upon which interest is payable, interest shall be computed on the average daily balance for the calendar quarter, and shall be paid quarterly.

(b) For inactive deposits, interest shall be computed on a 360-day basis, and shall be paid quarterly.