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Term Deposit Facility Resource Center
The Term Deposit Facility is a program through which the Federal Reserve Banks offer interest-bearing term deposits to eligible institutions. A term deposit is a deposit with a specific maturity date. The Term Deposit Facility was established to facilitate the conduct of monetary policy by providing a tool that may be used to manage the aggregate quantity of reserve balances held by depository institutions. An increase in term deposits outstanding drains reserve balances because funds to pay for them are removed from the accounts of participating institutions for the life of the term deposit.
Term Deposit Facility Overview
Please refer to the Board of Governors' website for all press releases related to the Term Deposit Facility.
Term Deposit Facility Operations
Term deposits may be awarded either through a competitive single-price auction format with a non-competitive bidding option or through a fixed-rate format with full allotment at the interest rate specified in advance. An operation with an auction format will be identified with an "A" in the operation ID. An operation with a fixed-rate format with full allotment will be identified with an "F" in the operation ID.
Recent Operations
| Operation Announcements | Operation Results |
|---|---|
| May 20, 2013 ID F30 | May 20, 2013 ID F30 |
A history of operations is available in the Term Deposit Facility Archive.
To receive notices of upcoming Term Deposit Facility operations and summary results, please complete the E-mail Notification form . Please note that credentialed Term Deposit Facility participants will automatically receive all e-mail notifications.
Term Deposit Facility Application
Click the button below to access the Term Deposit Facility application.
The following materials have been prepared to help familiarize participants with auction operations and fixed-rate operations with full allotment under the Term Deposit Facility:
- Timeline | Accessible Version
- Auction Operation Step-by-Step Guide | Accessible Version
- Fixed-Rate Operation with Full Allotment Step-by-Step Guide | Accessible Version
Term Deposit Facility Setup
Any institution eligible to receive interest on balances maintained at the Federal Reserve Banks can participate in the Term Deposit Facility upon the approval of its Reserve Bank. To participate, eligible institutions must complete the steps outlined on the Term Deposit Facility Setup page. The typical time from submission of the necessary forms and agreement to being ready to participate is between 7 and 10 business days provided that all required materials are complete and accurate. Errors or omissions can delay the process.
Questions?
Please contact your Term Deposit Facility District Contact with questions about the Term Deposit Facility. For technical assistance with the Term Deposit Facility application, contact the Federal Reserve’s Customer Contact Center.
