Effective Thursday, July 20, 2023: The Federal Reserve implemented the FedNow® Service which is a new instant payment infrastructure developed by the Federal Reserve that allows financial institutions of every size across the U.S. to provide safe and efficient instant payment services. The FedNow Service operates in real time, around the clock, every calendar day of the year. To support this service, the Federal Reserve adopted a seven-day accounting week. For more information on how these changes affect Reserves Administration, please visit the Reserves Administration Frequently Asked Questions page.
Effective July 29, 2021: As announced in the Federal Register on June 4, 2021 (Off-site), the Board implemented the new Interest on Reserve Balances (IORB) rate. The IORB rate is paid by the Federal Reserve Bank on balances maintained by or on behalf of an eligible institution in an account at a Federal Reserve Bank. Accordingly, the Reserves Central application reflects the implementation of the new IORB rate. This includes displaying the value for the IORB rate in the interest rate field within the application. In addition, the Reserve Central application calculates the amount of interest using the IORB rate and the new calculation method and displays the resulting amount of interest in the interest field. For more information on this change, visit the Reserves Administration Frequently Asked Questions page.
On March 15, 2020, as announced (Off-site), the Board reduced reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions. For more information on this change, visit the Reserves Administration Frequently Asked Questions page.
Reserves Central—Reserve Account Administration
Reserves Central—Reserve Account Administration is the application through which depository institutions can access information on their reserve balances and the amount of interest earned on those balances.
For more information, please consult the following resources:
- If you have questions about Reserves administration or the application, consult the Reserves Administration Frequently Asked Questions.
- If you have specific questions on the functionality within the Reserves Central application, please refer to the User Guide which is available in the FedLine® Training Center. Log in to FedLine Home via FedLine Web® and select the link to “Training” in the upper right-hand corner of the screen. The User Guide is available under the Central Bank, Reserves Central menu.
If you would like to set up access to the application, visit the Reserves Central — Reserve Account Administration Setup page for more information.
Click the button below to access the Reserves Central—Reserve Account Administration application.
The Schedule for Maintenance Periods and Interest Payments provides the date range for each maintenance period and the date associated interest payment. Please contact your Reserves Central District Contact with any questions.
The Term Deposit Facility (TDF) is a program under which the Federal Reserve offers term deposits to institutions that are eligible to receive interest on the balances they maintain at the Reserve Banks. An eligible institution may place funds at its Reserve Bank in a term deposit for an agreed upon number of days and reduce the amount of reserves it holds.
Click the button below to access the Term Deposit Facility application.
The following materials have been prepared to help familiarize participants with auction operations, fixed-rate operations, and floating-rate operations under the Term Deposit Facility. All of these documents are available in the FedLine® Training Center.
- Term Deposit Facility Overview
- Auction Operation Step-by-Step Guide; Accessible Version
- Fixed-Rate Operation Step-by-Step Guide; Accessible Version
- Floating-Rate Operation Step-by-Step Guide; Accessible Version
- Early Withdrawal Step-by-Step Guide; Accessible Version
- Term Deposit Facility Frequently Asked Questions (FAQs)
Log in to FedLine Home via FedLine Web® and select the link to “Training” in the upper right-hand corner of the screen. The User Guides are available under the Central Bank, Reserves Central menu.
Excess balance accounts are limited-purpose accounts for maintaining the excess balances of institutions that are eligible to earn interest on balances at Federal Reserve Banks. The participating eligible institutions ('participants') authorize another institution ('agent') to manage the excess balance account on their behalf.
Historical Reference Material
Archived Reserve Maintenance Manual (Off-site): Effective March 26, 2020, the Board reduced reserve requirement ratios to zero percent. This action effectively eliminated reserve requirements for all depository institutions. This archived manual provides detail on how reserve requirements were administered prior to March 26, 2020.
Please contact your Reserves Central District Contact with questions about reserves administration.