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Electronic Code of Federal Regulations

e-CFR Data is current as of October 16, 2014

Title 8Chapter ISubchapter B → Part 293


Title 8: Aliens and Nationality


PART 293—DEPOSIT OF AND INTEREST ON CASH RECEIVED TO SECURE IMMIGRATION BONDS


Contents
§293.1   Computation of interest.
§293.2   Interest rate.
§293.3   Simple interest table.
§293.4   Payment of interest.

Authority: Sec. 103, 66 Stat. 173; 8 U.S.C. 1103. Interprets and applies sec. 293, 84 Stat. 413.

Source: 36 FR 13677, July 23, 1971, unless otherwise noted.

§293.1   Computation of interest.

Interest shall be computed from the date of deposit occurring after April 27, 1966, or from the date cash deposited in the postal savings system ceased to accrue interest, to and including the date of withdrawal or date of breach of the immigration bond, whichever occurs first. For purposes of this section, the date of deposit shall be the date shown on the Receipt of Immigration Officer for the cash received as security on an immigration bond. The date of withdrawal shall be the date upon which the interest is certified to the Treasury Department for payment. The date of breach shall be the date as of which the immigration bond was concluded to have been breached as shown on Form I-323, Notice—Immigration Bond Breached. In counting the number of days for which interest shall be computed, the day on which the cash was deposited, or the day which cash deposited in the postal savings system ceased to accrue interest, shall not be counted; however, the day of withdrawal or the day of breach of the immigration bond shall be counted. Interest shall be computed at the rate determined by the Secretary of the Treasury and set forth in §293.2. The simple interest table in §293.3 shall be utilized in the computation of interest under this part.

§293.2   Interest rate.

The Secretary of the Treasury has determined that effective from date of deposit occurring after April 27, 1966, the interest rate shall be 3 per centum per annum.

§293.3   Simple interest table.

Following is a simple interest table from which computation of interest at 3 per centum per annum on a principal of $1,000 for a fractional 365-day year may be derived by addition only. The interest is stated in the form of a decimal fraction of $1.

DaysInterest
10821  9178
21643  8356
32465  7534
43287  6712
54109  5890
64931  5068
75753  4246
86575  3424
97397  2602
Example: 3% on $500 for 93 days:
  Days  
   90$7.3972  602
   3.2465  7534
Interest on $1,00093$7.6438  3554
Interest on $500$3.82

§293.4   Payment of interest.

Interest shall be paid only at time of disposition of principal cash when the immigration bond has been withdrawn or declared breached.



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