Time Deposit Program

Program Description

The Time Deposit Program was authorized by the State Bank Deposit Law of California adopted on April 27, 1945. This program is a unique opportunity for the State Treasurer to place deposits with eligible California financial institutions. The program assures a yield to the Pooled Money Investment Account above the Treasury bill yield and makes money available to community banks at generally better rates than they can get from other sources. Eligible institutions are commercial banks, savings banks and credit unions that are federally insured and licensed to accept deposits in the State of California. By making funds available to these institutions they in turn can re-invest in the California communities in which they serve. All time deposits are collateralized by at least 110% of the funds on deposit.

A summary of participants and time deposit transactions can be found in the PMIB Monthly Reports. If you would like additional information regarding participation in the Time Deposit Program please contact the Time Deposit Administrator at (916) 653-3147 or via email.

The Time Deposit Packet includes the Deposit Law and the PMIA Investment Policy.