§ 363.131. What is a TreasuryDirect ® zero-percent certificate of indebtedness?
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/us/cfr/t31/s§ 363.131·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A TreasuryDirect® zero-percent certificate of indebtedness is a non-interest-bearing security that is issued daily, with a one-day maturity, which automatically rolls over at maturity until you request redemption. A zero-percent certificate of indebtedness has a minimum purchase amount of one cent. The only purpose of a zero-percent certificate of indebtedness is to accumulate funds for the purchase of another eligible security in the TreasuryDirect system. A zero-percent certificate of indebtedness within a minor's account is the property of the minor alone.
The payroll zero-percent certificate of indebtedness is a restricted form of the zero-percent certificate of indebtedness that is held separately from the zero-percent certificate of indebtedness and used only for purchases made through the payroll savings plan. \[69 FR 50309, Aug. 16, 2004, as amended at 75 FR 70816, Nov. 19, 2010\]