N.Y. BNK Law § 245

§ 245. Interest payments. 1. A savings bank may classify its\ndepositors according to the character, amount or duration of their\ndealings with the savings bank.\n 2. In the discretion of a majority of all the trustees, the amounts\ncontributed by incorporators or trustees to the surplus fund may be\ncredited with interest at the same rate that interest is credited to\ndepositors. Such interest may be paid in cash or added to the\ncontributions previously made and if so added shall be subject to all\nprovisions of this article relating to contributions of incorporators or\ntrustees to the surplus fund. If interest on such contributions is not\npaid for any period at the time interest for such period is paid to\ndepositors, the contributors shall not thereafter receive or be credited\nwith any interest for such period.\n 3. A savings bank shall not pay any interest on any deposit for a\nlonger period than the same has been on deposit, except as provided in\nsubdivision three-a of this section.\n 3-a. Deposits made not later than the tenth calendar day of any\ncalendar month may be credited with interest from the first day of the\nmonth in which such deposits were made, and deposits withdrawn upon one\nof the last three business days of any interest period or, in the event\nthat one of such last three business days is a Saturday, deposits\nwithdrawn upon one of the last four business days of any interest period\nmay be credited with interest as if they had remained on deposit to the\nend of the interest period. If the by-laws so provide, deposits\nwithdrawn before the close of an interest period may be credited with\ninterest to the first day of the month in which such withdrawal is made.\nThe provisions of this subdivision shall not apply to deposits on which\ninterest is credited pursuant to subdivision three-b of this section.\n 3-b. Subject to such limitations and restrictions as may be prescribed\nby regulation of the superintendent of financial services, a savings\nbank may credit interest on deposits from the date on which the deposit\nis made to the date the deposit is withdrawn.\n