New York Consolidated Laws, Banking Law - BNK § 245. Interest payments

1. A savings bank may classify its depositors according to the character, amount or duration of their dealings with the savings bank.

2. In the discretion of a majority of all the trustees, the amounts contributed by incorporators or trustees to the surplus fund may be credited with interest at the same rate that interest is credited to depositors.  Such interest may be paid in cash or added to the contributions previously made and if so added shall be subject to all provisions of this article relating to contributions of incorporators or trustees to the surplus fund.  If interest on such contributions is not paid for any period at the time interest for such period is paid to depositors, the contributors shall not thereafter receive or be credited with any interest for such period.

3. A savings bank shall not pay any interest on any deposit for a longer period than the same has been on deposit, except as provided in subdivision three-a of this section.

3-a. Deposits made not later than the tenth calendar day of any calendar month may be credited with interest from the first day of the month in which such deposits were made, and deposits withdrawn upon one of the last three business days of any interest period or, in the event that one of such last three business days is a Saturday, deposits withdrawn upon one of the last four business days of any interest period may be credited with interest as if they had remained on deposit to the end of the interest period.  If the by-laws so provide, deposits withdrawn before the close of an interest period may be credited with interest to the first day of the month in which such withdrawal is made.  The provisions of this subdivision shall not apply to deposits on which interest is credited pursuant to subdivision three-b of this section.

3-b. Subject to such limitations and restrictions as may be prescribed by regulation of the superintendent of financial services, a savings bank may credit interest on deposits from the date on which the deposit is made to the date the deposit is withdrawn.