U.S Code last checked for updates: Nov 24, 2024
§ 1035.
Deposits of savings
(a)
Under joint regulations prescribed by the Secretaries concerned, a member of the armed forces who is on a permanent duty assignment outside the United States or its possessions may deposit during that tour of duty not more than his unallotted current pay and allowances in amounts of $5 or more, with any branch, office, or officer of a uniformed service. Amounts so deposited shall be deposited in the Treasury and kept as a separate fund, and shall be accounted for in the same manner as public funds.
(b)
Interest at a rate prescribed by the President, not to exceed 10 percent a year, will accrue on amounts deposited under this section. However, the maximum amount upon which interest may be paid under this subsection to any member is $10,000, except that such limitation shall not apply to deposits made on or after September 1, 1966, in the case of those members in a missing status during the Vietnam conflict, the Persian Gulf conflict, or a contingency operation. Interest under this subsection shall terminate 90 days after the member’s return to the United States or its possessions.
(c)
Except as provided in joint regulations prescribed by the Secretaries concerned, payments of deposits, and interest thereon, may not be made to the member while he is on duty outside the United States or its possessions.
(d)
An amount deposited under this section, with interest thereon, is exempt from liability for the member’s debts, including any indebtedness to the United States or any instrumentality thereof, and is not subject to forfeiture by sentence of a court-martial.
(e)
The Secretary concerned, or his designee, may in the interest of a member who is in a missing status or his dependents, initiate, stop, modify, and change allotments, and authorize a withdrawal of deposits, made under this section, even though the member had an opportunity to deposit amounts under this section and elected not to do so. Interest may be computed from the day the member entered a missing status, or September 1, 1966, whichever is later.
(f)
The Secretary of Defense may authorize a member of the armed forces who is on a temporary duty assignment outside of the United States or its possessions in support of a contingency operation to make deposits of unallotted current pay and allowances during that duty as provided in subsection (a). The Secretary shall prescribe regulations establishing standards and procedures for the administration of this subsection.
(g)
In this section:
(1)
The term “missing status” has the meaning given that term in section 551(2) of title 37.
(2)
The term “Vietnam conflict” means the period beginning on February 28, 1961, and ending on May 7, 1975.
(3)
The term “Persian Gulf conflict” means the period beginning on January 16, 1991, and ending on the date thereafter prescribed by Presidential proclamation or by law.
(Aug. 10, 1956, ch. 1041, 70A Stat. 80; Pub. L. 89–538, § 1(1), Aug. 14, 1966, 80 Stat. 347; Pub. L. 90–122, § 1, Nov. 3, 1967, 81 Stat. 361; Pub. L. 91–200, Feb. 26, 1970, 84 Stat. 16; Pub. L. 98–525, title XIV, § 1405(20), Oct. 19, 1984, 98 Stat. 2623; Pub. L. 99–661, div. A, title XIII, § 1343(a)(3), Nov. 14, 1986, 100 Stat. 3992; Pub. L. 102–25, title III, § 310, Apr. 6, 1991, 105 Stat. 84; Pub. L. 102–190, div. A, title VI, § 639, Dec. 5, 1991, 105 Stat. 1384.)
cite as: 10 USC 1035