How to Read the SLGS Daily Rate Table

The daily SLGS rate table is Treasury's list of the highest rate a State and Local Government Series (SLGS) Time Deposit security may carry for each maturity, and reading it comes down to three moves: find the row that covers the security's life, use the shorter term's rate when a maturity falls between two rows, and designate any rate from 0% up to that day's maximum.

Treasury offers these non-marketable securities so that issuers of tax-advantaged bonds have investments that help them meet the requirements of the Internal Revenue Code (31 CFR 344.0(a)).

The reinvestment rates hub collects the table alongside the other daily market references, and this page walks through the table itself: where it appears, what its rows and maximums mean, how time deposit and demand deposit rates differ, and how the rows get used in a refunding escrow.

Where does Treasury publish the SLGS rate table?

Treasury publishes the SLGS rate table on TreasuryDirect and releases it by 10 a.m. each business day, Eastern time (31 CFR 344.4(b)).

TreasuryDirect's "How to Read the SLGS Daily Rate Table" page walks through the layout with a sample table.

The table that governs a SLGSafe subscription is the one in effect on the business day the subscription process starts (31 CFR 344.4(b)(1)-(2)).

The prior business day's table applies whenever the table is not available by 11 a.m. under 31 CFR 344.4(b).

The published table runs from one month to 40 years, with each row carrying the maximum SLGS rate for that maturity increment (31 CFR 344.4; TreasuryDirect).

When a security's life is longer than one increment but does not reach the next, the shorter term's rate applies: TreasuryDirect's example prices a 65-day security off the 00-02 (two-month) row rather than the 00-03 row.

The rate designated for that security can be anything from 0% up to the row's maximum (31 CFR 344.4(b); TreasuryDirect).

All four are Time Deposit securities, which may be issued as certificates of indebtedness, notes or bonds; Demand Deposit securities are issued as certificates of indebtedness (31 CFR 344.0(b)).

The maximum in each row is the SLGS rate: the current Treasury borrowing rate less one basis point, set at zero when that result would be negative (31 CFR 344.1).

Treasury determines the current Treasury borrowing rate and may use proxies for maturities it does not issue, so the table shows a regulated formula rather than a published market yield.

Treasury's 2024 final rule notes that maximum SLGS rates have been set at the current Treasury borrowing rate less one basis point since 2005, and the zero floor was added by the 2012 final rule (77 FR 33634).

How do time deposit and demand deposit rates differ?

Time Deposit rates come from the daily table, while Demand Deposit rates are set by a separate formula that adjusts the average yield of the most recent 13-week Treasury bill auction (31 CFR 344.7(a)).

A Demand Deposit is a one-day certificate that rolls over automatically each day until the holder requests redemption, and its rate adjusts the auction average for an estimated marginal tax rate of tax-exempt bond buyers and for Treasury administrative costs (31 CFR 344.7(a)).

Demand Deposit interest accrues daily and compounds, and the rate resets to zero when the formula would produce a negative rate (31 CFR 344.7(a)).

A Time Deposit subscriber, by contrast, fixes the term and designates the rate at subscription, from 0% up to the maximum of the table in effect when the subscription process starts (31 CFR 344.4(b); TreasuryDirect).

The practical reading point is that someone checking the table is reading Time Deposit maximums, because Demand Deposit rates follow the formula in 31 CFR 344.7(a) rather than a maturity row.

Certificates of indebtedness pay interest at maturity with the principal, and notes and bonds pay it semiannually, with the final interest date coinciding with maturity (31 CFR 344.4(c)).

Maturities, minimum purchase amounts and redemption notice for each type are covered in the SLGS guide.

How do you use the rate table for a refunding escrow?

An escrow builder reads the table row by row against the escrow's payment schedule, matching SLGS maturities to the dates the escrow must pay and designating a rate from 0% up to each row's maximum.

Amounts held together with gross proceeds in a refunding escrow or defeasance escrow are one of the five eligible source of funds categories that 31 CFR 344.1 lists for SLGS purchases.

Whether a particular escrow qualifies as an eligible source of funds is a conclusion for bond counsel.

What makes the maturity rows consequential in an escrow is that SLGS cannot be sold, exchanged, assigned or pledged, and Treasury cannot call them before maturity (31 CFR 344.2(d), (o)).

If a schedule shifts, early redemption is bounded: a note or bond can be redeemed no sooner than 30 days after issue, and a request for its redemption received within 14 days of the issue date is rejected; a certificate of 30 days or more can be redeemed no sooner than 25 days after issue, while a zero-percent certificate of 16 to 29 days can be redeemed after 15 days; and Treasury must receive the redemption request between 14 and 60 days before the redemption date (31 CFR 344.6(a), (c)).

Timing matters here as well: the issue date must be a business day no more than 60 days after Treasury receives the subscription, and Treasury must receive it at least 5 calendar days before issue for $10 million or less, or 7 calendar days for more (31 CFR 344.5(a)).

Once the subscription process starts, the rates it designates cannot exceed the table in effect when it started, and later changes are bounded: the principal of any security by no more than 10%, and maturities by no more than 30 days for certificates, six months for notes or one year for bonds, up to 3 p.m. on the issue date, Eastern time (31 CFR 344.5(d)-(f)).

The subscription also carries certifications to Treasury, including a duration certification that the term is no longer than is reasonably necessary to accomplish the issuer's governmental purpose (31 CFR 344.2(e)).

31 CFR 344.1 defines a cost-free option as a provision used to exploit interest-rate movements, 31 CFR 344.2(f) makes using the SLGS program to create one an impermissible transaction, and generating gain on a bond issue's proceeds through a cost-free option in purchasing and redeeming SLGS is not a permitted governmental purpose (31 CFR 344.1, 344.2(f)), with Treasury able to revoke issuance and declare a subscriber ineligible (31 CFR 344.2(m)(4)).

Whether a particular escrow structure fits within those provisions is a determination for bond counsel and tax counsel.

31 CFR Part 344 was last amended by Treasury's final rule published March 4, 2024 (89 FR 15440) and effective August 26, 2024, which applies to subscriptions started on or after that date and kept the 60-day lead time after proposing to cut it to 45 days.

How the escrow itself is structured and funded is covered in the refunding escrow guide, and the yield restriction guide takes up the arbitrage rules that apply to an escrow's earnings.

How does the table's maximum compare with a GIC rate?

The table's maximum is a formula output Treasury publishes each business day, while a GIC rate is a negotiated term that takes shape through a competitive bid.

Reading the table tells a subscriber the ceiling for each SLGS maturity in advance, because the rate and term are designated to Treasury rather than proposed by a counterparty.

A GIC rate, by contrast, emerges from provider bids on rate and non-rate terms against written specifications, which is why how GIC rates are set is its own subject.

The rate-environment strategy page covers how reinvestment choices shift as rates rise or fall.

The side-by-side of SLGS and a GIC for yield-restricted proceeds is covered in the GIC versus SLGS comparison.

mGIC's daily rate updates link the SLGS table, Treasury yields and SOFR each business day.

For an independent read on how an existing escrow or fund lines up with the maturities and maximums on the current table, mGIC offers a free, no-obligation reinvestment review through the contact page.

Which rate and term to designate for a particular fund, and whether a fund qualifies for SLGS at all, are conclusions for the issuer with its bond counsel and tax counsel.

Last updated 2026-10-06.

This page is general educational information about municipal finance and federal and state rules as of the date shown. It is not legal, tax or investment advice, and it is not a recommendation about any particular investment. Product availability, legality and suitability depend on the issuer, jurisdiction, governing documents and transaction-specific facts. Final legal and tax determinations remain with the issuer's bond counsel, tax counsel and other advisors.