Treasury Current Value of Funds Rate

The Secretary of the Treasury is responsible for computing and publishing the percentage rate that is used for Federal debt collection, cash discounts, and rebate evaluation. The Current Value of Funds Rate (CVFR) is a percentage based on the current value of funds to the Department of the Treasury (Treasury).

The CVFR percentage is based on the investment rates for the Treasury Tax and Loan (TT&L) accounts set for purposes of Public Law 95-147, 91 Stat. 1227 (October 28, 1977).

Treasury annually computes the CVFR percentage by averaging investment rates for the 12-month period ending on September 30, rounding it to the nearest whole percentage. If the annual average (on a 12-month moving average basis) changes by 2 percent per quarter, Treasury revises the rate. Treasury’s Bureau of the Fiscal Service publishes the presiding rate in the Federal Register and in a TFM bulletin.

updates

Updated May 05, 2014

Current Rate

  • Jan. 1 - Dec. 31, 2013: 1.00%
  • Jan. 1 - Dec. 31, 2014: 1.00%

updates


Rate History

Prior to 1978, federal agencies determined their own interest rates for overdue debt. Following are the rates in effect during the specified periods from March 1978 to date:

Time Period Rate TFM Bulletin Number Federal Register
(Volume/Date/Page)
Jan. 1, 2014 - Dec. 31, 2014 1.00% 2014-02 Vol. 78 / Oct. 31, 2013 / 65430
Jan. 1, 2013 - Dec. 31, 2013 1.00% 2013-13 Vol. 77 / Nov. 16, 2012 / 68886
Jan. 1, 2012 - Dec. 31, 2012 1.00% 2012-02 Vol. 76 / Nov. 23, 2011 / 72498
Jan. 1, 2011 - Dec. 31, 2011 1.00% 2011-03 Vol. 75 / Oct. 26, 2010 / 65710
Jan. 1, 2010 - Dec. 31, 2010 1.00% 2010-02 Vol. 74 / Nov. 25, 2009 / 61735
Jan. 1, 2009 - Dec. 31, 2009 3.00% 2009-02 Vol. 73 / Oct 17, 2008 / 61932
July 1, 2008 - Dec. 31, 2008 3.00% 2008-07 Vol. 73 / July 17, 2008 / 41167
Jan. 1, 2008 - June 30, 2008 5.00% 2008-04; Vol. 72 / Oct. 29, 2007 / 61212
Jan. 1, 2007 - Dec. 31, 2007 4.00% 2007-02 Vol. 71 / Oct. 18, 2006 / 61539
July 1, 2006 - Dec. 31, 2006 4.00% 2006-10 Vol. 71 / July 28, 2006 / 42894+
Jan. 1, 2006 - June 30, 2006 2.00% 2006-02 Vol. 70 / Nov. 1, 2005 / 65980
Jan. 1, 2005 - Dec. 31, 2005 1.00% 2005-02 >Vol. 69 / Nov. 2, 2004 / 63570
Jan. 1, 2004 - Dec. 31, 2004 1.00% 2004-03 Vol. 68 / Oct. 30, 2003 / 61865
Jan. 1, 2003 - Dec. 31, 2003 2.00% 2003-02 Vol. 67 / Oct. 23, 2002 / 65187
July 1, 2002 - Dec. 31, 2002 3.00% 2002-05 Vol. 66 / Apr. 24, 2002 / 20203
Jan. 1, 2002 - June 30, 2002 5.00% 2002-02 Vol. 66 / Oct. 25, 2002 / 54060
Jan. 1, 2001 - Dec. 31, 2001 6.00% 2001-02 Vol. 65 / Oct. 31, 2000 / 65040
Jan. 1, 2000 - Dec. 31, 2000 5.00% 2000-03 Vol. 64 / Oct. 29, 1999 / 58467
Jan. 1, 1999 - Dec. 31, 1999 5.00% 1999-03 Vol. 63 / Oct. 30, 1998 / 58457
Jan. 1, 1998 - Dec. 31, 1998 5.00% 1998-05 Vol. 62 / Oct. 28, 1997 / 55848
Jan. 1, 1997 - Dec. 31, 1997 5.00% 1997-02 Vol. 61 / Oct. 30, 1996 / 56086
Jan. 1, 1996 - Dec. 31, 1996 5.00% 1996-02 Vol. 60 / Oct. 26, 1995 / 54911
July 1, 1995 - Dec. 31, 1995 5.00% 1995-08 Vol. 60 / Apr. 28, 1995 / 21024
Jan. 1, 1995 - June 30, 1995 3.00% 1995-06 Vol. 59 / Nov. 1, 1994 / 54672
Jan. 1, 1994 - Dec. 31, 1994 3.00% 1994-03 Vol. 58 / Oct. 28, 1993 / 58037
Jan. 1, 1993 - Dec. 31, 1993 4.00% 1993-02 Vol. 57 / Oct. 27, 1992 / 48651
Jan. 1, 1992 - Dec. 31, 1992 6.00% 1992-03 Vol. 56 / Oct. 28, 1991 / 55521
Jan. 1, 1991 - Dec. 31, 1991 8.00% 1991-02 Vol. 55 / Oct. 30, 1990 / 45710
Jan. 1, 1990 - Dec. 31, 1990 9.00% 1990-02 Vol. 54 / Oct. 31, 1989 / 45886
Jan. 1, 1989 - Dec. 31, 1989 7.00% 1989-02 Vol. 53 / Nov. 15, 1988 / 46010
Jan. 1, 1988 - Dec. 31, 1988 6.00% 1988-02 Vol. 52 / Nov. 30, 1987 / 45523
Jan. 1, 1987 - Dec. 31, 1987 7.00% 1987-03 Vol. 51 / Nov. 25, 1986 / 42673
Jan. 1, 1986 - Dec. 31, 1986 8.00% 1986-02 Vol. 50 / Oct. 31, 1985 / 45524
Oct. 1, 1985 - Dec. 31, 1985 9.00% 1985-16 Vol. 50 / Aug. 5, 1985 / 31668
July 1, 1985 - Sep. 30, 1985 9.00% 1985-11 Vol. 50 / May 2, 1985 / 18761
Apr. 1, 1985 - June 30, 1985 9.00% 1985-05 Vol. 50 / Jan. 31, 1985 / 4609
Jan. 1, 1985 - Mar. 31, 1985 9.00% 1985-04 Vol. 49 / Oct. 31, 1984 / 43830
Oct. 1, 1984 - Dec. 31, 1984 9.00% 1984-17 Vol. 49 / Aug. 3, 1984 / 31190
July 1, 1984 - Sep. 30, 1984 9.00% 1984-12 Vol. 49 / Apr. 30, 1984 / 18373
Apr. 1, 1984 - June 30, 1984 9.00% 1984-09 Vol. 49 / Jan. 27, 1984 / 3560
Jan. 1, 1984 - Mar. 31, 1984 9.00% 1984-04 Vol. 48 / Oct. 26, 1983 / 49571
Oct. 1, 1983 - Dec. 31, 1983 9.00% 1983-29 Vol. 48 / July 26, 1983 / 33961
July 1, 1983 - Sep. 30, 1983 11.00% 1983-21 Vol. 48 / May 2, 1983 / 19814
Apr. 1, 1983 - June 30, 1983 13.00% 1983-15 Vol. 48 / Jan. 25, 1983 / 3443 
Jan. 1, 1983 - Mar. 31, 1983 13.00% 1983-05 Vol. 47 / Oct. 29, 1982 / 49137 
Oct. 1, 1982 - Dec. 31, 1982 11.98% 1982-26 Vol. 47 / Sep. 20, 1982 / 41459 
July 1, 1982 - Sep. 30, 1982 14.26% 1982-16 Vol. 47 / June 18, 1982 / 26489 
Apr. 1, 1982 - June 30, 1982 13.22% 1982-09 Vol. 47 / Mar. 19, 1982 / 12006 
Jan. 1, 1982 - Mar. 31, 1982 14.39% 1982-05 Vol. 46 / Dec. 16, 1981 / 61383 
Oct. 1, 1981 - Dec. 31, 1981 18.35% 1981-14 Vol. 46 / Sep. 17, 1981 / 46273
July 1, 1981 - Sep. 30, 1981 16.19% 1981-09 Vol. 46 / June 17, 1981 / 31804 
Apr. 1, 1981 - June 30, 1981 17.74% 1981-06 Vol. 46 / Mar. 25, 1981 / 18637 
Jan. 1, 1981 - Mar. 31, 1981 13.14% 1981-04  
Oct. 1, 1980 - Dec. 31, 1980 9.09% 1980-11  
July 1, 1980 - Sep. 30, 1980 14.72% 1980-08  
Mar. 31, 1978 - June 30, 1980 9.00%    

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