### Question
How does FEDERAL DEPOSIT INSURANCE CORPORATION define savings promotion raffle?


### Answer
Under *12 U.S.C. § 1829a*, **savings promotion raffle** is defined as:

> a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program, where each ticket or entry has an equal chance of being drawn, such contest being subject to regulations that may from time to time be promulgated by the appropriate prudential regulator (as defined in section 5481 of this title)

#### Citation:
  - *12 U.S.C. § 1829a*
  - Heading: **CHAPTER 16-FEDERAL DEPOSIT INSURANCE CORPORATION**

