All deposits in state depositories shall be demand deposits or deposits in accounts upon which negotiable orders of withdrawal may be written, or in similar transaction deposit accounts except time deposits of idle moneys, as defined in section 67-1210, Idaho Code, which the treasurer is hereby authorized to make. If the proceeds of a time certificate of deposit are not credited or paid to the state treasury on the maturity date of the certificate after demand by the state, the depository shall pay a penalty of one-fourth of one percent (.0025) per day on the principal amount of such certificate commencing on the day following the date of maturity and continuing until the whole amount is credited or paid to the state.