POST OFFICE SAVINGS BANK.

Auckland Star, Volume LII, Issue 72, 26 March 1921, Page 11

POST OFFICE SAVINGS BANK.

INTEREST-BEARING LIMITS RAISED. CHANCE IN DATE OF ANNUAL BALANCE. I From the beginning of the current , iyear the Post Office Savings Bank Jias : increased the maximum amount on which I interest is payable on deposits at the ; various rates. Hitherto the higher rate ] has been payable only on so much of a'< deposit as did not exceed £300, but now | this amount lias been increased to £500. j The effect is that all sums up to £500 | ; will earn interest at the rate of 4 pen. cent per annum. The maximum amount I upon which interest has been payable in I the past was £11)1)0, but this has now been increased to £5000, so that in the : case of huge investors they will receive i interest upon the whole sum at theiii ' credit in the Savings Bank, provided that \ the total amount does not exceed fotH'iO. | Interest is paid at the rate of 4 per cent on so much of a deposit as d«-s not j exceed £500, and as regards the balance . interest is payable at the rate of .'!{ per . cent per annum on so much of -the de- , posit <<.s exceeds £f»00 hut does nut exceed £5000. All deposits in the Post ] Oir.ee Savings Bank are repayable at call. i Mnee the inception of the ,Ne\v Zen- ; land Post Office Savings Hank in the i year 1567, the accounts have been , "balanced and the interest added to principal on December 31. For various reasons it has been decided to change the date of the termination of the Savings Bank year from December 31 to j March 31, In order that depositors ! should not be prejudiced when the . change is made, a s]>eeial balance is being made at the end of the current month, and interest on deposits accrued ■ to date will be added to the principal in the ledgers. The department will be pro- i : pared to the inthix of depositors de- j sirous of having the interest inserted in their pass books by about the end of April, and thereafter at about the Vine ' time each year.