REDUCED

Auckland Star, Volume LXXII, Issue 166, 16 July 1941, Page 8

REDUCED

INTEREST RATES

A NEW SCHEDULE

SPECIAL GAZETTE ISSUED

'By Telegraph.—Parliamentary Reporter.)

WELLINGTON, this day. A special Gazette issued to-day contains an Order-in-Council reducing the maximum rates of interest that may be paid as from to-morrow on deposits with building and investment societies, trading comEi e l'u?h 0 o C rities d Stati ° n 3gentS and

low h ° wuu i " te V? st rates are as fol- , trading companies and stock and station agents: At call li per cent; three to six months, 15 'per pent, six to 12 months, 2 per cent- -- to 24 months, 2h per cent; 24 to ,hree y*™ "SSSJ2WI l"per to six months, li per cent; six to 1 - P er ce nt; 12 to 24 months, 2 per cent; 24 to 36 months, pei cent; three years and over 3 per cent.

| The interest rates for deposits with local authorities have also been reduced, the new rates being.—At call 1 per cent; three to six months, 1J pet cent; six months and over li per cent. ' Post Office Savings Bank Rates The Gazette also contains a notice liorn the Minister of Pinance reducing the rates of interest on deposits in the Post Office Savings bank in excess of £000 from 2\ per cent to 2 P er The rate for deposits up to £000 remains at 3 per cent, and tnis rate also serves for deposits in trustees savings banks. The Minister of Finance said that the trading banks were also making some reduction in their deposit rates and it was felt that these general reductions in deposit rates were in keeping with present interest terms and in present circumstances would be beneficial to the trading community.

"Low rates of interest generally are, of course, of assistance in war finance," concluded the Minister.