OVERDRAFT RATES
REDUCTION BENEFIT (By Telegraph.—Parliamentary Reporter.> WELLINGTON, this day. The arrangement made with the trading banks for a reduction in overdraft rates to a range of 4 to 5 per cent was described by the Minister of Finance, Mr. Nash, in his Budget statement as a matter which would be of considerable benefit to all producers, and, in fact, to all sections of the community. A similar reduction in the rates "charged by stock and station agents was at present under consideration by the companies concerned.
The Minister added that the change would necessitate some reduction in bank deposit rates, and. concurrently, it had been arranged that the maximum deposit rates that might be paid by building and investment societies, local authorities and trading companies would also be reduced. These adjustments in deposit rates would be effective to-morrow. In keeping with these reductions the interest rate for deposits in excess of £500 in the Post Office Savings Bank would be reduced to 2 percent, a reduction of i per cent. The present rate of 3 per cent on deposits up to £500 would remain unchanged.
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Auckland Star, Volume LXXII, Issue 167, 17 July 1941, Page 11
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186OVERDRAFT RATES Auckland Star, Volume LXXII, Issue 167, 17 July 1941, Page 11
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