POST OFFICE SAVINGS BANK.

Press, Volume LVII, Issue 17103, 26 March 1921, Page 8

POST OFFICE SAVINGS BANK.

THE EAENINO Or INTEEBBT.

From the beginning of the ourreat . year tho Post' Office Savings Bank hu increased,,, the maximum amount on , which interest is payable on deposits At , the various rates. Hitherto the higher , fate has been payable only on so mutib, of a deposit as did not exceed £3OO, but J now this amount has been increased to £SOO. The effect is that all sums up to £6OO will earn interest at the rate of' 4 per cent, per annum. The maximum amount upon which interest has beeu payable in the past waa £IOOO, but this has now been increased' to £6OOO. so that in the case of large investors they will receive interest upon the whole sum at thoir credit' in the Savings Bank, pro- t vided that the total amount does not- >' exceed £SOOO. Interest, an (has already been stated, is paid at the rate of 4 - per cent, on so much of a deposit as doe 3 not exceed £SOO, and, as regard* ,; tho balance, interest is payable at tho '< rate of 31 per cent, per annum on so much of the deposit as exceeds £6OO, but does not exceed £SOOO. All deposits in tho Post Office Savings Bank are repayable at call. Since the inception of the New Zealand Post Office Savings Bank iiiiha year 1867, the account* have been balanced and the interest added to pnnci- ' pal on December 31st. For various reasons, it has been decided to change the date of the termination of the. Savings Bank year from December 31st to March 31st. In order that depositor l ) should not be a prejudiced when Hie change is made) a special balance U being made at the end of the current month, and interest on deposits accrue! to date will be added to the, principal in ' the ledgers. The Department, will to ■) prepared to meet the influx of deposit ' ors desirous of having thio interest in- ; ' serted in their pass-book* by about tho ' t 'end of April, and hereafter at about';,' the eame time each year. ).i