INTERESTON SAVINGS
Effect Noticed By Post Office
(Parliamentary Reporter) WELLINGTON, July 23.
Deposits exceeded withdrawals by £ll.l million in the Post Office Savings Bank during the last financial year, says the annual report of the Post Office, tabled in Parliament today. The report believes increased interest rates have led to this figure being £6.9 million higher than at March 31 last year. It records that National Savings withdrawals exceeded deposits by £4.7 million.
The report states that deposits during the year totalled £200.5 million and withdrawals £189.4 million. ‘‘This large volume of business, which was necessary to create a comparatively modest excess of deposits, is an indication that the cost of gathering savings in savings banks is tending to become greater in relation to the accretion of deposits.”
The draw-off of accumulated savings in National Savings was greater than during the previous year. “This is due, no doubt, to the fact that the interest rate for National Savings has remained at 3j per cent, whereas the rate for Ros' Office Savings Bank investment accounts was increased during the year to 4 per cen..”
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Bibliographic details
Press, Volume CII, Issue 30191, 24 July 1963, Page 16
Word Count
183INTERESTON SAVINGS Press, Volume CII, Issue 30191, 24 July 1963, Page 16
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