LOWERING INTEREST
COMPULSORY REDUCTION
Details of the New South Wales Go- , vernmeni's scheme to rcdiice interest-rates are as follow:—Rate of interest on Government borrowings to be 3 per cent.; interes.t on private borrowings not to exceed 5 < per cent.; interest on second and subse- j quent mortgages not to exceed 6 per -jeut.; interest rates on, deposjt-s in banks and other institutionsl to range ,from 1% per rent, to 3 per cent.; verdict' or judgment debts, 5 per cent.; hire purchase, 5 per cent. The scheme will apply to all transactions at present existing, or-that may be entered into. The reduced interest on deposits will apply to banks as well as to other private institutions, but it does not apply to the State Government Savings Bank or to the Crown. The rate for money held upon deposit at short call for any period less than three months is fixed at 1% per cent. .The rates on fixed deposits arc-to be:— For three months, 2 per cent. Sis months, 2% per cent. Twelve months and less than two,years, 2% per cent. Two years or any greater period, 3 per cent. The rate in any other case not above specified, 5 per cent.
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https://paperspast.natlib.govt.nz/newspapers/EP19310323.2.141.5
Bibliographic details
Evening Post, Volume CXI, Issue 69, 23 March 1931, Page 12
Word Count
201LOWERING INTEREST Evening Post, Volume CXI, Issue 69, 23 March 1931, Page 12
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