INTEREST RATES

Feilding Star, Volume 9, Issue 3742, 10 June 1932, Page 6

INTEREST RATES

REVISION FROM JULY 1. PUBLISHED IN TIIE GAZZETE (Per Press Association > Wellington, June 9. Orders-in-Council under the National Expenditu.le Adjustment Act have been gazetted, providing fur the maximum rates of interest that may be paid for dejKisits by savings banks, building societies, investment societies and trading companies. The order i.s operative from July 1. THE RATES Savings banks, including the savings bank departments of building societies 3f per cent. Fixed Deposits: Building and investment securities, at call 01* less than three months, 3 per cent.: three to six months, 31 : six to twelve 4A. Stock and station agents 34, 4, 44, 4 A. EXISTING DEPOSITS In tlie cases of building and investment societies these maximum rates are applicable to tho renewals of existing deposits. Stock and station agents, however, are given the option in dealing with renewals during the next 12 months of paying cither the rates specified or rates half a cent. lower than thc rates payable before tho renewal. Deposits from the shareholders and stuff of :•!( k and station agents are exempted from operation of the order. 111 the case-of trading companies, the deposits do not include contracts or agreements evpressed in a mortgage o” other instrument by way of scculity or in company debentures. The moneys received in the course of mercantile current account are also exempted.