BANK OVERDRAFTS.
REDUCTION IN THE RATE. Official information has now been received by the Associated Banks that the minimum rate on advances will be reduced on September 1 from 6i per cent, to 6 per cent. This minimum rate on “best” acounts was reduced by i per cent, to 6i per cent, on November 1 last, so that a total reduction of 1 per cent, has been made in ten months. Prior to that, on February 1, 1931, the minimum rate on overdrafts was increased from 6i per cent, to 7 per cent. The rates of interest on fixed deposits, which were last adjusted on June 1, are not to undergo any further alteration. The reductions made at that time did not affect current fixed deposits on which the existing rates will Tic: paid until they mature at varying periods up to 24 months.
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Bibliographic details
Manawatu Standard, Volume LII, Issue 230, 29 August 1932, Page 8
Word Count
144BANK OVERDRAFTS. Manawatu Standard, Volume LII, Issue 230, 29 August 1932, Page 8
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