INTEREST ON DEPOSITS

Manawatu Standard, Volume LVII, Issue 50, 29 January 1937, Page 8

INTEREST ON DEPOSITS

REGULATIONS GAZETTED. Per Press Association. WELLINGTON, Jan. 28. Regulations ate gazetted filing the fates of interest that may be paid by any trading company in respect of deposits made on or after April, 1937, as follow; (1) At call or for any period less tlfan three months, 2i per cent, per annum. (2) For any period not less than three months but less than six months, 3i per cent, per annum. (3) For any period not less than six months but less than one year, 3f per cent, per annum. (4) For any period not less than one year but less than two years, 4 per cent, per annum. (5) For any period not less than two years but less than three years, 4-i per cent, per annum. (6) For any period not less than three years, 4| per cent, per annum. For the purposes of these regulations a renewal of a deposit or variation of terftis upon which a deposit is held shall be deemed to constitute the malting of a new deposit on the date of such renewal or variation. The following regulations fixing the interest rates that may be paid by investment and building' societies are also gazetted. In respect of any- deposits made on or after April 1, 1J37, the rates are: — •. - (1) At call or for any period less than throe months, 2 per cent, per annum. , (2) For any period not less than three months but less than six months, 2| per cent, per annum. (3) For any period not less than six months but less than one year, 3 per cent, per annum. (4) Dor any period not less than one year but less than two years, 31 per cent, per annum. (5) For any period not less than two years but iess than three years, 3J per cent, per annum. (6) For any period not less than three years, 4 per cent, per annum. For the purposes of these regulations a renewal of a deposit or variation or terms upon which any deposit is held shall be deemed to constitute the making of a new deposit on the dato of such renewal or variation.