LOWER INTEREST RATES.

Manawatu Standard, Volume LXI, Issue 192, 16 July 1941, Page 8

LOWER INTEREST RATES.

DEPOSITS WITH COMPANIES

(Press Assn.) WELLINGTON. July ]6 A special Gazette issued to-day contains an Order-in-C'ouncil reducing the maximum rates of interest that may be paid as from to-morrow on deposits with building and investment societies, trading companies, stock and station agents and local authorities. Hon.. W. Nash announced that the new interest rates for deposits with trading companies and stock and station agents will be as follows: At call, 1-J per cent; tlircc to six months, lj per cent; six to 12 months, 2 per cent; 12 to 24 months, 2.J per cent. ; 24 to .'36 months. 3 per cent; three years and; over, 3} per cent. ! The corresponding rates- for building and investment societies will be li . per cent; li per cent, 2 per cent, 2J per cent, and 3 per cent. I The new rates for deposits with local authorities will be: At call, 1 per cent.; three to six months, 1J- per cent. ; six months or over. 1 .} per cent.

The Gazette also contains notice reducing the rate of interest on deposits in the Post Office Savings Bank in excess of £SOO from 2i to 2 per cent. The rates for deposits up to £-300 remains at ;} per cent. This rate is also continued for deposits in trustee savings banks.