LOWER OVERDRAFT RATES.

Manawatu Standard, Volume LXI, Issue 193, 17 July 1941, Page 8

LOWER OVERDRAFT RATES.

gi In the Financial Statement the Mmi, ■ ister of Finance announced that an , arrangement has been made with the s trading banks for a reduction in overt, draft rates from the present minimum ;-' of 4$ per cent, with a maximum or t' 6.J per cent., to a minimum of 4 per | cent, and a maximum ol 5 per cent. .-A similar reduction in the rates !,' charged by stock and station agents - is at present under consideration l>y - the companies concerned. These reductions will operate as from August 1. This change will necessitate seme, - reduction in bank deposit rates, and, | • concurrently, it has been arranged s that the maximum deposit rates that ■ may be paid by building and investment societies and local authorities ami J trading companies will also be re- ' 1 duced. These adjustments in deposit rates will be effective to-day. Tn keeping with these reductions the interest rate for deposits in excess ot ; £SOO in the Post Office Savings Bank . will be reduced to 2 per cent., a re- ' duction of J per cent. The present ; rate of 3 per cent, on deposits up to [ £SOO will remain unchanged- , Tho reduction in the deposit rates was published yesterday.