BANK OVERDRAFTS
REDUCTION IN THE RATE CHANGE FROM NEXT MONTH In conformity with an announcement made on behalf of the Associated Banks two months ago, it is expected that the minimum rate on advances will be reduced from per cent to 6 per cent as from September 1. The minimum rate was reduced by £ per cent to 6£ per cent on November 1 last. Thus an aggregate reduction of 1 per cent will have been made within 10 months. The rates of interest on fixed deposits, which were adjusted on Juno 1, will not bo altered. It was pointed out that the reductions then made did not affpct current fixed deposits. The banks would continue to pay the higher rates carried by those deposits, which would mature during a period of up to 24 months. For that reason it was necessary that there should be some delay in reducing interest rates on advaiices. Official intimation of the prospective reduction m tho rates on advances has not yet been received by the banks in Auckland.
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New Zealand Herald, Volume LXIX, Issue 21250, 2 August 1932, Page 8
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174BANK OVERDRAFTS New Zealand Herald, Volume LXIX, Issue 21250, 2 August 1932, Page 8
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