FIXED DEPOSITS
FURTHER INTEREST REDUCTION. AUSTRALIAN TRADING BANKS. (United Press Assn.—By Telegraph—Copyright.) Sydney, March 8. The trading banks announce a further reduction in interest on fixed deposits beginning to-day, namely: Three months, 2j- per cent, per annum; six, nine and twelve months, 3 J per cent.; 24 months, 4 per cent. The tendency for the past two years has been for liquid funds to go into the banks in the shape of fixed deposits, the owners seeking security for their capital and some return thereon. Thus fixed deposits have risen by nearly £1,000,000 to £181,206,000, while current accounts have dropped nearly £10,000,000 to £87,251,000. This is described as indicative of the stagnation of business and industry, and the result is that; many people are afraid to risk their capital in private enterprise because they are uncertain how it will be affected by political policies.
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Bibliographic details
Southland Times, Issue 21648, 9 March 1932, Page 5
Word Count
144FIXED DEPOSITS Southland Times, Issue 21648, 9 March 1932, Page 5
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