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 6J per cent, to 6 per cent, as from September 1. The minimum rate was reduced by i per cent, to 6i 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 are adjusted on June 1, will not be altered. It was pointed out that the reductions then made did not affect current fixed deposits. The banka 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 ba some delaj in reducing interest rates on. advances
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Taranaki Daily News, 3 August 1932, Page 5
Word Count
155BANK OVERDRAFTS Taranaki Daily News, 3 August 1932, Page 5
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