REDUCTION IN INTEREST
POST OFFICE SAVINGS BANK.
LARGER DEPOSITS AFFECTED.
By Telegraph—Press Association. Wellington, Last Night.
The Rt. Hon. J. G. Coates stated today that pursuant to the Governments policy of bringing about lower interest rates generally, and following the conversion operations in respect to longterm securities, reductions were made in deposit rates of the banks, savings banks and building societies, while the maximum rates were fixed for local bodies. As part of this arrangement the rate of interest on deposits with the Post Office Savings Bank were fixed at 3 per cent, for all deposits up to £2OOO as from April 1. It was considered fhe time was opportune to revert to the former practice of fixing a lower rate on larger sums, and notice would be published in this week’s Gazette, said Mr. Coates, fixing the rate at 21 per cent, on deposits in excess of £lOOO and up to a maximunj of £2OOO, to become operative from August 1. On deposits under £lOOO there would be no change.
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Bibliographic details
Taranaki Daily News, 12 July 1933, Page 6
Word Count
171REDUCTION IN INTEREST Taranaki Daily News, 12 July 1933, Page 6
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