INTEREST RATES

Timaru Herald, Volume CXLIII, Issue 20638, 29 January 1937, Page 8

INTEREST RATES

FIXED DEPOSITS TRADING AND BUILDING COMPANIES By Telegraph—Press Association WELLINGTON, January 28. Regulations are gazetted fixing the rates of interest that may be paid by any trading company in respect of deposits made on or after April, 1937. (1) At call or for any period less than three months 2J per cent per annum. (2) For any period not less than three months but less than six months 3J per cent per annum. (3) For any period not less than six months but less than one year, 3i per cent per annum. (4) For any period not less than one year but less than two years, 4 per cent per annum, (5) For any period not less than two years but less than three years, 4J per cent per annum. (6) For any period not less than three years, 4S per cent per annum. For the purposes of these regulations a renewal of a deposit or a variation of the terms upon which a deposit is held shall be deemed to constitute the making of a new deposit on the date of such renewal or variation. The following regulations fixing the interest rates that may be paid by investment and buildings societies in respect of any deposits made on or after April 1, 1937, also are gazetted. (1) At call or for any period of less than three months, 2 per cent per annum. (2) For any period not less than three months but less than six months, 23 per cent per- annum. (3) For any period not less than six months but less than one year, 3 per cent per annum. (4) For any period not less than one year but less than two years, 31 per cent per annum. (5) For any period not less than two years but less than three years, 32 per cent per annum. (6) For any period not less than three years, 4 per cent per annum. For the purposes of these regulations a renewal of a deposit or a variation in the terms upon which any deposit is held shall be deemed to constitute the making of a new deposit on the date of such renewal or variation.