SAVINGS BANK DEPOSITS
INTEREST INCREASED. STATEMENT BY POSTMASTERGENERAL. The Hon R. Heaton Rhodes, Post-master-General, who arrived in Christchurch trom Wellington yesterday, informed a reporter that, in view of the present state of the money market, the Government had, after due consideration, decided to pay an increased rate of interest to Savings Bank depositors. From May next the rate wih be increased to 8j per cent on the balance held by .tny uc>k :-!l <•;■ not exceeding' .'.300. Over £3OO th ' present rate will apply. , It is considered, the PostmasterGeneral said, that tlio.se whose savings are entrusted to the Government through the Post Office Savings Bank, and who are not able to Invest their money in large sums with banking and other institutions, should reap some benefit from the increased rates at present ruling, and it may fairly ba claimed that 3§ per cent on money which is deposited at call is mere liberal treatment than investors of small turns would receive elsewhere. This matter was dealt with by the Prime Minster at a function in New Plymouth on Friday evening, and Mr Rhodes is turpri«rd that the Press Association omitted to mention it.
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Bibliographic details
Star (Christchurch), Issue 10736, 7 April 1913, Page 1
Word Count
192SAVINGS BANK DEPOSITS Star (Christchurch), Issue 10736, 7 April 1913, Page 1
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