SAVINGS BANK DEPOSITS.
INCREASE IN INTEREST RATE. (By relegraph.—Press Areoclatlon.) Christchurch, April 5. Tlio Hon. R, Heaton Rhodes, Postmas-ter-General. who arrived in Christclmrch. from Wellington to-day, informed a. "Press" representative that in view of tho present stntfl of the money market tho Government has, after due consideration. decided to pay an increased rate of interest to Savings Bank depositors; From May 1 next the rato will be in} creased to 33 per cent, on the balance held by any depositor not exceeding JC3OO; over ,MOO the present rato ,\vill apply.. 1 It is considered that those whoso pavings are entrusted to the Government through' the .Post Olliee Savings Bank, and who are not ablo to invest their money iij largo sums with banking and other itlr atitutions, should reap somo benefit from tho increased rates at present ruling, and it may fairly be claimed that 3} per cent, on money which is deposited at call is more liberal treatment than investors of small sums would receive elsewhere. This matter was dealt with by tho Prima Minister at a.function in New Plymouth on Friday evening last, and Jlr. Rhodes is surprised that the Press Association omitted to mention it.
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Dominion, Volume 6, Issue 1717, 7 April 1913, Page 4
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198SAVINGS BANK DEPOSITS. Dominion, Volume 6, Issue 1717, 7 April 1913, Page 4
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