Interest Rates on Deposits

Manawatu Times, Volume 62, Issue 24, 29 January 1937, Page 7

Interest Rates on Deposits

FIXED BY REGULATION. Fer Press Association. WELLINGTON, Last Night. 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, as follows: — (1) At call or for any period less than three months, 2$ per centum per annum. (2) For any period not less than three months but less than six months, 3b per centum per annum. (3) For any period not less than six months but less than one year, 3* per centum per annum. (4) For any period not less than one year but less than two years, 4 per centum per annum. (5) For any period not less than two years but less than three years, 4J per centum per annum. (6) For any period not less than three years, 4T per centum per annum. For the purposes of these regulations a renewal of a deposit or variation of 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 Building Societies are also gazetted. In respect of any deposits made on or after April 1, 1937, the rates are:— (1) At call or for any period less than three months, 2 per centum per annum. (2) For any period not less than three mouths but less than six months, 2'£ per centum per annum. (3) For any period not less than six months but less than one year, 3 per centum per annum. (4) For any period not less than one year but less than two years, 3£ per centum per annum. (5) For any period not less than two years but less than three years, 3J per centum per annum.

(6) For any period not less than three years, 4 per centum per«anmrm. For the purposes of these regulations a renewal of deposit or variation in 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.