INTEREST RATES ALLOWED

Taranaki Central Press, Volume IV, Issue 346, 29 January 1937, Page 6

INTEREST RATES ALLOWED

TRADING COMPANIES.

AFTER APRIL NEXT.

Regulations Concerning Deposits Gazetted.

Pres s Ass ociat i o n—C opyrl gh t. Wellington, Last Night. Regulations were gazetted to-day 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:—• (I) At call or for any period less than three months, per cent, per annum.

(II) For any period not less than three months but less than six months, 3| per cent, per annum. (III) Ror any period not less than six months but less than one year, 31 per cent, per annum. (IV) For any period not less than one year but Jess than two years, 4 per cent, per annum.

(V) For any period not less than two years but less than three years, 4 per cent, per annum.

(VI) For any period not less than three years, 4f per cent, per annum. For the purposes of these regulations af renewal of a deposit or a variation of the terms upon which the deposit is held shall be deemed lo constitute the making of a new deposit on the date of such renewal er variation. The following regulations fixing the interest rates that may be paid by investment and building societies, were also gazetted. In respect of any deposits made on or after April 1, 1937, the rates are:— (I) At call , or for any period less than three months, 2 per cent, per annum. (II) For any period not less than three months but less tha six months, 2f per cent, per annum. (III) For any period not less than six months but less than one year, 3 per cent, per annum. (IV) For any period not less than one year but less than two years, 3 J per cent, per annum. (V) For any period not less than two years but not less than three years, 31 per cent, per annum. (VI) For any period not less than three years, 4 per cent, per annum. For the purposes of these regulations the 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.