Banks to re­duce Min­i­mum Sav­ings Rate from May 2015!

The Star (St. Lucia) - - LOCAL -

As of May 1st, 2015 the Min­i­mum Rate of In­ter­est payable by all com­mer­cial banks on sav­ings de­posit ac­counts will be re­duced from three per­cent (3%) to two per cent (2%) per an­num. The an­nounce­ment, which was orig­i­nally made by the Gover­nor of the Eastern Caribbean Cen­tral Bank (ECCB) and re­cently by Dr. Ralph Gonsalves in his ca­pac­ity as chair­man of the mon­e­tary coun­cil, ad­vises that this min­i­mum rate will be ap­pli­ca­ble to “all com­mer­cial banks au­tho­rized to do bank­ing busi­ness in the ter­ri­to­ries of the Par­tic­i­pat­ing Gov­ern­ments”.

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