An Act Prescribing the Rate of Interest to Be Paid by the Philippine National Bank on Deposits of the Insular Government and the Provincial and Municipal Governments
Act No. 2958, approved on February 20, 1921, establishes the interest rates that the Philippine National Bank must pay on deposits from the Insular Government and local government units. Specifically, it mandates a 2% interest rate on current account deposits and a 3.5% rate on fixed deposits. The law aims to regulate the financial transactions involving government funds within the banking system. The Act took effect immediately upon its approval.
Law Information
- Reference Number
- Act No. 2958
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 20, 1921
ACT NO. 2958
AN ACT PRESCRIBING THE RATE OF INTEREST TO BE PAID BY THE PHILIPPINE NATIONAL BANK ON DEPOSITS OF THE INSULAR GOVERNMENT AND THE PROVINCIAL AND MUNICIPAL GOVERNMENTS
SECTION 1. The Philippine National Bank shall pay interest on deposits of the Insular Government and the provincial and municipal governments at the following rates: two per centum on deposits in current account and three and one-half per centum on fixed deposits.
SECTION 2. This Act shall take effect on its approval.
Approved, February 20, 1921.
Cite This Law
An Act Prescribing the Rate of Interest to Be Paid by the Philippine National Bank on Deposits of the Insular Government and the Provincial and Municipal Governments, Act No. 2958, Feb 20, 1921 (Philippines)
An Act Prescribing the Rate of Interest to Be Paid by the Philippine National Bank on Deposits of the Insular Government and the Provincial and Municipal Governments, Act No. 2958 (Phil. 1921)
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