Show Savings Bonds Interest Rate Increase S Sought N N. J J. J Meagher Jr Vernal Verna volunteer bonds chairman for Uintah County was queried about the Treasury request to Congress to remove the interest rate ceiling on Savings Bonds and other Government Government Gov Gov- securities ACCORDING to the chairman If the legislative request is approved the interest interest in in- terest rate on Series E and H II Savings Bonds will be raised from the current 4 25 per cent to five per cent if held to maturity The increase would be retroactive to June 1 1969 All outstanding E and nd H Bonds would also benefit from the new five per cent rate beginning with the first semiannual interest period which starts on or after June 1 1 SERIES E Bonds will have their maturity maturity maturity ma ma- period reduced from seven years to five years 10 months H Bond maturity maturity ma ma- will remain at 10 30 years Both E and H Bonds would enjoy an automatic extension period The present five per percent percent percent cent rate of Freedom Shares would continue continue con con- unchanged until they are removed from sale six months after the proposed legislation becomes law Authority to extend extend ex ex- ex tend Freedom Shares at maturity is included in in- eluded in the Treasury's request lIe He further stated that the Treasury's proposal should give new impetus to the Savings Savings' Bonds Program throughout our area |