Americans and other non-residents of Israel may open dollar savings accounts with the Bank Leumi le Israel, Israel’s largest commercial bank, its New York representatives announced here today. The accounts will be exempt from Israel income or inheritance taxes, will be free for disposition within or without Israel and will be kept secret and free of exchange control.
Interest rates will vary with the amount and time money is left on deposit. Accounts of less than $5, 000 will earn between one and four and a half percent, rising from the lower figure for current accounts to the higher if the funds are left on deposit for a full year. Accounts with $5, 000 or more on deposit will draw from one to five percent, depending on how long they are left with the institution.
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