02:58 PM
Monday, March 11, 2024
Written by Manal Al-Masry:
The National Bank of Egypt and the National Bank of Egypt top the list of banks in offering high-yield savings certificates after their recent decision to raise the interest rate on the certificates and offer new ones.
Last Wednesday, the National Bank of Egypt and Egypt Bank announced the launch of a triple savings certificate with a decreasing return of up to 30% in the first year, while raising the interest rate by 2.5% on the existing triple certificates for a fixed return.
The decision of the two banks – which are considered the arms of the Central Bank in implementing its monetary policy and controlling the exchange market – came after the Central Bank announced that it would raise the interest rate by 6% at once in an extraordinary meeting of the Monetary Policy Committee, bringing its return to 27.25% for deposits and 28.25% for lending.
By raising the interest rate, the Central Bank aims to contain the inflationary pressures resulting from the return to liberalizing the exchange rate – floating the pound – with the aim of eliminating the black market and stimulating the culture of saving among customers rather than consumption.
The sale of all types of certificates offered at the National Bank and Egypt Bank starts from the first thousand pounds and its multiples without the requirement of depositing a high amount for purchase, despite their high prices.
In the following lines, Masrawy presents the types of savings certificates with high returns in the National Bank and the Bank of Egypt.
National Bank of Egypt
– The “Platinum” certificate has a term of 3 years for a graduated return: the interest rate is 30% in the first year, 25% in the second year, and 20% in the third year, and the return is paid annually.
– The “Platinum” certificate has a term of one year for a fixed return: the return rate is 23.5%, the return is paid monthly, and the return is paid at 27% at the end of its term.
– The “Platinum” certificate has a term of 3 years for a fixed return: the interest rate reached 21.5% annually, and the interest is paid monthly.
Egypt Bank
– “Ibn Misr” certificate with a validity period of 3 years for a graduated return. The return varies according to the periodicity of the interest disbursement:
The interest rate in the first year ranges between 26% for the monthly return, 27% for the quarterly return and 30% for the annual return.
Interest rate in the second year: ranges between 22.5% for the monthly return, 23% for the quarterly return, and 25% for the annual return.
The interest rate in the third year: ranges between 19% for the monthly return, 19% for the quarterly return, and 20% for the annual return.
– “Talaat Harb” certificate has a one-year maturity for a fixed return: the return is 23.5%, the interest is paid monthly, and the return is paid at 27% at the end of its term.
– “Al-Qimma” certificate for a period of 3 years for a fixed return: the interest rate reached 21.5% annually, the interest is paid monthly.
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