After the Central Bank's decision.. Details of interest on certificates in 6 banks

Banks continue to issue savings certificates for fixed interest on the Egyptian pound on their first working day, today, Sunday, after the Central Bank’s decision to increase the interest rate.

The Monetary Policy Committee of the Central Bank of Egypt decided in its meeting last Thursday to raise the interest rate by 2%, bringing the interest rate at the Central Bank (Cordio) to 18.25% for deposits and 19.25% for lending.

Details of the interest rates applied to certificates of fixed return offered by 5 banks after the Central Bank’s decision to raise the interest rate.

1. Nasser Social Bank

- Triple accumulative certificate (for individuals) The interest rate is 22%. The return is paid at the end of the period.

- One and a half year certificate (individuals): The interest rate is 20%, the return is paid upon maturity.

- The triple certificate (return of favor) for the elderly from 60 years and above: the interest rate is 17.75%, the return is paid monthly, and 19.25% is paid annually, and the purchase starts from the first thousand pounds.

- Returning the favor certificate for one year: at an interest rate of 11.75% for the monthly return, and 12.95% at the end of the certificate’s maturity.

- Returning the favor certificate for one year: at an interest rate of 11.75% for the monthly return, and 12.95% at the end of the certificate’s maturity.

- The triple certificate for “individuals”: the annual interest rate is 17.5%, the return is paid monthly, 17.75% is paid quarterly, and 19% is paid annually, and it starts to be purchased from the first thousand pounds.

2. Cairo Bank

Triple certificate: 16% annual interest is paid with a monthly disbursement period, 16.25% for the quarterly return, 16.5% for the semi-annual return, and 17.25% for the annual return, and it starts to be purchased from the first 5000 EGP as a minimum.

The National Bank of Egypt and Banque Misr announced the issuance of two savings certificates for a period of 3 years.

3. The first certificate

  A fixed certificate for a period of 3 years at a price of 19% annually, and the return is paid monthly.

4. second certificate

A diminishing certificate for 3 years, at an annual rate of 22% for the first year, 18% for the second year, and 16% for the third year, and the return is paid monthly.

5. Al Ahli Bank of Kuwait savings certificate

The term of the certificate is 3 years, with an annual interest rate of 17.5%. The return on it is paid monthly.

The annual interest rate reaches 18%, which is spent on a return on it monthly, provided that the purchase value is not less than 500 thousand pounds, or an annual interest rate of 18.25% for the return that is spent on a quarterly basis, and its purchase starts from the first thousand pounds.

The bank also enables customers to borrow with the guarantee of savings certificates after purchasing them up to 95% of the value of their total value. The bank also allows the redemption of a certificate after 6 months from the date of issuance of the certificate, according to the announced recovery schedules.

6. Arab Bank savings certificate

According to the Arab Bank statement, the Arab Bank savings certificate is characterized by a fixed annual return of 18%, as the return of the certificate is disbursed monthly for a period of three years, as this document is considered one of the various means of savings at the bank.

The minimum purchase of savings certificates per month is EGP 1,000.