"IDB".. Offers a savings certificate with a weekly return

 The state-run Industrial Development Bank (IDB) is unique in having the only savings certificate with a weekly return among state and private sector banks.

Triple Savings Certificate “Your Choice”

The Industrial Development Bank offers, to existing and new customers, a triple “Your Choice” savings certificate with a fixed return in Egyptian pounds, with a minimum purchase amount of EGP 50,000 for the first time, and multiples of EGP 5,000 without a maximum limit.

Advantages of the Industrial Development Bank certificate

The term of the Industrial Development Bank certificate is three renewable years, and the return is paid weekly if the interest rate is 16.50%, but if the interest rate is 17%, the return is due every month, or 17.25% every 3 months, or 17.50% every 6 months, or 17.50% every 6 months, or 18.50% each year.

The bank clarifies that the purchase of the certificate is available in the names of third parties and minors, provided that redemption is not available before the lapse of 6 months from the date of issuance, and the return begins on the next day directly.

Borrowing with certificate guarantee at a competitive price

Among the advantages of the savings certificate from the Industrial Development Bank is the permissibility of borrowing against its guarantee, at a value of 95%, and the loan price is set at 2% in excess of the return of the certificate.

Define the «Bank» certificate redemption schedule as follows:

1. 6.00% if redemption is made from the seventh month until the end of the first year. 

2. 5.00% if redemption takes place during the second year. 

3. 4.00% if redemption takes place during the third year and even before the maturity date.

Triple certificate with a return of 39% 

The state-run Industrial Development Bank is unique in offering a triple certificate with a return paid in advance for the entire period of 39%, with a minimum purchase of 50,000 pounds, among Egyptian banks.

The only similarity is with treasury bills

The “Your Choice” certificate, which has a cumulative return paid in advance, is similar to the Egyptian treasury bills in that each of them is due for an advance return.

They differ from each other in many other matters, especially the maturity period for the certificate (3 years) and Egyptian treasury bills with a maximum of one year.

Central Bank of Egypt’s decision

private banks offered savings certificates with a high return, Days after the Central Bank of Egypt’s decision to raise the interest rate by 2%.