Surprise.. Banque Misr offers monthly returns on deposits of Egyptians in Saudi Arabia
Banque Misr revealed the new interest rate schedule for deposits, whether in Egyptian, foreign or Arab currency, as of January.
Shrouq
Days after the Central Bank's Monetary Policy Committee decided to raise the deposit and lending rates to 16.25% and 17.25%, by 300 basis points, Banque Misr revealed the new interest rates.
Banque Misr revealed the new interest rate schedule for deposits, whether in Egyptian, foreign or Arab currency, as of January.
New interest rate schedule
The deposit from 2000 to 100 thousand riyals will get a return of 0.200% in a period of one to two months, while the three months to 6 months will have a return of 0.300%, while the year will reach 0.625%.
New interest rates on deposits in Saudi riyals 2023
The owner of the largest deposit, ranging from 100,000 to 300,000 riyals, will get a return of one or two months of 0.0300%, while the three months will be 0.0400, which is the same amount for a period of 6 months, and for the year it will reach 0.0700%.
As for the deposit in the amount of 300 thousand to 500 thousand riyals, the return is 0.400% for the period of one or two months, and the three months with a return of 0.0500%, as well as the six months, and for the year it reaches 0.0800%.
The deposit came from more than 500 thousand up to one million riyals, with a return of one month and two months 0.500%, and three months to six months 0.0635, and the year is 0.0900%.
25% testimonials
It is noteworthy that the National Bank of Egypt and Egypt, last week, offered certificates with a high return, at an interest rate of 22.5%, with a return paid monthly, and 25% with a return paid annually, for a period of one year.
Private bank certificates
On January 10, 2023, CIB Bank announced that it would raise the interest on savings certificates for a year and a half, making CIB the third bank to raise the interest rate on savings certificates after the decision of Banque Misr and Al Ahly Bank to raise the interest to 22.5% as a monthly return and 25% as an annual return.
Today, the second largest private bank, QNB Al Ahli, issued a new savings certificate for individuals with a term of 18 months; That is, a year and a half, and an annual return of 22.5% when spent at the end of the certificate period and 20% when spend monthly.
