10:21 am
Saturday 25 April 2020
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I wrote – Manal Al-Masry:
The three public banks, Al-Ahly, Egypt, and Cairo, decided to cut interest on regular savings accounts by up to 2%, after last month’s central bank decision to cut interest.
The central bank had cut interest 3%, in an exceptional meeting of monetary policy in the middle of last month, to reach the interest rate of 9.25% for the deposit, and 10.25% for lending.
The interest on the savings account is graded from one slide to another, and the higher the value of the account, the more the customer will receive a greater return. Rather, the interest varies within the same segment according to the periodicity of the return of the interest, whether monthly, quarterly, semi-annual, or annual.
The interest rate on the savings account varies from one bank to another, and each bank determines the interest according to the size of the tranche. Masrawy displays interest rates at the regular savings account in the three public banks, namely Egypt, Al Ahli and Cairo:
1- Savings account in the National Bank of Egypt:
The bank approves interest on the first tranche of the savings account that starts from 3001 pounds to above and without that, it does not approve any return on the accounts, and the account opening starts from one thousand pounds as a minimum.
1- The first tranche from 3001 pounds to 5 thousand pounds: the interest ranges between 3.55% annually on the monthly return, 3.60% annually on the quarterly return, 3.65% annually on the semi-annual return, and 3.75% annually on the annual return.
2- The second tranche from 5001 pounds to 100 thousand pounds: the interest ranges between 4.3% annually on the monthly return, 4.35% annually on the quarterly return, 4.4% annually on the semi-annual return, and 4.5% annually on the annual return.
3- The third tranche from 100 thousand pounds to half a million pounds: the interest ranges between 5% annually on the monthly return, 5.1% annually on the quarter, 5.15% annually on the semi-annual basis, and 5.25% on the annual.
4- The fourth tranche of half a million to more: the interest ranges between 5.7% annually for the monthly return, 5.75% annually for the quarterly return, 5.85% annually for the semi-annual return, and 6% for the annual return.
2- Savings account in Banque Misr:
Banque Misr divides the savings account into 5 segments, including interest, according to the size of each tranche, and the periodicity of the return, and the minimum amount for opening the account starts from 1500 pounds.
1 – The first tranche from 1500 pounds to 5 thousand pounds: the return ranges between 3.25% annually for the monthly return, 3.5% annually for the quarterly return, 3.625% annually for the semi-annual return, and 3.75% for the annual return.
2- The second tranche from 5 thousand pounds to 50 thousand pounds: ranging between 3.75% annually for the monthly return, 4% annually for the quarterly return, 4.125% annually for the semi-annual return, and 4.25% for the annual return.
3- The third tranche from 50 thousand pounds to 250 thousand pounds: the interest ranges between 4.25% annually for the monthly return, 4.5% annually for the quarterly return, 4.625% annually for the semi-annual return, and 4.75% for the annual return.
4 – The fourth tranche from 250 thousand pounds to 500 thousand pounds: ranging between 4.75% annually for the monthly return, 5% annually for the quarterly return, 5.125% annually for the semi-annual return, and 5.25% annually for the annual return.
5- The fifth tranche is more than 500 thousand pounds: ranging between 5.25% annually for the monthly return, 5.5% annually for the quarterly return, 5.625% annually for the semi-annual return, and 5.75% annually for the annual return
3- The Savings Account at Banque du Caire:
The Bank of Cairo divides the savings account into 4 segments, among which the interest is graded according to the size of each segment, and the periodicity of the exchange of return. The minimum amount for opening the account starts from one thousand pounds, but no return to the account is less than 5 thousand pounds.
1- The first tranche from 5 thousand pounds to 100 thousand pounds: the interest ranges between 3.25% annually for the monthly return, and 3.4% annually for the quarterly return, 3.5% annually for the semi-annual return, and 3.6% for the annual return.
2- The second tranche from 100 thousand pounds to one million pounds: the interest ranges between 3.4% annually for the monthly return, 3.5% annually for the quarterly return, 3.6% annually for the semi-annual return, and 3.75% for the annual return.
3- The third tranche from one million pounds to two million pounds: the interest ranges between 4.5% annually for the monthly return, 4.75% annually for the quarterly return, 5% annually for the semi-annual return, and 5.25% for the annual return.
4- The fourth tranche of two million pounds for more: the interest ranges between 7% annually for the monthly return, and 7.25% annually for the quarterly return, 7.5% annually for the semi-annual return, and 7.75% for the annual return.
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