3:30 PM
Tuesday 10 November 2020
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I wrote – Manal Al-Masry:
The four banks that issued the Egyptians’ safety certificate decided to reduce the interest rate by 3% on the certificate for a period of 3 years, starting today, Tuesday, according to what officials of these banks told Masrawy.
The Egyptian National Bank, Egypt, Cairo, and the Egyptian Agricultural Bank lowered the interest on the Egyptians ’safety certificate by that to 13% annually instead of 16% annually, and the return on it shall be spent at the end of the period.
The banks’ decision to reduce the interest on the Egyptians ’safety certificate came after the decline in the return on certificates and savings vessels at the level of the banking system, after inflation rates fell in recent months to their lowest levels in years, which prompted the Central Bank to reduce interest during the current year by 3.5% to Now, especially with the Corona pandemic.
The Egyptians ’safety certificate was at the forefront of savings coffers in the rate of return made before the four banks’ decision today to reduce it, according to what the officials of these banks told Masrawy.
Al-Ahly, Egypt, Cairo, and Egyptian Agricultural Banks, in cooperation with Misr Life Insurance Company, launched a safety certificate for Egyptians in March 2018, at an interest rate of 16% annually.
The launch of this certificate came in response to the call of President Abdel Fattah El-Sisi, with the aim of providing insurance protection for seasonal and temporary workers, workers who do not have a fixed income, the breadwinner woman, and all Egyptians to ensure the stability of their families in the event of death.
Ahmed Abdel Aziz, Chairman of the Board of Directors and Managing Director of Misr Life Insurance Company, said in previous press statements that the sales of the Egyptian Safety Certificate exceeded one billion pounds with a number of one million customers since its launch until the beginning of this year.
He pointed out that the company had paid more than 90 million pounds as compensation to 2,400 Egyptian security certificate clients until the beginning of this year.
The purchase of a safety certificate for Egyptians is subject to specific conditions starting from 500 pounds and its multiples up to a maximum of 2500 pounds per person, provided that the citizen is in the age group between 18 and 59 years old.
The period of the certificate is 3 years, and it is automatically renewed twice, with an annual interest of 13%, which is currently spent at the end of the certificate period, after deducting insurance premiums ranging from 4 pounds to 20 pounds per month, according to the value of the certificates purchased by the customer.
The certificate allows the client to choose between obtaining a monthly pension for a period of 5 or 10 years, or a monetary compensation that his heirs benefit from after his death.
The value of pensions and compensation is different in the case of natural death from the case of death as a result of an accident.
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