6 banks decide to issue high-yield certificates after raising interest… and these are

14:55

Friday 04 November 2022

I wrote – Manal Al-Masry:

Six banks have decided to raise interest on savings certificates up to 17.25%, which are the National Bank of Egypt, Egypt, Cairo, the CIB, Egyptian Agriculture and the African Arab International Bank, after the central bank’s exceptional decision to raise interest rates by 2% late last month.

The banks’ decision to raise the interest rate on certificates came after the Central Bank’s decision to raise the interest rate by 2% at an extraordinary meeting last Thursday on deposits and loans to curb inflation.

The rest of the banks continue to complete the study of the issue of new high-yield certificates with a duration of 3 years, with the aim of enhancing savings in Egyptian pounds and having a rewarding return on customer savings.

In the following lines we will talk about the decision of 5 banks to raise the interest rate on triple savings bonds:

First – The National Bank of Egypt:

It issues a platinum certificate for 3 years with an annual return of 17.25% and the return is paid annually.

It also provided for multiple trading periods, which included an interest of 16% on a monthly frequency, an interest of 16.25% on a quarterly frequency for the disbursement of the return and 16.5% per annum on a six-monthly periodicity for the disbursement. of the Return.

Its purchase starts from the first thousand pounds and its multiples.

Second – Banque Misr:

Raise the interest rate on the issuance of the “summit” certificate by 3.25% for a period of 3 years, to reach 17.25%, to be paid annually.

Banque Misr has made available other issues of the same certificate with a yield of 16% per annum, payable monthly, or 16.25% on a quarterly basis.

Its purchase starts from the first thousand pounds and its multiples.

Third – Bank Cairo:

It has issued a new “Primo Gold” savings certificate for 3 years with a yield of 17.25% per annum.

The bank has made available from the same certificate a yield issue which is paid monthly with an interest of 16% per annum, and a yield issue which is paid quarterly with an interest of 16.25% per annum.

The purchase starts from the first 10 thousand pounds and multiples of one thousand pounds.

Fourth International Commercial Bank:

Triple certified under the name “Prime”: the annual interest rate rises to 14% per annum with monthly frequency for the exchange of the yield, and the minimum purchase price starts from 10,000 pounds and then double the thousand pounds.

– Triple certificate called “Plus”: the interest rate increases annually to 14.5% on a monthly basis to pay the return, and the minimum purchase starts at 200 thousand pounds, therefore multiples of 1000 pounds.

– Triple certificate called “Premium”: the annual interest rate was raised to 15% per annum with a monthly frequency for the disbursement of the yield, and the minimum purchase starts at one million pounds.

Fifth – Egyptian Agricultural Bank:

It has issued a high-yield savings certificate under the name Al-Hassad with an annual interest rate of 16%, to be paid every three months, or with a yield of 17% to be paid annually, and its purchase starts from the first thousand. pounds and its multiples.

Sixth – African Arab International Bank:

It was announced that the annual interest rate on the high yield certificate after the increase was between 17.25% on a periodic annual interest disbursement, 16.5% on a periodic semiannual interest disbursement, on the 16th, 25% on a periodic quarterly payment of interest and 16% on a periodic monthly payment, and the certificate is issued in the denomination of A EGP and its multiples, with a minimum of EGP 5,000, for individual customers, including minors.