03:43 PM
Saturday 18 January 2020
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I wrote – Manal Al-Masry:
The interest in certificates of variable return has witnessed stability in a number of banks, after the Central Bank’s decision yesterday, Thursday, to fix interest rates on deposits and lending at the first meeting of the monetary policy committee during the current year.
The interest rate at the central bank, known as the “Corridor”, was 12.25% on deposit, and 13.25% on lending.
The determination of interest on certificates of variable return is linked to the interest rate in the central bank, and consequently witnessed stability after the central decision to install, while the change in the return on certificates of fixed return is not necessarily subject to the change in the interest rate in the central, but it is considered guiding for it, and is subject to the decision of each bank.
The interest rate on certificates of variable return varies from one bank to another, so some banks link the interest rate on the certificate by 0.25% higher than the central rate, such as the National Bank and Egypt, while some banks set their price at the lowest 0.25% or more according to the policy of each bank.
Masrawy presents a 3-year interest rate chart for 3-year certificates at 16 banks:
1- National Bank of Egypt certificate: the interest rate is 12.5% (above the central deposit price of 0.25%), and the minimum purchase amount starts from one thousand pounds.
2- Bank Misr certificate: the interest rate is 12.5% (higher than the deposit price in the central bank, 0.25%), and the minimum purchase amount starts from one thousand pounds.
3- Commercial International Bank certificate: the interest rate is 11.5% (less than the central deposit price of 0.75%), and the minimum purchase starts from 6 thousand pounds.
4- Bank of Cairo certificate: The interest rate ranges between 12% for the quarterly return (0.25% less than the central deposit price), or 11.25% for the monthly return (1% less than the central deposit price), and the minimum purchase amount is from the first thousand pounds.
5- Arab African International Bank certificate: the interest rate ranges between 12.25% for the monthly return, or 12.5% for the quarterly return, or 12.75% for the semi-annual return, or 13% for the annual return.
6- Bank of Alexandria Certificate: It provides three types of variable certificate, including the “Alex Prime” certificate, the interest rate of which is 10.25% for the quarterly return, the second type is the “Alex Gold” certificate with an interest rate of 10% for the monthly return, and the third type is a day-to-day certificate with interest. 11% for the daily return.
The minimum purchase of “Alex Prime” and “Alex Gold” certificates starts from the first thousand genes, and the “day after day” certificate starts with the minimum purchase of 250 thousand pounds.
7- The Arab International Bank’s bank certificate: the interest rate ranges between 11.25% for the daily return, or 12% for the quarterly return, or 11.75% for the monthly return, and the minimum purchase of the certificate starts at 5 thousand pounds.
8- QNB Al-Ahly certificate: It provides a certificate with 11.25% interest for the monthly return, or 11.5% for the quarterly return, and the minimum purchase of the certificate starts from the first thousand pounds.
9 – Emirates NBD certificate: The interest rate is 10.5% for the monthly return, and the minimum purchase starts from 5 thousand pounds.
10 – First Abu Dhabi Bank certificate: The interest rate ranges between 11% for the monthly return, 11.25% for the quarterly return, and 11.5% for the annual return, and the minimum purchase starts from the first 5 thousand pounds.
11- Bank Audi Certificate: the interest rate is 11.75%, in a monthly period to pay the interest, and the minimum purchase of the certificate starts from the first thousand pounds.
12 – BLOM Bank Certificate: The interest rate is 11.75%, in a monthly period to pay the return, and the minimum purchase of the certificate starts from the first thousand pounds.
13- Construction and Housing Certificate: The interest rate is 12% for the quarterly return, and the minimum purchase of the certificate starts from the first 500 pounds.
14 – National Bank of Kuwait certificate: the interest rate ranges between 11.5% for the monthly return, and 11.75% for the quarterly return, and the minimum purchase of the certificate starts from one thousand pounds.
15 – Egyptian Gulf Bank Certificate: the interest rate is 12.25% and the return is spent monthly, or 12.40% on a quarterly basis, and the minimum purchase of the certificate is one thousand pounds.
16 – Arab Bank Certificate: The interest rate is 10.75% for the monthly return, and the minimum purchase starts from the first thousand pounds.
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