12:37 PM
Saturday 07 November 2020
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I wrote – Manal Al-Masry:
6 banks offer the highest interest rate offered on savings certificates with a maturity of 3 years for fixed returns at the level of the banking system.
This interest may be subject to change after a meeting of the monetary policy committee at the central bank to discuss interest next Thursday, which is the penultimate meeting of this year to discuss the fate of the interest, after it had been reduced the month before last by 0.5%.
Fixed-return savings certificates are popular with customers due to the high return on them compared to other funds such as short-term deposits or savings accounts.
Any bank requires any new customer when purchasing a savings certificate to open a savings account with the aim of automatically including the periodic interest on the certificate in his account.
With the opening of the savings account, the bank provides a direct debit card after paying its fees to enable the customer to deal on his account by making withdrawals or purchases through the ATMs spread across the country without the need to enter the branch.
Banks prohibit the client from breaking the certificate until 6 months have passed since purchasing it, and the customer can also obtain a loan with the guarantee of the certificate.
In the following lines, Masrawy provides details of the savings certificates with a maturity of 3 years, the highest return in the Egyptian market after the recent changes, in 6 banks operating in Egypt as follows:
National Bank of Egypt:
The platinum savings certificate: the return on it ranges between 12% annually for the monthly interest exchange period, and 12.25% annually for the quarterly return exchange period, and the minimum purchase amount for the certificate is one thousand pounds.
Egypt Bank:
The “top” savings certificate: it gives an annual return of 12% in a monthly exchange period for the return, and the minimum purchase amount for the certificate is one thousand pounds.
Cairo Bank:
The Primo Certificate has a term of 3 years: the interest on it ranges between 12% annually for the monthly interest exchange period, 12.10% annually for the quarterly exchange period, and 12.25% for the exchange period every year, and the minimum purchase price for the certificate starts from one thousand pounds.
CIB:
Provides a certificate with a maturity of 3 years: the interest rate on it ranges between 11% annually for the monthly interest exchange period, 11.25% annually for the quarterly exchange period, 11.5% annually for the semi-annual exchange period, and 12% annually for the annual exchange period, and the minimum purchase is reached The certificate is one thousand pounds and its multiples.
Egyptian Agricultural Bank:
Harvest certificate has a maturity of 3 years: the return on it reaches 12% annually after the bank kept it unchanged, with a quarterly disbursement period for the return, and the minimum purchase amount for the certificate is one thousand pounds.
Arab African International Bank:
Emerald certificate 3 years ranging: between 11% annually for the periodical payment of the monthly return, 11.25% annually for the periodical exchange of the quarterly return, 11.375% annually for the periodic payment of the semi-annual return, and 11.5% annually with the payment of the return at the end of the year.
The certificate is issued in the denomination of one thousand pounds and its multiples, with a minimum of 5,000 pounds.
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