11:50 p.m
Monday, April 10, 2023
I wrote – Manal Al-Masry:
Today, the National Bank of Egypt decided to raise the interest rate by 1.5% and 2% on 3 types of investment certificates (b) with maturities of one year, two years, and 3 years, according to the data published on its website.
The National Bank was offering two new certificates under the name Platinum with a high interest rate, one with a fixed interest rate of 19%, and the other for a gradual (decreasing) return at a rate of 22% in the first year, 18% in the second, and 16% in the third, and their return is paid monthly.
The National Bank offers 8 different types of savings certificates under the name of platinum or investment certificates with different terms and with multiple fixed, diminishing or variable interest that meet the diverse needs of customers.
In the following lines, Masrawy discusses the details of the interest rate on investment certificates (B) after the increase:
– Investment Certificate (B) with a one-year term (fixed return): The interest rate increased by 1.5%, to 11% annually, and its return is spent monthly, and the minimum purchase price starts from 500 pounds and its multiples.
– Investment Certificate (B) with a term of two years (fixed return): The interest rate increased by 1.5% to reach 11.5% annually. Its return is spent every quarter, and the minimum purchase starts from 500 pounds and its multiples.
– Investment Certificate (B) with a term of 3 years (fixed return): The interest rate increased by 2%, to record 14% annually, and the return is paid every quarter, and the minimum purchase price starts from the first 500 pounds and its multiples.
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