1:34 PM
Friday 25 December 2020
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I wrote – Manal Al-Masry:
Yesterday, Thursday, the Assets and Liabilities Committee of the National Bank of Egypt and Egypt decided to reduce the annual return by 1% on their high-yield savings certificates with a maturity of (three years), according to statements from officials of the two banks to Masrawy.
The two banks’ decision to cut interest on their savings certificates came after the central bank’s decision yesterday, Thursday, to fix interest rates at 8.25% on deposits and 9.25% on lending at the last meeting of the Monetary Policy Committee in 2020.
The National Bank of Egypt and Egypt also decided to stop issuing the platinum certificate (three years), which used to pay the return every three months at an interest rate of 12.25% until Thursday.
In the event that the customer had previously chosen the automatic renewal of the certificate with a quarterly return, its value will be renewed upon maturity in the platinum certificate with periodic monthly return.
The two banks confirmed that the existing certificates will continue at the applicable rate unchanged until their maturity date.
“Masrawy” presents full details on the savings certificates in Al-Ahly Bank and Egypt after the 1% interest cut.
National Bank of Egypt:
Platinum Certificate 3 years:
Interest rate: 11% annually, and the return is paid monthly instead of 12% annually, and the quarterly return has been stopped.
The minimum purchase amount for the certificate: One thousand pounds and its multiples.
Breaking the certificate: after 6 months have passed.
Collateralized borrowing limit: 95% of its total value.
Egypt Bank:
Summit Certificate 3 years:
Interest rate: 11% annually, and the return is paid monthly instead of 12%, and the quarterly return has been stopped.
The minimum purchase amount for the certificate: One thousand pounds and its multiples.
Breaking the certificate: after 6 months have passed.
Limit borrowing against it: 80% of its total value.
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