02:08 PM
Thursday 03 December 2020
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I wrote – Manal Al-Masry:
The National Investment Bank surprised customers the day before yesterday by cutting interest between 0.5% and 1% on new investment certificates that it is offering through the branches of the National Bank of Egypt, as the first does not own branches.
This cut came after the central bank decided to cut interest rates by 0.5% for the second time in a row in the last two monetary policy committee meetings during September and November.
The central bank will meet this month to discuss the fate of cutting interest rates again on deposits and loans.
And the National Investment Bank was not the only one to reduce the interest rates on its certificates, as the Commercial International Bank decided, two weeks ago, to reduce the interest on the savings certificate for a 3-year fixed return by between 0.5% and 1.25%, according to the periodicity of the return exchange.
Masrawy offers the 3-year fixed-return certificates that are the most beneficial in the banking market, as they are the best-selling among clients, due to their high return compared to other certificates:
1- National Bank of Egypt:
3-year Platinum Certificate: The rate of return ranges between 12% annually for the monthly return, and 12.25% annually for the quarterly return.
The minimum purchase amount for the certificate: One thousand pounds and its multiples.
2- Banque Misr:
Top 3-year certificate: The rate of return ranges between 12% annually for the monthly return, and 12.25% annually for the quarterly return.
The minimum purchase amount for the certificate: One thousand pounds and its multiples.
3- Banque du Caire:
3-year Primo Certificate: The interest rate ranges between 12% annually for the monthly return, 12.10% annually for the quarterly return, and 12.25% annually for the semi-annual return.
The minimum purchase amount for the certificate: One thousand pounds and its multiples.
4- Egyptian Agricultural Bank:
Harvest certificate 3 years: interest rate is 12% annually and the return is paid monthly.
The minimum purchase amount for the certificate: One thousand pounds and its multiples.
5- Housing and Development Bank:
3-year reconstruction certificate: the interest rate ranges between 11.25% annually with the return paid monthly, 11.5% annually with the return paid every quarter, and 12% annually with the return paid every half year.
The minimum purchase amount for the certificate: One thousand pounds and its multiples.
6- Arab African International Bank:
Emerald Certificate 3 years: The interest rate ranges between 11% annually with the return paid monthly, 11.25% annually with the return paid every quarter, 11.375% annually with the return paid every half year, and 11.5% annually with the return paid every Half a year.
The minimum purchase amount for the certificate: One thousand pounds and its multiples.
7- Commercial International Bank (CIB):
The triple certificate: the interest rate ranges between 10.5% annually with the return paid monthly, and 10.75% annually with the return paid every quarter.
The minimum purchase amount for the certificate: One thousand pounds.
8- National Investment Bank (whose certificates are sold at National Bank branches):
Investment certificate (A) with a cumulative return for 10 years: 9.75% annually. The return is paid at the end of its period, and its purchase starts: from the first 100 pounds.
Investment certificate (B) with a monthly return for one year: the interest rate is 9.75% annually, and it starts to be purchased from the first thousand pounds.
Investment certificate (B) with a quarterly return for two years: the interest rate is 9.5% annually, and it starts to be purchased from the first 500 pounds.
Investment certificate (B) for a quarterly return for 3 years: the interest rate is 9.25% annually, and it starts to be purchased from the first 500 pounds.
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