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Last week, the National Bank of Egypt announced that it acquired savings certificates in the National Investment Bank, raising more questions from many citizens who wish to invest in safe and high-return savings containers.
The savings certificates in the National Investment Bank are considered as one of the savings certificates, but they are referred to as investment certificates, due to their association with the National Investment Bank.
The National Bank of Egypt played the role of the issuer and marketer of these certificates, before announcing its acquisition of them, and then it has the right to adjust their prices according to its rules, provided that the amendment applies only to new certificates, not to the already existing ones.
Savings certificates are considered one of the most important investment vehicles, which witness a demand from bank clients in order to preserve savings and achieve distinguished returns.
Savings certificates are distinguished by being of varying terms according to the client’s desire, to achieve fixed and periodic returns throughout the period of the certificate’s term, which means that these returns can be used to pay seasonal or periodic obligations such as rents, school fees, or even bridal supplies.
The terms of savings certificates range from one to five years and sometimes ten years, provided that the dates for disbursing returns to the customer vary from one month to one year.
It is possible for the certificate holder to obtain a loan from the bank with its guarantee, provided that the interest of the loan exceeds the interest of the certificate in rates that vary from bank to bank, but are very close, as banks operating in the local market compete to provide certificates with various advantages to attract customers.
The Platinum Certificate of the National Bank of Egypt (the largest savings container in the bank), the largest return provided by the certificates with a monthly return, in addition to 4 other banks that offer the same return.
After the central bank’s decision to fix interest rates at last Thursday’s meeting, the first of the new year’s meetings, the Bank’s Assets and Liabilities Management Committee decided to continue the platinum certificate with three-year terms at a fixed interest rate of 11% annually, with the return paid monthly.
