Banque Misr and the National Bank of Egypt announced a surprise about their savings account, after the Central Bank’s decision to fix the interest rate last Thursday. We will publish the details of the savings account in each of these two banks.
The Banque Misr raised the interest rate by 1% last month on the segments of the regular and youth savings accounts for the first time in two years, after the Central Bank decided to raise the interest in an extraordinary meeting last March.
The two banks provide the regular savings account for all customers, provided that a national number is available from the age of 21 years and above. They also offer other accounts that address young people and pensioners.
The two banks acknowledge a periodic return on the savings account, disbursed monthly, quarterly, semi-annually or annually, but provided that the balance is not less than 3,000 pounds as a minimum, without which no return will be recognized.
In the following lines, Masrawy presents the details of the interest on the regular savings account segments in Al-Ahly Bank and Egypt for existing or new customers after the Central Bank fixes the interest
Ahli Bank
The National Bank kept the interest rate on savings accounts unchanged, according to its announcement on its official website.
Standard savings account with 4 tranches:
Opening a savings account: starts from the first thousand pounds.
Interest calculation starts above 3,000 pounds, and below that, no return will be recognized.
The account is opened for customers from the age of 21 years and above, and there is another account for young people from 16 years old.
The first tranche from 3001 pounds to 5 thousand pounds:
The interest rate ranges between 3% annually and 3.05% annually on the quarterly return, 3.10% annually on the semi-annual return, and 3.20% on the annual return.
The second tranche from 5001 pounds to 100 thousand pounds:
The interest ranges between 4% annually on the monthly return, 4.05% annually on the quarterly return, 4.10% annually on the semi-annual return, and 4.20% on the annual return.
The third tranche from 100,000 pounds to half a million pounds:
The interest ranges between 4.5% annually on the monthly return, 4.6% annually on the quarterly return, 4.65% annually on the semi-annual return, and 4.75% annually on the annual return.
The fourth tranche is more than half a million pounds:
The interest ranges between 4.75% annually on the monthly return, 4.85% annually on the quarterly return, 5% annually on the semi-annual return, and 5.25% annually on the annual return.
Banque Misr Standard Savings Account
Banque Misr decided to raise the interest rate by 1% on the segments of my regular and youth savings accounts. This came for the first time in two years since the last increase in interest on savings books.
You can open the account with a minimum of 1500 Egyptian pounds
Flexibility in choosing the periodicity of interest disbursement for savings accounts (monthly – quarterly – semi-annual – annual)
The ability to inquire about your accounts and carry out most of your banking transactions for free through the internet banking service and the mobile application provided by Banque Misr
Allowing the purchase of Banque Misr savings certificates as a deduction from your account and adding the return to the account automatically on the due date
To see the rest of the features, click here over here.
The return on the regular savings account is divided into 5 tranches:
The first tranche starts from 3 to 5 thousand pounds:
Ranging from 4% annually, the periodicity of paying the monthly return, to 4.25% annually, the periodicity of paying the quarterly return,
And 4.375% annually, the periodicity of disbursing the semi-annual return, and 4.5% annually, the periodicity of disbursing the annual return.
The second tranche: more than 5 thousand pounds to 50 thousand pounds:
The interest rate is 4.25% annually, the periodicity of disbursing the return is monthly, and 4.5% annually, the periodicity of disbursing the return quarterly,
And 4.625% annually, the periodicity of disbursing the semi-annual return, and 4.75% annually, the periodicity of disbursing the annual return.
The third tranche: more than 50 thousand pounds to 250 thousand pounds:
The interest rate is 4.75% annually, the periodicity of disbursing the monthly return, and 5% annually, the periodicity of disbursing the quarterly return
And 5.125% annually, the periodicity of disbursing the semi-annual return, and 5.25% annually, the periodicity of disbursing the annual return.
Fourth tranche: More than 250 thousand pounds to 500 thousand pounds:
The interest was recorded at 5.25% annually, the periodicity of disbursing the monthly return, 5.5% annually, the periodicity of disbursing the quarterly return, 5.625% annually, the periodicity of disbursing the semi-annual return, and 5.75% annually, the periodicity of disbursing the annual return.
The fifth tranche is more than 500 thousand pounds:
The interest rate is 5.75% annually, the periodicity of paying the monthly return, and 6% annually, the periodicity of paying the quarterly return,
And 6.125% annually, the periodicity of disbursing the semi-annual return, and 6.25% annually, the periodicity of disbursing the annual return.
Youth savings account
You can open the account for free without any expenses, with a balance starting from 500 EGP
Obtaining the highest return in the announced savings with a maximum of 20,000 EGP for the balance, then the return of the announced segments will be applied for amounts exceeding that
Flexibility in choosing the periodicity of interest payment between (monthly – quarterly – semi-annual – annual)
The possibility of issuing an instant discount card for the first year for free
Get vouchers from a list of distinguished brands from shops, restaurants, etc., or a recharge credit for any of the telecom networks if the account balance is maintained at no less than 7,000 EGP for 3 consecutive months
– Customer age: from 16 years to 30 years above this age, it will be transferred to the regular account after fixing the interest.
To know the rest of the features of the Youth Savings Account, click here.
Return from Youth Savings Account
From 500 pounds to 20 thousand pounds:
The interest ranges between 5.75% annually for the monthly return, and 6% annually for the quarterly return.
And 6.125% annually for the semi-annual return, and 6.25% annually for the annual return.
– And more than 20 thousand pounds is calculated as a savings account.