05:18 PM
Friday 20 May 2022
I wrote – Manal Al-Masry:
Starting next Sunday, banks will raise interest rates by 2% on variable-return certificates, after the Central Bank’s decision to raise interest rates for the second time this year, at the Monetary Policy Committee’s meeting yesterday.
Masrawy presents the interest on variable-return certificates with a return of 3 years in the most important 8 banks, after increasing the interest on them by 2% after the Central Bank’s decision.
1- The National Bank of Egypt:
The platinum certificate 3 years for variable return: the interest rate is 11.5% instead of 9.5% annually, and the return periodicity is exchanged every three months, with an increase of 0.25% over the central deposit rate.
Minimum purchase of the certificate: starts from one thousand pounds and its multiples.
2- Banque Misr:
The Summit Certificate 3 years for the variable return: the interest rate is 11.5% instead of 9.5% annually, with an increase of 0.25% over the central deposit rate, and the return periodicity is exchanged every three months.
Minimum purchase of the certificate: starts from one thousand pounds and its multiples.
3- Cairo Bank:
Primo Certificate 3 years for variable return: the interest rate is 9.25% instead of 7.25% annually, and the periodicity of the return is exchanged monthly, which is less than 2% of the central deposit rate.
Minimum purchase of the certificate: starts from one thousand pounds and its multiples.
4- Commercial International Bank:
3-year variable return savings certificate: the interest rate is 10.5% annually, instead of 8.5% at the lowest 0.75% of the central deposit rate, and the periodicity of the return exchange is monthly.
Minimum purchase of the certificate: starts from one thousand pounds and doubles it.
5- Housing and Development Bank.
3-year variable return savings certificate: the interest rate ranges between 10.75% annually, instead of 8.75%, at less than 0.5% of the central deposit rate, and the periodicity of the return exchange is monthly.
As for the quarterly return exchange periodicity, it rose to 11% annually instead of 9% annually, at 0.25% less than the average rate for depositing at the Central Bank, or 11.25% annually instead of 9.25% for the semi-annual return exchange periodicity at the same deposit rate with the Central.
Minimum purchase of the certificate: starts from one thousand pounds and doubles it.
6- Emirates NBD Bank:
3-year variable return savings certificate: the interest rate ranges between 9.5% annually, instead of 7.5%, at the lowest 1.75% of the central deposit rate, and the periodicity of the return exchange is monthly.
The minimum purchase starts from the first 5 thousand pounds.
7- First Abu Dhabi Bank Egypt:
3-year variable return savings certificate: the interest rate ranges between 9% annually, instead of 7%, at less than 2.25% of the central deposit rate, and the periodicity of the return exchange is monthly.
Or 9.25% instead of 7.25% annually for the quarterly return exchange period at 2% less than the central deposit rate, or 9.5% instead of 7.5% annually for the annual return exchange period at 1.75% less than the average corridor price for deposit.
The purchase of the certificate starts from the first 5 thousand pounds.
8- Med Bank:
3-year variable return savings certificate: the interest rate ranges between 11.25% annually, instead of 9.25% at the same rate of deposit in the Central Bank, and the periodicity of the return exchange is monthly, or 11.5% instead of 9.5%, with an increase of 0.25% over the deposit rate in the Central Bank.
And start buying from the first thousand pounds.