11:48 p.m
Tuesday 16 August 2022
I wrote – Manal Al-Masry:
Starting today, Tuesday, banks re-imposed fees for opening a savings account, adherence to a minimum balance, and payment of card issuance fees, after the end of the International Youth Day event, one of the activities of the Central Bank’s initiative for financial inclusion, which aims to open an account for every citizen.
The banks had announced their participation in the International Youth Day event during the first 15 days in August by stopping the fees for opening accounts for new customers and without having a minimum balance.
4 years ago, the Central Bank had identified 6 activities in the financial inclusion initiative throughout each year to urge banks to always address those who do not deal with the banking system, including youth, women and some simple segments, through specific events that included the Arab Financial Inclusion Day in April, and the International Women’s Day in March, The International Youth Day is in August, the Farmer’s Celebration in September, the Savings Day in October, and People of Determination in December.
Masrawy presents details of the fees charged for opening accounts and the minimum balance in 10 banks after the end of the free account opening event on International Youth Day.
National Bank of Egypt
The minimum amount to open the account: one thousand pounds.
Account opening fees: 84 pounds.
Direct debit card fees: 50 pounds.
Account statement periodic expenses: It amounts to 60 pounds, ranging between 30 pounds for an account statement and 30 pounds for account service expenses.
Egypt Bank
Minimum account opening amount: 1500 EGP.
Account opening fees: 30 pounds.
Direct debit card fees: 30 EGP.
Account statement periodic expenses: 55 pounds every 3 months.
Cairo Bank
The minimum amount to open the account: one thousand pounds.
Account opening fees: 40 pounds.
Direct debit card fees: 40 pounds.
Account statement periodic expenses: 55 pounds every 3 months.
Arab African International Bank
The minimum amount to open the account: 10 thousand pounds.
Account opening fees: 50 pounds and a discount of 8 pounds per month.
Direct debit card fees: 50 pounds.
Account statement periodic charges: Free online banking.
Bank of Alexandria
The minimum amount to open the account: one thousand pounds for the regular account.
Account opening fees: 30 pounds.
Direct debit card fees: 75 pounds.
Account statement periodic fees: 30 pounds.
Commercial International Bank
The minimum amount to open the account: 20 thousand pounds.
Account opening fees: 50 pounds plus a pound stamp.
Debit card issuance fees: 50 pounds to issue, and it is renewed annually with the same value.
Account statement periodicity: 100 pounds annually.
First Abu Dhabi Bank
The minimum amount to open the account: 10 thousand pounds.
Account opening fees: 50 pounds, plus a monthly discount of 25 pounds.
Direct debit card fees: 50 pounds.
Account statement periodic expenses: done online.
HSBC Bank
Account opening fees: 30 pounds.
Debit card issuance fees: It is 40 pounds for a regular card, and it is renewed with the same value annually.
Account statement periodicity: 30 pounds every 3 months, bringing the total expenses to 120 pounds per year.
The minimum amount to open the account: 10 thousand pounds.
Credit Agricole Bank
Account opening fees: EGP 100 paid for the first time.
Debit card issuance fees: 100 pounds and annual renewal fees 60 pounds.
Account statement periodicity; You can receive it for free on the bank’s website using the customer’s identification and password, or for 15 pounds per month, according to the customer’s desire.
The minimum amount to open the account: 3 thousand pounds.
Emirates NBD
The minimum amount to open the account: 5 thousand pounds.
Minimum account balance to accrue interest: 5,000 EGP, without that, no interest is due.
Account opening fees for the first time: 50 pounds.
The fees for issuing a debit card: 30 pounds for the regular card, and 50 pounds for renewal at the end of the card’s term.
Account statement periodicity: ranging from 5 pounds, or 30 pounds, according to the monthly or quarterly.