2024-03-26 13:01:00
03:01 PM Tuesday 26 March 2024
Written by Manal Al-Masry:
Five banks raised the interest rate on savings certificates in Egyptian pounds for fixed returns this week, in their first move after the Central Bank’s decision.
Commercial International Bank (CIB), Alexandria Bank, Arab International Bank, and Nasser Social Bank announced raising the interest rate on savings certificates after increasing competition between banks to attract new deposits or preserve the savings of their existing customers.
The Central Bank of Egypt decided to raise the interest rate by 6% in an extraordinary meeting of the Monetary Policy Committee on March 6, bringing the interest rate to 27.25% for deposits and 28.25% for lending, with the aim of containing inflationary pressures resulting from liberalizing the exchange rate.
In the following lines, Masrawy provides details of how 5 banks raised the interest rate on fixed-return savings certificates during the current week.
Commercial International Bank
Premium Triple Certificate: The interest rate has been increased to 24% annually and the return is paid monthly, and its purchase starts from the first 5 million pounds as a minimum and in multiples of one thousand pounds.
Triple Plus Certificate: The interest rate has been increased to 23% annually and the return is paid monthly, and its purchase starts from the first million pounds as a minimum and in multiples of one thousand pounds.
Prime Triple Certificate: The interest rate has been increased to 22% annually and the return is paid monthly, and its purchase starts from the first 100 thousand pounds as a minimum and in multiples of one thousand pounds.
Bank of Alexandria
Triple “Max” Certificate of Deposit: The interest rate is 21% annually and the return is paid monthly on the condition that the minimum purchase is not less than one million pounds, according to what he announced on his website.
Nasser Social Bank
The triple “Give Back” certificate for the elderly: Record interest rate of 24.25%, interest paid annually and 22.25% interest paid monthly.
A one-year “return the favor” certificate designated for the elderly: a record interest rate of 22%, interest paid annually and 20.50% interest paid monthly.
Triple certificate with cumulative return: record interest rate of 25%, the return is disbursed at the end of the term.
The certificate has a term of one and a half years for the cumulative return: the return rate is 24%. The return is paid at the end of the period.
3-year savings certificate: Record interest rate of 24%, interest paid annually, 22.50% return, paid quarterly, and 22% interest paid monthly.
Arab International Bank
Triple Certificate: The annual interest rate is 19.25%, the interest is paid monthly, 20.5% is paid quarterly, and 20% is paid annually.
Arab Bank
Triple Certificate: Record annual interest rate of 20%, interest paid daily and 21% interest paid monthly.
1711475480
#Details #raising #interest #rates #certificates #banks #week