12:13 PM
Thursday 06 January 2022
I wrote – Manal Al-Masry:
Med Bank (formerly Misr Iran) continues to offer the highest savings certificate at the level of the banking system at the beginning of 2022.
Med Bank offers the triple certificate with an annual fixed return of 11.25%, to be paid monthly and in advance, which is the highest interest rate currently offered by banks.
The bank allows the certificate to be broken if the customer requests it following 6 months of linking it with a deduction of a percentage of the advance margin spent on the certificate due to the withdrawal of the original before its expiry date in accordance with the stipulated rules.
The bank offers the customer the right to borrow with the guarantee of the certificate at a rate of up to 95% of the total value of the certificate at an interest rate of 2% annually above the loan price, meaning that the cost of lending becomes 13.25%, which is the lowest interest rate borne by the borrower.
Competitors to “Med Bank” grant an interest of 11% annually, to be paid monthly at Banque Misr and Al-Ahly Bank.
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