03:30 PM
Sunday 11 September 2022
I wrote – Manal Al-Masry:
Nasser Social Bank leads the banking system in the highest interest rate offered on a savings certificate, with the aim of enabling customers to obtain an attractive return on their savings.
Nasser Bank’s decision to provide the highest return on the certificates came following Al-Ahly and Egypt banks suddenly stopped issuing a savings certificate with a return of 18% annually for one year, and the return is paid monthly following offering it only 71 days.
Masrawy presents the details of the fixed-return savings certificate offered at Nasser Social Bank with the highest interest rate at the level of the banking system as follows:
Interest rate: 15% annually on an annual basis for the disbursement of the return, or 14.25% annually on a quarterly basis for the disbursement of the return, or 14% annually on a monthly basis for the disbursement of the return.
Minimum purchase: purchase starts from one thousand pounds and its multiples
Beneficiary clients: 16 years old and above.
Certificate duration: 3 years.
Breaking the certificate: It is not permissible to break it before 6 months have passed since its purchase, and following deducting a fine from the return obtained by the customer for breaking it before the expiry of its terms.
Advantages: Possibility of borrowing with collateral.
Required paper: A copy of the customer’s national ID card only, and a request to open a savings account in the bank to deposit the periodic return on a regular basis and deposit the original certificate at the time of its retrieval.
