02:12 PM
Thursday 02 June 2022
I wrote – Manal Al-Masry:
The National Bank of Egypt made a complete adjustment to the interest rate structure by increasing the return on all savings and investment certificates it issues, after stopping the sale of the high-return certificate at 18%, which collected the target proceeds at a value of 750 billion pounds.
Last Monday, the National Bank decided to raise the interest rate by 3% on the platinum certificate for a period of 3 years, and also increase the interest on the five-year platinum certificate by 3%, while it decided to raise the interest rate on investment certificates (B) between 1% and 1.5%. The decision to increase the interest rate on corporate certificates (legal entities).
The National Bank has raised interest rates on all certificates it issues, whether presented to individuals or companies, in line with the interest rates applied in competing banks, especially after the 18% certificate caused the exodus of deposits of individual customers from banks in favor of the high-return certificate in Banque Misr and Al-Ahly Bank.
Masrawy provides details of the interest offered on all certificates for individuals, whether platinum or investment, as well as certificates of companies whose pricing is subject to an account different from individuals:
Platinum Certifications
The platinum certificate for a period of 3 years for a fixed return: the interest rate is 14% annually, and the return is paid monthly.
The Platinum Certificate for a period of 5 years for a fixed return: the interest rate is 12.25% annually, and the return is paid monthly.
The 3-year platinum certificate for the variable return: the interest rate is currently 11.5%, and the return is paid monthly, (the return on this certificate moves according to the movements of interest rates at the Central Bank).
investment certificates
Investment Certificate (A) for 10 years: the interest rate is 9.5% annually, and the return is paid cumulatively, i.e. at the end of the certificate’s term.
One-year investment certificate: the interest rate is 7.5% annually, and the return is paid monthly.
Investment Certificate (B) Two years for a fixed return: the interest rate is 8% annually and the return is paid on a quarterly basis.
Investment Certificate (B) for a period of 3 years: the interest rate is 10% annually, and the return is paid on a quarterly basis.
Investment certificate (C) The term of the certificate is 20 years: the interest rate is (zero) does not offer any final return in return for entering into a prize draw from 10 thousand pounds to 50 thousand pounds.
Corporate Certificates
Triple certificate for companies: ranging from 7.25% annually, the return is paid monthly, 7.5% annually, the return is paid on a quarterly basis, 7.75% is paid semi-annually, and 8% annually is paid cumulatively at the end of the certificate period.
The certificate is for a period of 5 years for companies: the return ranges between 6.75% annually, the return is paid monthly, 7% annually, the return is paid on a quarterly basis, 7.25% annually, the return is paid semi-annually, and 7.5% annually is paid annually.