Four banks operating in Egypt announced the provision of savings certificates to Egyptians working abroad with an annual return that is paid monthly or every six months, in exchange for buying their value in dollars to benefit from them, as Al-Ahly, Egypt and Cairo banks continue to provide “Biladi” certificates to Egyptians working abroad for about 6 years until now, with the same conditions and returns that have been applied to provide the opportunity to invest their money with a fixed return, in addition to attracting banks to savings in foreign currency.
Interest details on certificates
While HSBC Bank offers a savings certificate to Egyptians working abroad with an annual return that is disbursed monthly at the rate of 13.5% in Egyptian pounds, provided that the customer purchases it in foreign currencies in order to benefit from the high return. This is provided that 6 months have passed since its purchase, with a fine for breaking it before the expiry of its terms from the return obtained. With regard to the interest details on the certificates available to Egyptians working abroad in 4 banks, they came as follows:
HSBC Bank
- This bank provides a 3-year term certificate with an annual interest rate of 13.5% provided that it is purchased from a foreign currency account equal to the required amount in Egyptian pounds.
- The minimum deposit value to obtain a savings certificate from HSBC starts at 10 thousand pounds, and savings certificates are issued in multiples of one thousand pounds.
“Biladi” dollar savings certificate
- The certificate is provided by the National Bank of Egypt, Banque Misr and Banque du Caire.
- My certificate is for a year: the interest rate is 2.1% each year, and the return periodicity is semi-annual, in addition to the minimum 100 euros to purchase the certificate, and the value of the certificate cannot be redeemed during its validity period.
- My certificate is for 3 years: the interest rate is 2.15% each year, the periodicity of the return exchange is semi-annual, the minimum purchase is 100 euros, and the value of the certificate is not allowed to be redeemed before 6 months have passed, starting from the working day following the day of purchase.
- My certificate is for 5 years: the interest rate is 2.2% every year, the periodicity of the return exchange is semi-annual, the minimum purchase is 100 euros, and the value of the certificate is not allowed to be redeemed before the lapse of one year starting from the working day following the day of purchase.