A number of banks operating in the Egyptian market raised the interest rates on their savings vessels and issued new certificates, coinciding with the Central Bank raising interest rates during its last meeting.
The Monetary Policy Committee of the Central Bank decided to raise the overnight deposit and lending rates and the central bank’s main operation rate by 200 basis points to reach 11.25%, 12.25% and 11.75%.
“Egypt Bank” Increases the return on the current account and pensions
An official source at Banque Misr revealed to “Amwal Al Ghad” that the bank raised the return on the current account with a daily return of 2%, bringing the lowest return on the current account with a daily return of 5%, and the highest return of 7.125%.
The segments in the current account of Banque Misr start from 50 to 100 thousand pounds, whose return increased from 3% to 5%, and the account increased from 100 to 500 thousand pounds from 3.25% to 5.25%, and the return on the account became from 500 to less than one million EGP 5.50% after it was 3.50%.
The return on the account starting from 1 million to less than 2 million pounds increased to 6%, the account from 2 million to less than 10 million pounds to 6.25%, the account starting from 10 to less than 30 million pounds to 6.75%, and the account that ranged from 10 to less than 30 million pounds to 6.75%. It starts from 30 to less than 100 million pounds to 7%, and the account that starts from more than 100 million pounds is 7.125%.
Also, Banque Misr raised the return on the current account of pensioners with a monthly return by 2% to 6%, compared to 4%.
«CIB International Commercial» Presents two new certificates
The Commercial International Bank (CIB) has launched two new savings certificates with a return of 13.5% and 14%, for a period of 3 years and 4 years, with a fixed monthly return.
The term of the Triple Savings Certificate (Premium) is 3 years, and the minimum purchase is 100,000 pounds and its multiples, and the return is calculated and disbursed: 3 years: monthly at a value of 13.5%.
The term of the Triple Savings Certificate (Premium) is 4 years, and the minimum purchase is 100,000 pounds and its multiples, and the return is calculated and disbursed: 4 years: monthly at a value of 14%.
“The Emirats, Dubai” Increases the return on his four-year certificate
Emirates NBD raised the interest on its four-year fixed-income certificate from 11% to 13%.
The four-year certificate provides a fixed return, and the return periodicity is paid monthly, provided that the minimum issuance of the certificate is 100,000 pounds without a maximum, and the bank allows the possibility of full recovery of the certificate after 6 months from the date of issuance.
The United Bank raises the return on savings vessels
The United Bank decided to raise the return on savings vessels from 1% to 2% and to keep the interest rate of savings certificates with a fixed return in all their periodicals as they are.
The United Bank offers a set of savings certificates with a term of 3 and 5 years, which are characterized by different exchange cycles, one month and three months, and cumulative at the end of the period.
«Faisal Bank» Raising the Murabaha Return
An official source at Faisal Islamic Bank of Egypt revealed that the interest rates on retail banking have increased by 2%, for a group of different programs in the field of car financing, durable goods and leasing of services represented in paying education expenses, membership in social clubs, performing surgeries and trips, especially Hajj and Umrah.
He stated that the minimum returns on them were about 12%, and the maximum was 15.5%, decreasing, bringing the return on retail banking Murabahas to reach the minimum returns of 14%, and the maximum of 17.5%, decreasing.
«Al Ahli Bank of Kuwait» Introduces a new triple certificate
Al Ahli Bank of Kuwait – Egypt launched a new triple saving certificate with a fixed return in Egyptian pounds of up to 13.5% annually.
The AlAhli Kuwaiti Triple Certificate is granted an interest of 13.5%, with a periodic payment of the return on a monthly basis, and the certificate can be redeemed after six months from the date of issuance of the certificate.
The certificate allows for the possibility of borrowing against the certificates’ guarantee of up to 95% of its value. It can also be linked with a simple minimum starting from 1,000 pounds to suit all segments of society.