Waiting for the Central’s decision .. Learn about the higher savings certificates

11:41 am

Friday, February 14, 2020

I wrote – Manal Al-Masry:

The monetary policy committee of the Central Bank will meet next Thursday, February 20, to discuss the fate of reducing interest on deposits and lending, after it decided to install them last month as its first meeting for the new year.

3 banks, Al-Ahly, Egypt, and National Investment, decided to reduce the interest rate on high-yielding certificates, which led a number of banks to move to a similar reduction in the interest on the certificates they offer.

The National Investment Bank decided to cut interest 0.75% on the investment certificate “B” with high interest rates at the level of the banking system before the end of last month, affected by the decision of the National Bank of Egypt and Egypt to reduce interest 1% on their certificates with 3-year high interest terms.

Savings certificates are the first choice for clients to invest their money in banks due to the high return provided on them compared to the rest of the savings bowls.

The bank allows the customer to break the certificate before it expires, provided that 6 months have passed since its purchase, but fees are deducted from the original certificate according to the profits that the customer obtained from the certificate and according to the terms of each certificate.

Masrawy displays the most prominent high interest savings certificates for the fixed return at the banking system level in 11 banks before the central bank’s decision next week to settle the fate of the interest.

1- The National Investment Bank:

NBE branches on behalf of the National Investment Bank sell savings certificates with a fixed return, which are:

– A “B” investment certificate with a one-year deadline: with a 13% interest, the return is spent on a monthly basis, but for a period of one year, and it is the highest certificate that provides a return at the level of the banking system.

– A “B” investment certificate with 3-year terms: the interest rate is 12%, and the return is spent every 3 months.

The minimum purchase of a certificate is one thousand pounds, and there is no maximum.

2- The National Bank of Egypt:

Platinum Certificate Monthly Return: A 12% interest rate. The interest is spent each month for a period of 3 years.

Platinum Certificate Quarterly Return: The bank sells it at an interest rate of 12.25%, and the deadline for the certificate is 3 years.

The minimum purchase of a certificate is one thousand pounds without a maximum.

3- Banque Misr:

Monthly Peak Certificate of Return: The interest rate is 12%. The yield is spent every month.

The minimum starting of one thousand pounds.

4- Credit Agricole Bank

It provides a 3-year certificate: the interest rate ranges between 10.5% for the monthly return, 10.75% for the quarterly return, and 11% for the semi-annual return.

Minimum purchase certificate: starting from 3 thousand pounds.

5- Housing and Development Bank:

Provides a 3-year construction certificate: the interest rate is 12%, and the return is spent per month.

Minimum purchase certificate: 500 pounds.

6- Egyptian Gulf Bank:

3-year savings certificate: The interest rate varies according to the periodicity of the interest return ranging from 11% monthly return, 11.25% quarterly return, 11.5% semi-annual return, and 12% annualized return.

The minimum purchase of a certificate is one thousand pounds and its multiples.

7- SAIB Bank:

It offers a 3-year certificate: the interest ranges from 11% for the monthly return, to 11.25% for the quarterly return.

Minimum purchase certificate: starting from 500 pounds.

8- Arab African International Bank:

It offers a 3-year certificate: the interest ranges between 10.75% for the monthly return, 10.875% for the quarterly return, 10.625% for the semi-annual return, and 11% for the annual return.

The minimum purchase of a certificate starts from one thousand pounds and its multiples.

9 – The National Bank of Kuwait:

It offers a 3-year savings certificate: the interest ranges from 10.5% for the monthly return, to 10.75% for the quarterly return.

The minimum purchase of a certificate is 5 thousand pounds.

10 – First Abu Dhabi Bank:

3-year savings certificate: the interest ranges between 10% for the monthly return, and 10.25% for the quarterly return.

11 – Cairo Bank:

It offers a 3-year savings certificate: the interest rate ranges between 10.5% for the quarterly return, 10.6% for the semi-annual return, and 10.75% for the annual return.

Minimum purchase certificate: starting from one thousand pounds.

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