03:21 PM
Tuesday 25 January 2022
I wrote – Manal Al-Masry:
Seven banks are competing to offer the highest interest rate on savings certificates in the banking system so far, with a flexible and fixed return periodicity.
Interest rates on savings certificates vary from one bank to another, as well as the periodicity of the return exchange according to the policy of each bank, but they are led by 7 banks, namely Al-Ahly, Misr, Med Bank, Mashreq, Egyptian Agricultural, Arab Investment, EGY Bank, and Al-Ahly of Kuwait.
And 7 banks pay the interest on a fixed basis without change until the expiry of its terms, with the possibility of breaking the certificate in the event of the customer’s request, but following the passage of 6 months from its purchase, with a deduction of a percentage of the return offered to it due to its cancellation before the expiry of its terms.
Masrawy provides details of the interest rate, the highest interest at the level of the banking system in 7 banks:
1- Med Bank: It offers a savings certificate at an interest rate of 11.25% annually, and the return is paid in advance every month from the second day of its purchase, and its term is 3 years, and its purchase starts from the first thousand pounds and its multiples.
2- The National Bank of Egypt: It sells a savings certificate under the name (Platinum) at an interest rate of 11% annually, and the return is paid monthly. Its terms are three years, and its purchase starts from the first thousand pounds and its multiples.
3- Banque Misr: It offers the same certificate in the National Bank, but under the name (The Summit) at an interest rate of 11% annually, and the return is paid monthly, with a term of three years, and its purchase starts from the first thousand pounds and its multiples.
4- The Egyptian Agricultural Bank: It sells a savings certificate under the name “The Harvest” at an interest rate of 11% annually, and the return is paid monthly for a period of 3 years, and its purchase starts from the first thousand pounds.
5- Mashreq Bank: It offers a 3-year savings certificate with an interest of 11% annually, and the return is paid monthly, and its purchase starts from the first thousand pounds.
6- EG Bank: It offers a savings certificate under the name (Mega) with terms of 3 years and the return is paid monthly, at a decreasing interest rate for each year starting with the first year 11.5% annually, the second year 10.5%, and the third 9.5%, and its purchase starts from the first thousand pounds.
7- The Arab Investment Bank: It sells a savings certificate at an interest rate of 11% annually, and the return is paid monthly for a period of 3 years, and its purchase starts from the first thousand pounds and its multiples.
