04:00 pm
Sunday 29 May 2022
I wrote – Manal Al-Masry:
The National Bank of Egypt decided to keep the interest rate on all its savings accounts following the Central Bank decided to raise the interest rate for the second time in a row this year.
The Monetary Policy Committee of the Central Bank of Egypt decided, during its meeting on May 19, to raise the interest rate by 2% to reach 11.25% for deposits and 12.25% for lending, in a major blow to counter inflation.
The recent central bank decision came following it raised the interest rate by 1% in an extraordinary meeting of the Monetary Policy Committee on March 21.
And the National Bank’s fixing of the interest rate on savings accounts and deposits came following it continued to offer an 18% certificate and platinum certificates of varying durations without change following the last central decision, according to what Hisham Okasha, the head of the National Bank previously told Masrawy.
Al-Ahly and Egypt banks issue different types of savings accounts that address different segments of customers, including ordinary customers, young people, pensioners, and small savers, with variable interest from one account to another, and according to the periodicity of the return exchange.
The bank specifies 4 interest-disbursing periodicals according to the customer’s desire, which are monthly, quarterly, semi-annual, or annual. With each longer interest-disbursement periodicity, the customer receives a slight increase in the rate of return, but the bank links the interest more according to each segment, thus increasing the return. Gradually according to the value of the segment.
Masrawy presents the types of savings accounts in the National Bank of Egypt following fixing the interest:
1- Standard Savings Account:
– The minimum amount to open the account: one thousand pounds.
From one thousand pounds to three thousand pounds: the customer does not get any interest.
– The first tranche from 3001 pounds to 5 thousand pounds:
The interest ranges between 3% annually on the monthly return periodicity, 3.05% annually on the quarterly return periodicity, 3.10% annually on the semi-annual return periodic, and 3.20% on the annual return.
– The second tranche from 5001 pounds to 100 thousand pounds:
The interest ranges between 4% annually on the periodic monthly return, 4.05% annually on the quarterly return, 4.10% annually on the semi-annual return, and 4.20% annually on the annual return.
The third tranche from 100,000 pounds to half a million pounds:
The interest ranges between 4.5% annually on the monthly return, 4.6% annually on the quarterly return, 4.65% annually on the semi-annual return, and 4.75% annually on the annual return.
The fourth tranche is more than half a million pounds:
The interest ranges between 4.75% annually on the monthly return, 4.85% annually on the quarterly return, 5% annually on the semi-annual return, and 5.25% annually on the annual return.
2- Future Savings Account:
The minimum amount to open the account: 500 pounds, but the interest calculation starts from above 3 thousand pounds.
It is offered to youth from 16 to 50 years of age, without expenses throughout the year, but in financial inclusion, the minimum account opening is exempted from 500 pounds.
– Interest rate: ranges between 4.75% annually for the monthly return, 4.80% annually for the quarterly return, 4.85% annually for the semi-annual return, and 5% annually for the annual return.
3- Prize Small Savings Account:
The minimum amount to open the account: one thousand pounds, and no return is calculated on the balance less than 3 thousand pounds.
Interest rates vary according to the account segment values.
A – From 3001 pounds to 30 thousand pounds: 5.25% annually.
B – From above 30 thousand pounds to 50 thousand pounds: 4.25% annually.
C – From above 50 thousand pounds to 100 thousand pounds: 3.5% annually.
D – More than 100,000 pounds: 3% annually.
4- Pension saving account: annual interest is paid at the rate of 5.25%.
