A surprise for everyone who is interested in bank savings certificates, and wants to invest his money in the bank with this banking commodity, as many people’s interest in savings certificates increased following the interest rate increase by the Central Bank, in its penultimate meeting, and its confirmation in the last meeting.
Where another bank announced an increase in its interest rate by 3%, on the three and five saving certificates, and a number of banks had announced this before, but this bank was studying its capabilities.
This bank is The Arab Bank Egypt, where it published on its official website, a decision to raise the interest rate on its savings certificates.
Thus, the interest rate on the triple certificate has reached 13% per annum, with the return being paid daily instead of 10%.
The return on the five-year certificate is 12% annually, and the return is also paid daily, instead of 9%.
The bank took time to issue a decision on this matter, in order for the Arab Bank to monitor the movements of competing banks
Which raised the interest rate during the last 3 months.
This comes in line with the monetary policy of the Central Bank, which tends to raise interest rates to control price increases and curb inflation.
Details of savings certificates in the Arab Bank
Minimum purchase of certificates is 10,000 EGP.
The value of the policy can be redeemed following six months from the date of its issuance according to the redemption schedule.
The possibility of borrowing is allowed with the guarantee of the document at a rate of 90% for the five-year certificate and 95% for the three-tier certificate of its total value.
The possibility of issuing a Visa credit card with the guarantee of the document up to 95% of its value
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