Details of the certificates offered in 6 banks for the senior customers segment with interest

06:30 PM

Thursday 14 July 2022

I wrote – Manal Al-Masry:

Some private banks have offered high-interest savings certificates to compete with the segment of large clients, following setting a minimum purchase amount of one million pounds in some banks to address a specific segment of clients to attract large liquidity and avoid buying it from small clients with small amounts.

Private banks follow a specific pricing policy on certificates and savings receptacles in order to reduce the high cost owed on customers’ savings and maximize their profits, unlike Al-Ahly, Egypt, Cairo and Nasser Social banks that support small customers in obtaining a high rewarding return on their savings that helps them pay living expenses more than maximize their profits as government banks.

The decision of some private banks to offer high-yield certificates came following the decision of the Monetary Policy Committee of the Central Bank to raise interest rates by 1% in an extraordinary meeting on March 21 for the first time in 5 years, then raised it once more by 2% last May.

The Monetary Policy Committee of the Central Bank of Egypt decided to fix interest rates during its meeting on June 23 last at 11.25% for deposits and 12.25% for lending.

Masrawy provides details of 6 private banks continuing to issue certificates with high interest and a minimum purchase target for the large customer segment following the Eid al-Adha holiday.

Housing & Development Bank:

The Royal Triple Certificate is offered at an interest rate of 14.25%, the return is disbursed annually.

Minimum purchase: not less than one million pounds.

Al Ahli Bank of Kuwait:

It offers a triple certificate at an interest rate of 14% and the return is paid monthly.

Minimum purchase: It starts from one million pounds.

National bank of Kuwait:

It offers a triple certificate at an interest rate of 13.5% annually and the return is paid monthly.

Minimum purchase: not less than half a million pounds.

Abu Dhabi Commercial Bank:

It offers a triple certificate under the name “Excellence” at an interest rate of 14% per annum and the return is paid monthly.

Minimum purchase: no less than 250 thousand pounds.

Commercial International Bank CIB:

He sells the triple certificate at an interest rate of 13.5% per annum and the return is paid monthly.

Minimum purchase: not less than 100 thousand pounds.

The bank also sells a quadruple certificate at an interest rate of 14% annually, and the return is paid monthly.

Minimum purchase: not less than 100 thousand pounds.

Egyptian Gulf Bank EG:

It offers a triple-fixed (premium) certificate at an interest rate of 13.5% annually, and the return is paid monthly.

Minimum purchase: 50 thousand pounds.