12:51 PM
Tuesday 03 May 2022
I wrote – Manal Al-Masry:
During the Eid al-Fitr holiday, which extends until the end of next Saturday, banks allow customers to purchase savings certificates through the Internet and mobile banking services in seconds without having to wait for the bank holiday to end and return to work.
Banks maintained the same interest rates on savings certificates unchanged, with the exception of HSBC, despite the introduction of a high-yield savings certificate of 18% and the wave of certificates breaking and customers withdrawing their deposits in favor of the higher certificate in Al-Ahly and Egypt banks.
On March 21, Al-Ahly and Egypt Banks decided to offer a new savings certificate with a high interest rate of 18%, after the Central Bank announced a 1% increase in main interest rates, coinciding with the drop in the price of the pound against the dollar.
The phenomenon of breaking savings certificates is active in order to obtain the amounts saved through them, in the event that new savings vessels appear with a much higher return to compensate for the loss resulting from the process of breaking the old certificate.
The 18% certificate attracted about 615 billion pounds in the first 39 days of its issuance in Al-Ahly and Egypt banks, until the end of transactions last Thursday, the last working day before the Eid Al-Fitr holiday.
In the following lines, Masrawy presents the details of the higher interest on savings certificates in 11 banks operating in the Egyptian market:
1- The National Bank of Egypt:
– Platinum certificate for one year: with an annual interest of 18%, with a monthly periodicity to pay the return.
– The platinum certificate for a period of 3 years: with an interest of 11% annually, the return is paid monthly.
2- Banque Misr:
– “Talaat Harb” certificate for one year: with an annual interest of 18%, with a monthly periodicity to pay the return.
– “The Summit” certificate for a period of 3 years: with an annual interest rate of 11%, with a monthly periodicity to pay the return.
3- Egyptian Agricultural Bank:
– Harvest certificate for 3 years: with an interest of 11% annually, with a monthly periodicity to pay the return.
4- Med Bank:
3-year certificate: with an interest of 11.25% annually, and the return is paid in advance on a monthly basis.
5- HSBC:
3-year certificate: with an annual interest rate of 13.5%, with a monthly periodicity to pay the return.
6- Arab African International Bank:
– 3-year certificate: the interest on it ranges between 10.5% annually on the monthly interest-disbursing periodic, 10.75% annually on the quarterly interest-disbursing periodic, 10.875% annually on the semi-annual interest-disbursing periodic, and 11% annually on the annual interest-disbursing periodic .
7- Cairo:
– 3-year certificate: the interest on it ranges between 10.25% annually on the monthly return periodicity, and 10.5% annually on the quarterly return periodicity.
8- Qatar National Bank Al Ahli (QNB):
3-year certificate: the interest rate ranges between 10.5% annually, the return is paid monthly, and 10.75% annually, the return is paid every 3 months.
9- Bank of Alexandria:
3-year certificate: the interest rate on it ranges between 10% annually, the return is paid monthly, and 10.25% annually, the return is paid every quarter.
10- International Trade:
3-year certificate: the interest rate on it ranges between 9.5%, the return is paid monthly, 9.75% is paid every quarter, and 10% annually, the return is paid every 6 months.
11- First Abu Dhabi Bank:
3-year certificate: the interest on it ranges between 10% annually, the return is paid monthly, 10.25% annually, the return is paid on a quarterly basis, and 10.5% annually, the return is paid every year.