04:42 PM
Tuesday, January 17, 2023
I wrote – Manal Al-Masry:
Banque Misr raised the interest rate on all its savings accounts from 2.25% to 3%, depending on the type of account, with the beginning of the new year 2023, following adjusting its interest rate structure.
The increase in the interest rate in Banque Misr coincided with the movements of most banks to raise interest following the Central Bank’s recent decision to move interest by 3% at the last meeting of the Monetary Policy Committee in 2022, to record 16.25% on deposits and 17.25% on lending, which are the highest interest rates in 5 years.
Banque Misr offers 6 types of savings accounts, including the regular savings account, the youth account, the pensioners account, the current account with a daily return, the free professions account (the accomplished one), and the account for special cases (the possible).
Masrawy provides details of 6 types of savings accounts at Banque Misr:
1- Standard Savings Account:
– The number of account segments: divided into 5 segments, including the interest according to the balance of each segment.
Interest calculation: It starts on the balance from the first 3 thousand pounds, and without that (zero) interest.
The first tranche starts from 3 to 5 thousand pounds: it ranges from 6.25% annually for the monthly interest payment period, 6.5% annually for the quarterly interest payment period, 6.625% annually for the semi-annual interest payment period, and 6.75% annually for the periodic payment period. Annual return.
The second tranche is more than 5 thousand pounds to 50 thousand pounds: the interest rate is 6.5% annually for the periodic exchange of the monthly return, 6.75% annually for the periodic exchange of the quarterly return, 6.875% annually for the periodic exchange of the semi-annual return, and 7% annually for the periodic exchange of the return. Annual return.
The third tranche is more than 50,000 pounds to 250,000 pounds: the interest rate is 7% annually for the monthly interest payment period, 7.25% annually for the quarterly interest payment period, 7.325% annually for the semi-annual interest payment period, and 7.5% annually. For the annual return exchange period.
The fourth tranche is more than 250 thousand pounds to 500 thousand pounds: the interest recorded 7.5% annually for the monthly interest payment period, 7.75% annually for the quarterly interest payment period, 7.875% annually for the semi-annual interest payment period, and 8% annually for the annual interest payment period. .
The fifth tranche is more than 500,000 pounds: the interest rate is 8% annually for the monthly interest payment period, 8.25% annually for the quarterly interest payment period, 8.375% annually for the semi-annual interest payment period, and 8.5% annually for the annual interest payment period. .
2- Youth Account:
The minimum amount to open an account: 500 pounds.
The tranche from 500 pounds to 20 thousand pounds: the annual interest rate ranges from 8% with a monthly payment period, 8.25% with a quarterly payment period, 8.375% with a semi-annual payment period, and 8.5% with an annual payment period.
Above 20,000 pounds are calculated according to the regular savings account segments.
3- The current account for pensioners with a monthly return:
From one thousand pounds or more: the interest rate is 1% annually.
4- Free professions account (completed)
The minimum amount to open an account: 100 pounds.
Divided into 3 segments:
The first tranche, from 3 thousand pounds to 5 thousand pounds: the interest rate is 4% annually.
The second tranche is more than 5 thousand pounds up to 50 thousand pounds: the interest rate is 4.25% annually.
The third tranche is more than 50,000 pounds to 200,000 pounds: the interest rate is 4.75% annually.
5- An account for people with special cases (Al-Mammakn).
Minimum amount to open an account: 500 pounds.
– From 500 pounds or more: the interest rate is 9.5% annually.
6- Current savings account with daily return:
Minimum account balance: EGP 50,000
– From 50 thousand pounds to 100 thousand pounds: with an interest of 8%
– More than 100,000 pounds to 500,000 pounds: interest rate of 8.25%
– More than 500 thousand pounds to less than one million pounds: with an interest of 8.5%.
– From EGP 1 million to less than EGP 2 million: 9% interest.
– From EGP 2 million to less than EGP 10 million: interest rate of 9.25%.
– From 10 million pounds to 30 million pounds: at an interest rate of 9.75%.
– From 30 million pounds to less than 100 million pounds: at 10% interest.
– From EGP 100 million or more: 10.25% interest.
