08:00 pm
Saturday 25 June 2022
I wrote – Manal Al-Masry:
The National Bank of Egypt and Egypt approve multiple interest rates on the regular savings account that addresses customers from the age of 21 years and above, in addition to the presence of other accounts.
The Monetary Policy Committee of the Central Bank of Egypt decided to fix interest rates during its meeting yesterday, to keep interest rates in the Central Bank (corridor) following the decision at the level of 11.25% for deposits and 12.25% for lending.
The Banque Misr raised the interest rate by 1% last month on the segments of the regular and youth savings accounts for the first time in two years, following the Central Bank decided to raise the interest in an extraordinary meeting last March.
The National Bank kept the interest rate on savings accounts unchanged, according to the rates published on its website.
The two banks provide the regular savings account for all customers, provided that a national number is available from the age of 21 years and above. They also offer other accounts that address young people and pensioners.
The two banks acknowledge a periodic return on the savings account, disbursed monthly, quarterly, semi-annually or annually, but provided that the balance is not less than 3,000 pounds as a minimum, without which no return will be recognized.
In the following lines, Masrawy presents the details of the interest on the regular savings account segments in Al-Ahly Bank and Egypt for existing or new customers following the Central Bank fixes the interest
Ahli Bank
Standard savings account with 4 tranches:
Opening a savings account: starts from the first thousand pounds.
Interest calculation starts above 3,000 pounds, and below that, no return will be recognized.
The account is opened for customers from the age of 21 years and above, and there is another account for young people from 16 years old.
The first tranche from 3001 pounds to 5 thousand pounds:
The interest rate ranges between 3% annually and 3.05% annually on the quarterly return, 3.10% annually on the semi-annual return, 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 monthly return, 4.05% annually on the quarterly return, 4.10% annually on the semi-annual return, and 4.20% 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.
Egypt Bank
The regular savings account is divided into 5 segments:
Opening a savings account: starts from the first 1500 pounds.
Interest is not calculated on the account balance less than 3 thousand pounds.
Opening the account starts from the age of 21 years and above, and there is another account for young people from the age of 16 years.
The first tranche starts from 3 to 5 thousand pounds:
Ranging between 4% annually, the monthly return periodicity, 4.25% annually, the quarterly return periodicity, 4.375% annually, the semi-annual return periodicity, and 4.5% annually, the annual return disbursement periodicity.
The second tranche: more than 5 thousand pounds to 50 thousand pounds: the interest rate is 4.25% annually, the periodicity of disbursing the return is monthly, and 4.5% annually, the periodicity of paying the quarterly return, and 4.625% annually, the periodicity of disbursing the semi-annual return, and 4.75% annually Annual return periodicity.
The third tranche: more than 50 thousand pounds to 250 thousand pounds: the interest rate is 4.75% annually, the periodicity of disbursing the monthly return, 5% annually, the periodicity of disbursing the quarterly return, 5.125% annually, the periodicity of disbursing the semi-annual return, and 5.25% annually, the periodicity of disbursing annual return.
The fourth tranche: more than 250 thousand pounds to 500 thousand pounds: the interest recorded 5.25% annually on the periodicity of disbursing the monthly return, and 5.5% annually on the periodicity of disbursing the quarterly return, and 5.625% annually on the periodicity of disbursing the semi-annual return, and 5.75% annually on a periodic basis. Disbursement of the annual return.
The fifth tranche is more than 500 thousand pounds: the interest rate is 5.75% annually, the periodicity of disbursing the monthly return, 6% annually, the periodicity of disbursing the quarterly return, 6.125% annually, the periodicity of disbursing the semi-annual return, and 6.25% annually, the periodicity of disbursing the annual return.