12:10 PM
Tuesday 06 September 2022
I wrote – Manal Al-Masry:
3 banks are seeking to attract the millionaires segment by providing savings certificates with a fixed return on a monthly or annual periodicity to disburse the return with the aim of attracting savings.
And 3 banks began offering the certificates of millionaires after the banks tended to raise the interest rate on the certificates, following the Central Bank’s decision to raise the interest rate last May.
The Central Bank had raised interest rates by 1% during an extraordinary meeting of the Monetary Policy Committee on March 21, followed by another hike by 2% on May 19 to reach 11.25% for deposits and 12.25% for lending.
The three banks offer a number of advantages over certificates designated for millionaires, such as borrowing with their guarantee, or issuing a credit card for purchases, and the customer may break the certificate before its expiry date, provided that 6 months have passed since its purchase.
In the following details, Masrawy presents the types of certificates allocated to millionaires with a fixed return in 3 banks and the minimum purchase amount.
Housing & Development Bank
Royal Triple Certificate: an interest rate of 14.25%, the return is paid annually.
Minimum purchase: not less than one million pounds.
Al Ahli Bank of Kuwait
Triple Certificate: The interest rate is 14%, and the return is paid monthly.
Minimum purchase: It starts from one million pounds.
saib . bank
Triple Certificate “Al Mutamayez”: the interest rate is 14%, the return is paid annually.
Minimum purchase: not less than one million pounds.