2023-05-25 14:19:00
05:19 PM
Thursday, May 25, 2023
What is the highest savings certificate and what bank provides it in Egypt?
I wrote – Manal Al-Masry:
Nasser Social Bank leads the list of the banking system in issuing savings certificates with a high interest rate, which is the highest in the banking system.
Nasser Social Bank provides high interest rates on all types of certificates for one, one and a half or 3 years terms on the Egyptian pound for fixed return.
Banks competed during the last two months to issue triple certificates with a fixed rate of return, with the aim of promoting savings in the pound as a safe and profitable investment, as well as preserving the existing savings of their customers from going to other havens such as gold and the dollar.
And Nasser Social Bank’s leadership in providing high interest compared to other banks comes because it is not bound by the regulatory instructions issued by the Central Bank, such as the mandatory cash limit, which stipulates that every 18% of its total short-term deposits of less than 3 years be deposited in the Central Bank without calculating interest like the rest of the banking system.
Nasser Social Bank’s non-compliance with the regulatory instructions is due to the fact that it is not subject to the supervision of the Central Bank and its subordination to the Ministry of Social Solidarity according to the law of its establishment, which allows it greater flexibility than other banks.
Masrawy provides details of interest rates on certificates at Nasser Social Bank
– Triple accumulative certificate (for individuals): The interest rate is 22%. The return is paid at the end of the period.
– One and a half year certificate (individuals): The interest rate is 20%, the return is paid upon maturity.
– The triple certificate (return of favor) for the elderly from 60 years and above: the interest rate is 17.75%, the return is paid monthly, and 19.25% is spent annually, and the purchase starts from the first thousand pounds.
– Certificate (Return of Favor) for one year: at an annual interest rate of 11.75% for the monthly return, and 12.95% at the end of the certificate’s maturity.
– The triple certificate for “individuals”: the annual interest rate is 17.5%, the return is paid monthly, 17.75% is paid quarterly, and 19% is paid annually, and it starts to be purchased from the first thousand pounds.
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