2023-05-03 12:10:00
03:10 PM
Wednesday 03 May 2023
I wrote – Manal Al-Masry:
Each of the operating banks sets specific conditions for opening regular savings accounts for customers at the level of the minimum balance, and the interest rate prescribed on the lowest allowed balance.
Savings accounts are one of the most important accounts offered by banks that address customers from the age of 21 years and above, in addition to the existence of other accounts that address different segments of customers for youth, women, pensioners, current account, and so on.
It is possible to open a savings account with the image of the national number only, provided that the job is written on the card or proof is presented that the customer has income, whether fixed or not, to ensure the sources of cash flows for customers according to the prescribed instructions.
The conditions for opening savings accounts differ from one bank to another in terms of the minimum amount for opening the account, as well as calculating the interest rate and periodicity of return exchange.
In the following lines, Masrawy provides details of the minimum amount for opening savings accounts in 7 banks.
National Bank of Egypt
The minimum amount to open an account: one thousand Egyptian pounds.
Calculation of interest: Interest starts to be approved on the balance above 3 thousand pounds, and without that, no interest is calculated.
Egypt Bank
The minimum amount to open an account: one thousand Egyptian pounds.
Calculation of interest: interest on the account balance starts from the first 1,500 pounds, and without that, no interest is calculated.
Cairo Bank
The minimum amount to open an account: one thousand Egyptian pounds.
Interest calculation: interest on the balance starts from the first 5,000 pounds, and without that, no interest is calculated.
Commercial International Bank CIB
The minimum amount to open the account: 20 thousand pounds.
Calculation of interest: The approval of interest on the account balance starts from the first 20,000 pounds, and without that, no interest is calculated.
HSBC Bank
The minimum amount to open the account: 10 thousand pounds.
Calculation of interest: The approval of interest on the account balance starts from the first 10,000 pounds, and without that, no interest is calculated.
Arab African International Bank
The minimum amount to open the account: 5 thousand pounds.
Calculation of interest: The approval of interest on the account balance starts from the first 5 thousand pounds, and without that, no interest is calculated.
Bank of Alexandria
The minimum amount to open an account: one thousand Egyptian pounds.
Calculation of interest: interest on the account balance starts from the first thousand pounds, and without that, interest is not calculated.
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