07:01 PM
Monday 13 June 2022
I wrote – Manal Al-Masry:
8 banks allocate savings certificates at a high interest rate, starting with their purchase of the first thousand pounds and its multiples, to address all different segments of society in their ability to invest their money in banks from low limits.
Al-Ahly, Egypt, Nasser Social, Al-Ahly Kuwaiti, Construction and Housing, QNB Al-Ahly, HSBC and Al-Baraka raised the interest rate on their savings certificates to become the highest return offered to all segments of society.
The increase in the interest on certificates aims to motivate customers to save their money and support monetary policy in fighting inflation and controlling price hikes through citizens’ preference for saving over buying.
These banks provide multiple advantages to the customer with the possibility of obtaining financing up to 90% of the total value of the certificate, or a credit card for installment purchases with the guarantee of the certificate, as well as the possibility of breaking it in the event that any customer wants to retrieve the original certificate, provided that following 6 months have passed from its purchase, and a percentage of the return is deducted. He obtained it in advance according to the stipulated instructions.
Masrawy presents 8 banks that offer saving certificates at a high return price, starting to buy them from the first thousand pounds, addressing all segments of society:
Nasser Social Bank:
Triple Certificate: The interest rate is 15%, the return is paid annually, or 14.25% is paid on a quarterly basis, or 14% is paid monthly.
Triple Certificate (Give Back) for the elderly only: at a return rate of 15.25%, the return is paid annually, or 14.5% is paid on a quarterly basis, or 14.25% is paid monthly.
National Bank of Egypt:
The platinum certificate is for a period of 3 years for a fixed return: the interest rate is 14% annually, and the return is paid monthly.
Egypt Bank:
The Summit Certificate is for 3 years for a fixed return: the interest rate is 14% annually, and the return is paid monthly.
Al Baraka Bank Egypt:
A savings certificate with a variable return for 3 years: the interest rate is 14% annually and is paid on a monthly basis. The bank is unique among the banks operating in the Islamic transaction system in Egypt by offering a variable-return certificate linked to the deposit rate with the Central Bank (corridor).
Housing & Development Bank:
3-year certificate: with interest ranging between 13.5% annually for the monthly return periodic, and 13.75% annually for the quarterly return periodic.
Al Ahli Bank of Kuwait:
3-year certificate: with an interest of 13.5% annually, with a monthly periodicity to pay the return.
QNB Al Ahli Bank:
3-year certificate: with interest ranging between 13.5% annually for the monthly return periodic, and 13.75% annually for the quarterly return periodicity.
HSBC Bank:
3-year certificate: with an interest of 13.5% annually, with a monthly periodicity to pay the return.
