Egypt Daily News – The National Bank of Egypt and Banque Misr decided to continue offering high-yield savings certificates with a one-year term, which enjoy a special interest rate of up to 27%, following the start of their maturity dates for customers yesterday, Sunday.
Savings certificates continue with returns of 23.5% and 27%
A savings certificate can be issued for one year at a fixed rate of return throughout the duration of the certificate. The return rate for the certificate is 27% annually, which is disbursed at the end of the certificate’s term. The return can also be disbursed monthly with an interest of 23.5% annually.
Mohamed Al-Etreby, CEO of the National Bank of Egypt, confirmed in television statements that the bank will continue to offer annual savings certificates, with a return of 27% annually that is disbursed at the end of the period, a return of 23.5% that is disbursed monthly, and a return of 23% that is disbursed on a daily basis.
Al-Atribi explained that the National Bank of Egypt has not decided to make any future changes in interest rates yet, while applications to purchase these certificates continue to be available in the bank’s branches at the same announced interest rates.
888 billion pounds, the proceeds of certificates for one year at the National Bank of Egypt
He noted that the total proceeds of certificates for one year at the National Bank of Egypt amounted to about 888 billion pounds since the start of their offering until now, pointing out that part of the certificates began to mature yesterday, Sunday, as those certificates were fully renewed at the same interest rates previously announced.
He stated that these annual certificates with returns of 27%, 23.5%, and 23% are considered among the most prominent savings vehicles that attract investment, as they meet the needs of various categories of customers. They were issued when the inflation rate was recording more than 30%, but the inflation rate recorded a decline to reach 25%, so the certificate is very attractive.
Details of high-yield savings certificates for one year
The National Bank of Egypt and the National Bank of Egypt provide the certificate starting from 1,000 pounds and its multiples, and it is issued to natural individuals or minors, Egyptians or foreigners, and the period is calculated starting from the business day following the purchase.
It is possible to borrow against the guarantee of the certificate, in addition to the possibility of issuing credit cards with its guarantee. The certificate can also be redeemed after 6 months, starting from the working day following the date of purchasing the certificate, in accordance with the rules of recovery and the regulating terms and conditions.
In January 2024, Banque Misr and the National Bank of Egypt announced the issuance of new savings certificates with a high return of up to 27% annually, after the end of the period of savings certificates that granted a return of 25% and which were introduced in January 2023.
In its last meeting last December, the Monetary Policy Committee of the Central Bank of Egypt decided to maintain interest rates for the sixth time in a row, at 27.25% for deposits and 28.25% for lending. It also decided to keep the credit and discount rates at 27.75%.
