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Interest rates on variable-return savings certificates in Egyptian banks fell 0.5% after the Central Bank of Egypt yesterday decided to cut interest for the second time in a row.
The Monetary Policy Committee of the Central Bank of Egypt decided, at its meeting on November 12, 2020, to reduce the rate of return on overnight deposits and loans and the rate of the Bank’s main operation. power plant by 50 basis points, reaching 8.25%, 9.25% and 8.75% respectively. The lending and discount rate was also reduced by 50 basis points to 8.75%.
In Egyptian banks, Variable Return Savings Certificates are popular with a large number of clients due to the high yield offered to them compared to other savings containers.
And variable return certificates are always subject to interest rate fluctuations, with every decision of the central bank’s monetary policy committee to reduce or increase interest, unlike fixed return certificates.
The Money of Tomorrow is offering interest on 3-year variable return certificates at 12 banks after the central decision to cut interest rates.
– National Bank of Egypt:
3-year Platinum Variable Return Certificate: the interest rate is 8.5% and the return payment frequency is every three months.
The minimum purchase amount for the certificate: It starts from one thousand pounds and double.
International commercial bank:
A variable-yield savings certificate: the interest rate is 7.5% per year, and interest is paid every 3 months.
The minimum purchase amount for the certificate: It starts from one thousand pounds and double.
– Bank of Cairo:
3-year variable-yield Primo certificate: the interest rate is 7.25% annually, interest is paid monthly, or 7.5% annually, and the yield is paid periodically every 3 months.
Distinguished Primo Certificate: The interest rate is 8% per annum and the return is periodically disbursed every 3 months.
The minimum purchase amount for the certificate: It starts from one thousand pounds and double.
Bank of Egypt:
3-year Variable Return Summit Certificate: interest rate of 8.5% per year and periodic return every three months.
The minimum purchase amount for the certificate: It starts from one thousand pounds and double.
– Housing and development bank:
3 Year Variable Return Certificate: The interest rate is 7.75% annually for the periodic monthly return, or 8% annually for the periodic quarterly return, or 8.25% annually for the semi-annual periodic return.
The minimum purchase amount for the certificate: It starts from one thousand pounds and double.
– Bank of Alexandria:
Alex Prime Variable Return Certificate: the interest rate is 7.25% per annum, and the periodic payment of the return every 3 months.
Alex Prime Gold Variable Return Certificate: The interest rate of 7% is paid monthly.
The minimum purchase amount for the certificate: It starts from one thousand pounds and double.
– saib bank:
Saib Wen Variable Return Certificate: the interest rate is 7.25% annually, and the periodic exchange of interest is daily.
Saib Prestige certificate: 7.75% per year, monthly periodic return or 8% per year and periodic return every 3 months.
The minimum purchase amount for the certificate: It starts from one thousand pounds and double.
Emirates NBD:
3 Year Variable Return Certificate: The interest rate is 7.5% per annum, and interest is paid every 3 months.
The minimum purchase amount for the certificate: It starts from one thousand pounds and double.
African Arab International Bank:
The interest rate varies between 7.25% annually for the monthly return, 7.5% annually for the quarterly return, or 7.75% annually for the semi-annual return, or 8% annually for the annual return.
Audi Bank Egypt:
A 3-year variable return certificate: the interest rate is 7.75% annually and the periodic payment of interest monthly.
The minimum purchase amount for the certificate: It starts from one thousand pounds and double.
First Abu Dhabi Bank:
3-year Variable Return Certificate: the interest rate varies between 7% annually for the monthly return, or 7.25% annually, and the periodic payment of the return every 3 months, or 7.5% annually, and the periodic payment of performance each year.
The minimum purchase amount for the certificate: It starts from 5000 EGP.
National Bank of Kuwait:
3 Year Variable Return Certificate: The interest rate varies between 7.5% annually for the monthly return and 7.75% annually for the periodic exchange of the return each quarter.
The minimum purchase amount for the certificate: It starts from one thousand pounds and double.
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