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Written by Manal al-Masri:
The National Bank of Egypt changed the interest rates on savings accounts and divided them into progressive tranches for the first time.
Prior to this amendment, the NCB had a flat rate of interest on all savings accounts, ranging from 10.60% to 11.25% depending on the periodicity of the return (monthly – quarterly – half-yearly) – annual).
The Bank divided ordinary savings accounts into 5 tranches with variable interest rates, depending on the value of the funds in each installment, according to the frequency of disbursement, according to a circular issued by the bank at all its branches.
The Bank decided not to pay interest, definitely, on the first tranche in the savings accounts from 0 to 3 thousand pounds.
The interest on the remaining segments was as follows: 19659002 [19459006
The second tranche (3001 to 5000 pounds) 8.7%, an annual average of 8, 8%, an annual rate of 9%.
The third installment (5001 to 100 thousand pounds), gives a monthly interest of 9.3%, or quarterly 94%, an annual average of 9.5%, or 9.75% per annum.
The fourth installment (100,000 pounds to 500,000 pounds), gives a monthly interest of 10%, or 10.1% quarterly, an annual 10.25% annual, a 10.5% annual.
The fifth installment (£ 500,000 plus) gives monthly interest of 10.7%, or quarterly 10.8%, annual 10.95% annual, 11.25% annual.
An official source at the bank said that this amendment aims to reduce the cost of funds on the bank under the current high prices.
The National Bank also adjusted the accounts for the supply of the small savings prize, as well as the future savings account, to become progressive segments, according to the following table:
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