After reducing the interest … Types and details of dollar certificates in 5 banks

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I wrote – Manal Al-Masry:

Banks reduced the interest rate on dollar certificates during the period accompanying the Coronavirus, with the aim of stimulating investment in the Egyptian pound, whose interest on certificates in local currency has now reached between 8% annually to 12.25% in banks.

The volume of demand for purchasing dollar certificates decreased compared to the increase in demand for certificates in pounds to take advantage of the high interest rate.

Despite the reduction in interest on dollar certificates in Egypt, the offered return is still high compared to international prices, which reach zero or half percent in foreign markets.

Most of the banks offer, as part of their medium-term savings containers – savings certificates in dollar currency, to Egyptians at home, with the aim of making a product available to Egyptian or foreign customers who tend to save their money in American currency.

There are also types of dollar certificates that address Egyptians working abroad at different interest rates, with the aim of diversifying the savings products they have.

The interest rate on dollar certificates varies from one bank to another according to the terms of the certificate, and the periodicity of disbursing the return. Banks also allow the customer to borrow with their guarantee, at a rate of up to 90% of the total value of the certificate in some cases.

Masrawy presents the details of dollar certificates in 5 major banks, namely Al-Ahly, Egypt, Cairo and Alexandria, and Al-Tijaria International for Egyptians inside only, as follows:

First – Details of the dollar certificates in the National Bank of Egypt:

Gold dollar certificate of fixed return with maturities of 3 years:

Interest rate: 2.15% annually, payable every 3 months.

Minimum purchase amount: $ 500 and its multiples.

Breaking the certificate: 6 months after its purchase.

2- A certificate of the people of Egypt in dollars for a fixed return with a maturity of 5 years:

Interest rate: 2.2% annually, and the interest is paid every quarter.

Minimum purchase amount: $ 500 and its multiples.

Breaking the certificate: 6 months after its purchase.

3- The certificate of the people of Egypt in dollars for a fixed return with a 7-year maturity:

Interest rate: 2.25% annually, and the return is paid every 3 months.

Minimum purchase amount: 1,000 dollars.

Breaking the certificate: 6 months after its purchase.

Second – Dollar certificates in Banque Misr:

1- Dollar stability certificate for 3 years fixed return:

Interest rate: 2.15% annually, and the return is paid every 3 months.

Minimum purchase amount: $ 100.

Breaking the certificate: 6 months after its purchase.

2- Dollar Stability Certificate for 5-year maturities:

Interest rate: 2.20% annually, and the interest is paid every 3 months.

Minimum purchase amount: $ 100 and its multiples.

Breaking the certificate: 6 months after its purchase.

3- A variable return dollar savings certificate with a maturity of 3 years:

Interest rate: 1.5% annually.

Minimum purchase amount: $ 500 and its multiples.

Breaking the testimony: at any time without committing to a specific deadline.

4- Certificate of selection in dollars for the cumulative return with a maturity of 3 years:

Interest rate: 2.15% annually, and the interest shall be paid at the end of the period.

Minimum purchase amount: $ 1,000 and its multiples.

Breaking the certificate: 6 months after its purchase.

5- Certificate of selection in dollars for the cumulative return for 5 years:

Interest rate: 2.20% annually, and the interest shall be paid at the end of the period.

Minimum purchase amount for a certificate: $ 1,000 and its multiples.

Breaking the certificate: 6 months after its purchase.

Third – Banque du Caire:

It offers two types of dollar certificates:

1- Dollar (Primo) certificate with a maturity of 3 years for fixed return:

The interest rate is 2.1% annually, the periodic exchange of the return is monthly, and 2.25% annually for the periodic exchange of the return every quarter.

Minimum purchase amount: $ 100 and its multiples.

Breaking the certificate: After 6 months have passed since its purchase.

2-Dollar certificate (Primo) 5 years fixed return:

The interest rate is currently 2.20% annually, the interest exchange period is monthly, and 2.5% annually for the quarterly interest exchange period.

Minimum purchase amount: $ 100 and its multiples.

Breaking the certificate: After 6 months have passed since its purchase.

Fourth – Bank of Alexandria:

It issues one type of certificate under the name (Alex Green) and has a variable return.

Interest rate: The interest rate is calculated in international markets with an increment of 1%.

Return payment period: 3 months.

Minimum purchase amount: $ 100 and its multiples.

Breaking the certificate: After 6 months have passed from its purchase.

Fifth – Dollar certificates in the Commercial International Bank:

It is divided into 3 types of certificates with terms of 3 years, 5 years and 7 years.

The bank standardizes the interest rate on all terms of dollar certificates at: 2.25%.

Return periodicity: determined by the customer and there is no difference in the interest rate.

Minimum purchase amount: 1,000 dollars.

Breaking the certificate: After 6 months have passed since its purchase.

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