Sunday 02 May 2021
I wrote – Manal Al-Masry:
Med Bank – Bank of Misr Iran previously – sells a savings certificate that gives the highest interest rate with a prepaid monthly return at the level of certificates issued in the banking system to customers with a maturity of 3 years.
Last month, Med Bank decided to sell a 3-year savings certificate with a fixed return at an interest rate of 11.25% annually. The return is paid monthly and the return is paid in advance at the beginning of the month in order to meet the aspirations of their customers to obtain a rewarding return for their savings in Egyptian pounds, as well as to work to attract new customers.
After purchasing the Med Bank savings certificate, the customer can get its monthly return directly without waiting for a month to pay the interest.
The rest of the banks that offer high interest on savings certificates with a maturity of 3 years are satisfied that they provide an interest rate of 11% annually, and the return is paid monthly, one month after their purchase, or with a return of 11.25% annually, but it is disbursed quarterly.
Med Bank starts selling the certificate from the first thousand pounds and its multiples without a maximum purchase limit, and it is not allowed to recover the original certificate until 6 months after its purchase. It is allowed to borrow with its guarantee up to 95% of its total value, and at an interest rate of more than 2% as a minimum. Certificate price offered.