Saturday 04 December 2021
I wrote – Manal Al-Masry:
Some clients are looking to invest their savings in one-year certificates, due to their short bonding period.
Two banks offer a one-year certificate, the National Bank of Egypt and Nasser Social Bank, but the interest rate or the conditions applied to them made them out of the preferences of customers who aspire to obtain a high return.
During the last 5 years since the decision to liberalize the exchange rate in November 2016, bank customers used to provide a certificate with one year terms at an attractive interest rate that started from 2016 and continued until last year, but it was stopped in September before last.
The highest price offered in banks for certificates is currently between 11% and 11.25%, with a term of 3 years, which does not appeal to some customers who aspire to issue a certificate with a high interest in some banks, as they used to before.
Two banks allow the issuance of a one-year certificate on a periodic basis for disbursing a monthly return in the National Bank and Nasser Social Bank:
First – The National Bank of Egypt:
It provides investment certificate (B) with general terms: with an interest of 6% and the return is paid monthly, and the purchase of the certificate starts from the first thousand pounds and its multiples for all clients from the age of 21 years.
Second- Nasser Social Bank:
It provides a certificate of return for one year for the elderly only from the age of 60 years and above, and the return ranges between 10.75% annually and the return is paid at the end of its terms, or 10.25% annually and the return is paid monthly.
The purchase of the certificate starts from the first thousand pounds, provided that the total deposits of the client in this type do not exceed two million pounds.