The Arab African International Bank (AAIB) in Egypt now offers a savings certificate in Egyptian pounds for a period of three years, with a return of 40 percent of the value of the certificate paid in advance and a minimum purchase price of LE5,000.
The bank added on its official Facebook account that the certificate cannot be redeemed before the lapse of six months from the date of purchase.
The deduction rate from the added interest value in advance applies if the certificate is redeemed after six months of purchase is 95 percent of the interest value.
It decreases to 63 percent of the interest value in the second year, and 28 percent in the third year.
The National Bank of Egypt on Wednesday began issuing two new certificates of deposit (CDs) in US dollars for a period of three years, amid a hard currency scarcity.
It offers a return of seven and nine percent over a period of three years.
Customers can redeem the certificate after six months of issuance.
It is permissible to borrow, with the guarantee of the certificate, up to 50 percent of its value in Egyptian pounds – at a maximum amount of LE10 million, and with a return of 2.25 percent less than the Central Bank’s lending rate.
