The search rates of citizens who wish to purchase the new Certificates of Deposit (CDs) with a return of 25 percent introduced recently have increased.
Users are searching online for the date the banks will stop issuing these CDs whose sale proceeds has reached about LE 304 billion in the National Bank of Egypt (NBE) and Banque Misr so far.
President of NBE announced, in a statement on Tuesday, the date for stopping the issuance of CDs that were introduced on January 4, and certificates with 22.5 percent returns will be next week, or by the end of this January at maximum.
Al-Masry Al-Youm reviews the CDs with the highest return since they were introduced at the beginning of 2023, the most recent of which was the QNB Alahli.
Four banks issued CDs with a large return of up to 25 percent, namely the National Bank of Egypt, Banque Misr, CIB, and QNB Alahli:
QNB Alahli bank issued a new savings certificate for individuals for a period of one and a half years (equivalent to 18 months) with an annual return of up to 20 percent to be paid monthly and 22.5 percent to be paid at maturity. The minimum limit for CDs is LE 1000 Egyptian and its multiples, and the certificate cannot be retrieved except after six months have passed from the date of purchase.
CIB Bank announced raising the interest rate on CDs with a return rate of 20 percent per month and 22.5 percent to be spent upon maturity after 18 months.
NBE was the first to introduce new CDs at the beginning of 2023, with a duration of one year, with 25 percent interest, and disbursed at the end of the period, or 22.5 percent, disbursed monthly.
Banque Misr announced the issuance of new CDs with a return of 25 percent annually and 22 percent per month, and the investment period on them is one year.
They have a fixed rate of return throughout the period of holding the certificate.
The minimum investment in Banque Misr CDs starts from LE 1000 pounds and its multiples.