The Al Ahli Bank of Kuwait – Egypt on Tuesday announced the launch of a three-year certificate of deposit with an interest rate of 85 percent, with the return disbursed cumulatively at the end of the certificate’s term.
Details on the new 85 percent certificate:
- Valued at LE 1000 and its multiples, and can be broken six months from the date of issuance.
- Egyptian and foreign individuals can purchase the new CD in Egyptian pounds from Al Ahli Bank of Kuwait – Egypt, with an accumulated interest of 85 percent.
- Can be borrowed against the guarantee of the new CD in Egyptian pounds from the Al Ahli Bank of Kuwait – Egypt, up to 95 percent of the amount of the certificate of deposit.
- The new CD can be purchased in Egyptian pounds from Al Ahli Bank of Kuwait – Egypt from all branches of the bank or through electronic channels and the call center.
- The new CD lasts three years, and can be redeemed in Egyptian pounds from Al Ahli Bank of Kuwait – Egypt after six months from the date of issuance of the certificate.
- The interest rate is automatically added to the customer’s current or savings account at Al Ahli Bank of Kuwait – Egypt.
- The interest rate on the new CD depends on the duration of the certificate and the frequency of interest payments, as the annual interest on the certificate is 20.683 percent, and the return is disbursed cumulatively at the end of the certificate term – reaching 85 percent at the end of the three years.
Edited translation from Al-Masry Al-Youm
