The highest return on savings certificates from the National Bank after the interest rate cut decision

The decision of the Central Bank of Egypt to reduce the rate of deposit and lending for one night and the rate of the main operation of the central bank by 50 basis points has moved the rates of return on savings certificates in the Egyptian market, including some National Bank of Egypt certificates.

The National Bank of Egypt savings certificates attest to the turnout of a large number of customers for reasons related to the high return on them, compared to other savings pools.

The Egyptian Safety Certificate is the highest interest or the highest return among the National Bank of Egypt certificates, with an interest rate of 13%, followed by the Platinum Certificate, which has a high return, where the interest reaches 12% monthly and 12.25% quarterly.

Egyptians safety certificate

– The minimum purchase amount: 500 pounds and its multiples, and a maximum of 2500 pounds.

Duration: 3 years.

– Rate of return: 13%.

– Type of return: fixed for the duration of the certificate.

Borrowing: It is not permissible to borrow with the guarantee of these certificates or to issue credit cards of all kinds.

– Redemption: The certificate is recovered in full at the end of the period (the nominal value + the remaining returns after deducting the value of the installments), and it can be redeemed at any time from the date of purchase according to the customer’s desire for the value in which the certificate was purchased.

A life insurance policy provides the customer with the following conditions and benefits:

A life insurance policy is provided to the customer from the age of 18 to 59 years without a medical examination.

The monthly insurance premium is paid from the certificate return.

Compensation is due in the event of the insured’s death, up to a maximum of 50 thousand for natural death, and for death by accident of 250 thousand pennies.

The security deposit (compensation) can be paid in the event of death on a pension guaranteed for a specified period.

The insurance policy is forfeited if the client retrieves the certificate, or the customer reaches the age of 60.

– A quarterly draw is held with 200 prizes at a value of 10,000 EGP net for each prize “tax free”.

Can be purchased with the Fone Cash wallet.

Issued to individuals from 18 years old to 59 years old.

Entities can purchase the certificate for the benefit of the individuals working for it, provided that it is not refundable within 6 years from the date of purchase.

The National Bank of Egypt provides a savings certificate called the Platinum Certificate. Its duration is three years, and its period starts from the day following the day of purchase, and it is renewed automatically.

Platinum Certificate

Minimum purchase amount: 1000 EGP and its multiples.

Duration: 3 years.

Interest rate: 12% per month and 12.25% per quarter.

– Type of return: fixed for the duration of the certificate.

Variable Return Platinum Certificate

Minimum purchase amount: 1000 EGP and its multiples.

Duration: 3 years.

Interest Rate: 8.5% quarterly.

– Return type: a variable linked to the Bid Corridor deposit rate with an increase of (0.25%) that is applied from the next business day to change the deposit rate applied at the Central Bank of Egypt to all existing and new clients.

The five-year certificate with a monthly return

Minimum purchase amount: 1000 EGP and its multiples.

Duration: 5 years.

Interest Rate: 10.25% per month.

Return type: Fixed for the duration of the certificate.

Advantages of National Bank of Egypt Certificates

– These are nominal certificates that can be bought in the names of others without a maximum value for the certificate.

– The holder of the certificate can cash the return from that certificate from any of the National Bank branches.

The certificate and its return are distinguished for being exempt from income taxes for natural persons.

Joint certificates can be purchased in the name of more than one person.

Investment certificates are automatically renewed from the maturity date in the event that the customer does not wish to do otherwise.

It is also possible to keep the investment certificate with the bank and then add its return to the customer’s account, whether this account is a current account, savings account, or a private account, without adding any expenses.

A power of attorney for another person can be made to exchange the return or exchange the value of the certificate.

It is permissible to borrow by guaranteeing the investment certificate, according to simple conditions imposed by the bank.

The Monetary Policy Committee of the Central Bank of Egypt decided, in its meeting on Thursday, November 12, 2020, to reduce the rate of the deposit and lending return for one night and the rate of the main operation of the Central Bank by 50 basis points to reach 8.25%, 9.25% and 8.75%, respectively, and the credit rate was also reduced. The discount, by 50 basis points, to 8.75%.

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