The National Bank of Egypt (NBE) and Banque Misr, Egypt’s two largest governmental banks, have introduced two new Certificates of Deposit (CDs) offering record-breaking interest rates. The first offers an annual interest rate of up to 27 percent, while the second provides a monthly return of 23.5 percent. The purchase of these certificates begins on Friday, 5 January through various electronic channels including online banking services, mobile apps, and the extensive network of 800 branches all over Egypt. The minimum purchase value for each CD is set at EGP 1,000 (USD 32) with incremental amounts accepted. The certificates are available for individuals, including Egyptians residing abroad and foreigners. Additionally, the CDs can be used as collateral for loans, and credit cards can be issued with them as security. Redemption is possible after six months, subject to specified rules and conditions. Both banks are set to commence repayments of over EGP 500 billion (USD 16 billion) in principal and interest, originating from the 22.5 percent and 25 percent one-year CDs issued in January 2023. The repayment process begins on Sunday, 7 January….
The post New CDs Issued by National Bank of Egypt and Banque Misr Offer Up to 27% Returns first appeared on Egyptian Streets.
Source: egyptianstreets
