Starting next January, savings certificates with a 27% return will begin maturing, as the 27% certificates were launched in January 2024, and the certificate has a duration of 27%, provided that the return is disbursed at the end of the period.
The National Bank of Egypt and Egypt, the two largest government banks in Egypt, have introduced a new one-year savings certificate with an interest rate of up to 27%, disbursed annually.
The two banks also offered a second certificate with an annual return of 23.5%, disbursed monthly.
For their part, informed banking sources at the National Bank of Egypt and Egypt said that the certificate with a return of 27% is still ongoing and has not been modified or stopped.
The sources added that the customer with 27% certificates will have their return reduced at the end of the period, which is 12 months, and the certificate can be renewed if it continues if the customer requests it, pointing out that the return on one million pounds is 270 thousand pounds.
It is possible to borrow against the certificate’s guarantee, in addition to the possibility of issuing credit cards with its guarantee. The certificate can be redeemed after 6 months, starting from the working day following the date of purchasing the certificate, in accordance with the rules of recovery and the regulated terms and conditions.
