The Ahli United Bank (AUB) offers short-term deposit with a term of 15 months and annual return of 10%, said Ashraf Shabib, head of retail banking sector at the bank.
The purchasing minimum rate is EGP 250,000. The new product provides customers with the ability to redeem their deposits or receive deposit-guaranteed loans. Such move came as part of the bank’s plan to expand in retail banking products, Shabib added, noting that the bank considers launching three other products in the current year.
AUB decided to reduce the quarterly return and half-annual return on its 3-year certificates of deposit to 11.25%, instead of 11.75% and 11.875% and annual return to 11.5% instead of 12%.
AUB also decided to reduce the monthly return on the 5-year certificates of deposit to 10.75% instead of 11.5%, quarterly return and half-yearly return to 11% instead of 12% and annual return to 11.25% instead of 12.25%.
The bank decided to reduce returns on its savings instruments because of the decline in the volume of lending. In addition, the government will not rely on government debt instruments (treasury bills and bonds) in the upcoming period as the local debt exceeded EGP one trillion.
Returns on local currency deposits reach:
|
One Week-Two Weeks |
2.5% |
|
One Month-Two Months |
5.5% |
|
3 Months |
6% |
|
6 Months |
7.25% |
|
One Year |
7.5% |
Returns on foreign currency deposits reach:
|
One Week-One Month |
0.1250% |
|
Two Months |
0.1875% |
|
3 Months |
0.3125% |
|
6 Months |
0.5625% |
|
One Year |
0.9375% |
