The National Bank of Egypt (NBE) has raised returns on its three-year platinum savings certificates from 10.5% to 12.5% annually, following Banque Misr that raised returns on its distinct savings certificate from 11.5% to 12.5% and Commercial International Bank (CIB) which raised returns on savings certificates from 10.5% to 11%.
Such move is consistent with NBE’s commitment to offering diversified, developed savings solutions with competitive returns serving a broad segment of customers who seek to boost their savings.
NBE’s new decision is effective from February 4th, 2013 over three-year savings certificates denominated in EGP 1000 and its multiples. The quarterly return is accrued as of the following day of purchase date. Holders of these certificates can borrow 90% of its nominal value. The value of the certificates is redeemed after six months of the issuance date.
