See Reviews Saving Certificates' Return Rate in Egyptian Banks

The Central Bank’s Monetary Policy Committee (MPC) cut interest rates by 0.5% on deposits and lending, during its meeting at the end of last week, bringing the rate of return on deposits to 8.75%, and on lending to 9.75%.

CBE lowered its key overnight deposit rate by 50 bps to 8.75% during its September meeting, bringing borrowing costs to its lowest since November of 2015.

These changes in interest rates resulted in similar changes in the interest rate of variable-return savings certificates in a number of banks.

Today, bank administrations were reviewing the rates of return on savings certificates and deposits, in line with the new cut in interest rates by the Central Bank of Egypt (CBE).

SeeNews monitors the rates of return on variable-return certificates in a number of banks operating in the Egypt, following the decision of the Central Bank.

National Bank of Egypt (NBE)

The National Bank of Egypt (NBE) offers a 3 years Platinum Certificate at the return rate of 9% on a quarterly basis.

Banque Misr

Banque Misr offers a 3 years Top "Al Kemma" Certificate with a quarterly return of 9%.

Banque du Caire

Banque du Caire offers a 3 years Primo Certificate with 7.75% on a monthly basis, and 8% on a quarterly basis and the Primo Distinguished Certificate with an 8.5% return on a quarterly basis.

Commercial International Bank (CIB)

CIB offers Saving Certificate with an 8% return, distributed on a quarterly basis.

Bank of Alexandria

The Bank of Alexandria offers Alex Prime with an quarterly return of 7.75%, and Alex Prime Gold with 7.5%, distributed on a monthly basis.

Societe Arabe Internationale De Banque (SAIB)

SAIB offers SAIB One with a 7.75% distributed on a daily basis, SAIB Prestige with a monthly return of 8.25%, and 8.5% for the quarterly return.

Housing and Development Bank (HDB)

HDB offers 3 years savings certificate with a monthly return of 8.25%, a quarterly return of 8.5%, and a semi-annual of 8.75%.

Bank Audi

Bank Audi offers 3 years savings certificate with monthly return of 8.25%.

National Bank of Kuwait (NBK)

NBK offers 3 years savings certificate with 8% monthly return and 8.25% quarterly return.

First Abu Dhabi Bank (FAB)

FAB offers 3 years savings certificate, with a 7.5% monthly return, a

7.75% quarterly return, and an 8% annual return.

Emirates NBD

NDB offers a 3 years Certificate of Deposit with 8% quarterly return.

Arab African International Bank (AAIB)

AAIB offers 3 years savings certificate with a monthly return of 7.75%, a quarterly return of 8%, a semi-annual return of 8.25%, and an annual return of

8.5%.