Manal Al-Masry wrote:
All banks decided to reduce the interest on short-term deposits, the return of which will be spent at the end of their maturity, in conjunction with the Central Bank’s decision to cut interest by 3%.
The central bank decided to cut interest rates unexpectedly 3% in the middle of last month, to drop the interest rate to 9.25% for deposit, and 10.25% for lending.
The three public banks, Al Ahly, Egypt and Cairo, cut 2% interest on short-term deposits.
All banks offer to their customers a “term deposit” program with a specific interest, with the aim of attracting savings containers from clients with short terms and appropriate interest, but the interest varies from one bank to another.
Short term deposits are divided from one to two weeks, or from one to two months, 3 to 6 months, or 6 months to a year.
The difference between deposits and certificates is that the first is more in line with companies that need to obtain interest in a few terms due to their need for continuous liquidity rates, but the certificates are in line with individuals who prefer to invest their money for long periods in banks to benefit from the interest.
Deposits are distinguished by the ability of a customer to withdraw his funds at any time from their assessment without having to wait for 6 months as certificates.
Masrawy provides interest rates on short-term deposits in the three public banks, namely Al Ahly, Egypt and Cairo, after the cut.
1- Cairo Bank:
– From one to two weeks: 2.75% annually, and the minimum deposit link starts from 50 thousand pounds.
– From two weeks to less than a month: 3% annually, and the minimum deposit link starts from 50 thousand pounds.
– From one month to less than two months: 4.5% annually, and the minimum limit for linking the deposit starts from one thousand pounds.
– From two months to less than 3 months: 4.5% annually, and the minimum limit for linking the deposit starts from one thousand pounds.
– From 3 months to less than 6 months: 4.75% per annum, and the minimum deposit link starts from one thousand pounds.
– From 6 months to less than a year: 4.75% per annum, and the minimum deposit link starts from 1,000 pounds.
2- The National Bank of Egypt:
– From one to two weeks: 2.25% annually, and the minimum deposit link starts from 100,000 pounds.
– From two weeks to less than a month: 2.75% per annum, and the minimum deposit link starts from 100,000 pounds.
– From one month to less than two months: 4.5% annually, and the minimum limit for linking the deposit starts from one thousand pounds.
– From two months to less than 3 months: 4.5% annually, and the minimum limit for linking the deposit starts from one thousand pounds.
– From 3 months to less than 6 months: 4.75% per annum, and the minimum deposit link starts from one thousand pounds.
– From 6 months to less than a year: 4% per annum, and the minimum deposit link starts from one thousand pounds.
3- Banque Misr:
Banque Misr works to link interest for each deposit, according to the amount, and is divided into four programs:
The first program: From zero to less than one million pounds:
Deposits from one week to 14 days: interest of 2.87%.
Deposits from 15 days to less than a month: 3.365% interest.
Deposits from one month to less than two months: 4.375% interest.
Deposits from two months to less than 3 months: 4.365% interest.
Deposits from 3 months to less than 6 months: 4.125% interest.
Deposits from 6 months to less than one year: 3.875% interest.
The second program: From one million pounds to less than two million pounds:
Deposits from one week to 14 days: 3% interest per annum.
Deposits from 15 days to less than a month: 3.5% interest per annum.
Deposits from one month to less than two months: an annual interest of 4.5%.
Deposits from two months to less than 3 months: an annual interest of 4.5%.
Deposits from 3 months to less than 6 months: 4.25% interest per annum.
Deposits from 6 months to less than one year: 4% interest per annum.
The third program: more than two million pounds to 5 million pounds:
Deposits from one week to 14 days: 3.125% interest per annum.
Deposits from 15 days to less than a month: 3.635% interest per annum.
Deposits from one to two months: 4.625% interest per annum.
Deposits from two months to less than 3 months: an annual interest of 4.625%.
Deposits from 3 months to less than 6 months: 4.375% interest.
Deposits from 6 months to less than a year: 4.125% interest per annum.
The fourth program: More than 5 million pounds to 10 million pounds:
Deposits from one week to 14 days: an annual interest of 3.25%.
Deposits from 15 days to less than a month: an annual interest of 3.75%.
Deposits from one to two months: 4.75% interest per annum.
Deposits from 2 months to less than 3 months: 4.75% interest per annum.
Deposits from 3 months to less than 6 months: 4.75% interest per annum.
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