12:39 PM
Friday 14 August 2020
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I wrote – Manal Al-Masry:
The National Bank and Egypt announced the opening of savings accounts for free without any administrative expenses, and the abolition of the minimum opening fees, in celebration of International Youth Day within the activities of the Central Bank for financial inclusion.
The initiative to open savings accounts without expenses will continue for a period of two weeks, ending on the 24th of this month, to celebrate the International Youth Day.
The banks also decided to open saving accounts free of charge without fees, to issue direct debit cards without fees, in support of the Central Bank’s initiative.
The National and Egyptian Banks offer a savings account that addresses youth. Each bank sets a specific age for young people to take advantage of the distinct interest on the account, which varies from one segment to another according to its value and the periodicity of the return disbursement.
Documents required to open an account:
The saving account is opened in the form of the national number only, and in the event that the job is not recorded on the back of the customer’s identification number, the bank requires a certificate of income proof from the employer.
First – National Bank of Egypt:
It offers two types of savings accounts, one in the name of young people, and the second for minors, as follows:
1 – Youth (Future) savings account at the National Bank of Egypt:
Who is eligible to open an account: Customers from 16 to 50 years old.
Required papers: a copy of the ID card or passport.
The minimum balance for calculating interest: above 3,000 pounds, and without that, interest will not be charged.
The first bracket from 3001 pounds to 100 thousand pounds: ranging between 3.55% for the monthly return, 3.6% for the quarterly return, 3.65% for the semi-annual return, and 3.75% for the annual return.
The second tranche from 100 thousand pounds to half a million pounds: The interest starts between 4.3% for the monthly return, 4.35% for the quarterly return, 4.4% for the semi-annual return, and 4.5% for the annual return.
The third tranche is more than half a million pounds: the interest ranges between 5.25% for the monthly return, 5.3% for the quarterly return, 5.35% for the semi-annual return, and 5.5% for the annual return.
2 – Small Savers Savings Account with Slabs in AlAhli Bank:
Who has the right to benefit from the account: Available to Egyptians and minors, whether (in his name, under guardianship, guardianship, or gift).
Required papers: a copy of the ID card or passport and the birth certificate for minors.
The minimum balance for calculating interest: above 3,000 pounds, and without that, interest will not be charged.
The first tranche starts from 3001 pounds to 30 thousand pounds: the interest is 6% annually.
The second bracket: From 30 thousand pounds to 50 thousand pounds: The interest is 5% annually.
The third bracket: From 50 thousand pounds to 100 thousand pounds: The interest is 4.25% annually.
The fourth tranche, from 100 thousand pounds to more: The interest is 3.75% annually.
Second – Youth savings account in Banque Misr:
Customer age: from 16 years to 30 years above this age will be transferred to the regular account.
It is characterized by the high interest offered to it on small amounts, as well as by lowering the minimum rate for calculating the return in order to motivate young people to save.
From 500 EGP to 20 thousand EGP: ranging between 5.25% annual monthly return, 5.5% annual quarterly return, 5.625% annual semi-annual return, and 5.75% annual annual return.
And more than 20 thousand pounds is calculated according to the return decided by the bank at that time.
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