06:01 PM
Tuesday 07 February 2023
I wrote – Manal Al-Masry:
Banque Misr raised the interest rate on (short-term) deposits by about 2% during the month of January, with the restructuring of the interest rate offered on savings accounts as well as loans.
Banque Misr introduced short-term deposits to meet the demands of some customers in obtaining an interest rate over a short period for those who are not inclined to link their savings in long-term certificates due to their need for permanent liquidity.
One of the most important advantages of short-term deposits is that there is no prohibition against breaking them after purchasing them from the customer, so that he can cancel them on the day after linking them and recover the original money if he wishes, but in exchange for not calculating any interest other than certificates that are prohibited to be broken except after 6 months have passed since their purchase.
Banque Misr divides deposits into five tranches, between which the interest varies, but varies within one tranche according to the term of each deposit, which varies between one week and two weeks, less than one month, two months, 3 months, 6 months, and less than a year up to 7 years or more, as the bank works to link interest to the term of each deposit. depending on the amount.
In the following lines, Masrawy provides details of the interest rate on all tranches of deposits divided into short periods from a week to a year in Banque Misr after the interest rate increase:
Deposits from one week to 14 days: The interest rate is 5.375% annually on the value ranging from (one thousand pounds to less than one million pounds), 5.5% on the value (from one million pounds to two million pounds), and 5.625% (from 2 1 million pounds to 5 million pounds), and 5.75% (from 5 million pounds to 10 million pounds).
Deposits from 15 days to less than a month: The interest rate is 5.875% annually on the value ranging from (one thousand pounds to less than one million pounds), 6% on the value (from one million pounds to two million pounds), and 6.125% (from two million pounds). pounds to 5 million pounds), and 6.25% (from 5 million pounds to 10 million pounds).
Deposits from one month to less than two months: The interest rate is 6.875% annually on the value ranging from (500 pounds to one million pounds), 7% (from above one million to two million pounds), and 7.125% (from two million pounds to five million pounds). pounds), and 7.25% (from 5 million pounds to 10 million pounds).
– Deposits from two months to less than 3 months: The interest rate is 6.875% annually on the value ranging from (500 pounds to one million pounds), 7% (from above one million to two million pounds), and 7.125% (from two million pounds to five million pounds). million pounds), and 7.25% (from 5 million pounds to 10 million pounds).
– Deposits from 3 months to less than 6 months: The interest rate is 6.625% annually on the value ranging from (500 pounds to one million pounds), 6.75% (from above one million to two million pounds), and 6.875% (from two million pounds). pounds to 5 million pounds), and 7% (from 5 million pounds to 10 million pounds).
– Deposits from 6 months to less than a year: The interest rate is 6.375% annually on the value ranging from (500 pounds to one million pounds), 6.5% (from over one million to two million pounds), and 6.625% (from two million pounds). to 5 million pounds), and 6.75% (from 5 million pounds to 10 million pounds).
– More than 10 million pounds: The interest rate is determined between the bank and the customer because it is a special segment.
