The National Bank of Egypt decided to reduce the interest between 0.25% and 1% on the regular savings account divided into four segments, as announced by the bank in an official statement. Foreign investment is also improving the country’s economic condition in general.
Lower interest rates
It is known that interest-cutting measures benefit the state in reducing inflation and that the matter directly benefits the decisions of expansionary and investment companies, and the reduction of interest at the regular savings account at the National Bank of Egypt comes in line with the decision of the Central Bank’s Monetary Policy Committee, during its last meeting on Thursday 24 September , By cutting interest by 0.5% to 8.75% for deposits and 9.75% for lending.
National Bank of Egypt
The National Bank offers 4 types of savings accounts, which are the regular account, the youth savings account, the pension account, and the small savings account, the minimum for opening a regular savings account is 1,000 pounds, and the minimum for an interest account starts from 3,000 pounds, without which interest is not charged.
We offer you the interest rates as explained by the bank:
First: the first tranche From 3001 EGP to 5000 EGP, the interest ranges between 3% annually on the monthly return, 3.05% annually on the quarterly return, 3.10% annually on the semi-annual return, and 3.20% on the annual return.
Second: the second tranche From 5001 EGP to 100,000 EGP, the interest ranges between 4% annually on the monthly return, 4.05% annually on the quarterly return, 4.10% annually on the semi-annual return, and 4.20% on the annual return.
Third: the third tranche From 100,000 pounds to half a million pounds, the interest ranges between 4.5% annually on the monthly return, 4.6% annually on the quarterly return, 4.65% annually on the semi-annual return, and 4.75% on the annual return.
Fourth: The fourth tranche More than half a million pounds: The interest ranges between 4.75% annually on the monthly return, 4.85% annually on the quarterly return, 5% annually on the semi-annual return, and 5.25% annually on the annual return.
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