12:21 PM
Monday 23 March 2020
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I wrote – Manal Al-Masry:
The assets and liabilities committee of the National Bank of Egypt decided to reduce the interest rate by 2% on savings account slides, starting from next month, according to an official at the bank to Masrawy.
The National Bank’s decision comes in conjunction with the central bank’s decision to cut interest 3%, last week, to the level of 9.25% for deposits, and 10.25% for lending.
AlAhli Bank offers 4 types of savings accounts that include a regular savings account, a small savings prize account with rewards, a future savings account, and a pension savings account.
The interest on the savings account is graded from one segment to another, and the higher the value of the account, the more the customer will receive a greater return. Rather, the interest varies within the same segment according to the periodicity of exchange of interest, whether monthly, quarterly, semi-annual, or annual.
The bank approves interest on the first tranche of the savings account that starts from 3001 pounds or more, and without that, it does not approve any return on the accounts.
Masrawy offers interest rates on the four savings accounts at Al Ahli Bank.
First – regular savings account:
The first tranche from 3001 pounds to 5 thousand pounds: the interest declined to become between 3.55% on the monthly return, 3.60% on the quarterly return, 3.65% on the semi-annual return, and 3.75% on the annual return.
The second tranche from 5001 pounds to 100 thousand pounds: the interest ranges between 4.3% on the monthly return, 4.35% on the quarterly return, 4.4% on the semi-annual basis, and 4.5% on the annual.
The third tranche from 100 thousand pounds to half a million pounds: the interest ranges between 5% on the monthly return, 5.1% on the quarterly, 5.15% on the semi-annual, and 5.25% on the annual.
The fourth tranche of half a million to more ranges: between 5.7% for the monthly return, 5.75% for the quarterly return, 5.85% for the semi-annual return, and 6% for the annual return.
Secondly – saving savings account with small slides:
The first tranche starts from 3001 pounds to 30 thousand pounds: after the reduction, the interest is 6% annually.
The second tranche from 30 thousand pounds to 50 thousand pounds: the interest is 5% annually.
The third tranche 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.
Third: Future savings account:
The first tranche 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 fourth tranche of half a million pounds to more: 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.
Fourth – Pension Savings Account:
The interest on the account fell to 6% disbursed annually.
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