1:23 PM
Sunday 11 October 2020
–
I wrote – Manal Al-Masry:
The National Bank of Egypt decided to cut interest between 0.25% and 1% on the regular savings account divided into four segments, according to bank sources.
The reduction in interest on the regular savings account at the National Bank of Egypt comes in line with the decision of the Monetary Policy Committee at the Central Bank, during its last meeting on Thursday, September 24, to reduce interest by 0.5% to reach 8.75% for deposits and 9.75% for lending.
AlAhli Bank offers 4 types of savings accounts, which are the regular account, the youth savings account, the pension account, and the small saver account.
The minimum balance for opening a regular savings account is 1,000 pounds, while the minimum balance for calculating interest starts at over 3,000 pounds, without which interest is not charged.
The new interest rates, after reducing them on the four tranches of the regular savings account, are as follows:
The first tranche from 3001 pounds to 5,000 pounds: 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.
The second tranche from 5001 pounds to 100,000 pounds: 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.
The third bracket: 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.
The fourth tranche is 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.
– .
