Egypt’s two largest governmental banks, the National Bank of Egypt (NBE) and Banque Misr, have just introduced two new Certificates of Deposit (CDs) with record-breaking interest rates.
The first has an annual interest rate of up to 27%, while the second has a monthly return of 23.5%.
The purchase of these certificates will begin on Friday, January 5th, through various electronic channels such as online banking services, mobile apps, and Egypt’s extensive network of 800 branches.
The minimum purchase price for each CD is EGP 1,000 (USD 32), with incremental amounts accepted.
Individuals can obtain the certificates, including Egyptians living abroad and foreigners.
Individuals, including Egyptians living abroad and foreigners, can obtain the certificates.
Furthermore, the CDs can be used as collateral for loans and as security for credit cards. Redemption is possible six months later, subject to certain rules and conditions.
Both banks plan to begin principal and interest repayments totaling more than EGP 500 billion (USD 16 billion) from the 22.5% and 25% one-year CDs issued in January 2023. The repayment process will begin on Sunday, January 7th.
