Egypt’s Commercial International Bank (CIB) has just increased the interest rate on the triple option certificate of deposits to 22% for the monthly interest disbursement period.
CIB provides certificates with a variable return in Egyptian pounds for three years, with a minimum purchase of LE3,000 and multiples of LE1,000.
According to official bank statistics, the minimum purchase amount for the certificate will be 5 million LE and multiples of LE1,000.
The bank states that interest rates vary depending on the deposit and discount rates.
If the return is due on a weekend or an official holiday, the holiday days are added to the days of the month when calculating the return, and the settlement is made in the return’s final addition when the certificate is due.
The bank offers a certificate with a monthly return of 20%, starting at LE100,000 and increasing in increments of LE 1,000.
It also offers other triple option certificates with a 21% return and a minimum investment of one million pounds.
