The Commercial Bank in Egypt declared its plan to increase the interest rate on the 18-months certificates of deposit. News of their 20% certificates escalated on Tuesday, January 10.
In its statement, the bank mentioned that its newly updated return percentage will rise to 20% reimbursed monthly and 22.5% paid at the maturity date of the 18-months certificates.
The CIB is notably the third bank to release new certificates with a high-interest rate, following the footsteps of Banque Misr and NBE. Both banks recently offered a 22.5% monthly return and a 25% annual return on the tree-year-certificates.
Starting last Wednesday, bank clients were allowed to purchase the new certificates from all branches of the CIB in Egypt. The bank also set a minimum of EGP 100,000 for clients to acquire the new certificates; they can submit any amount multipliable by 1,000 above the minimum.