NBE and Banque Misr raise savings certificate rates to 18.85% from Sunday
Egypt's two biggest state banks add one percentage point to their three-year fixed certificates from 8 November, and Housing and Development Bank goes to 19%.
People holding cash in Cairo get better returns from tomorrow. National Bank of Egypt and Banque Misr will both pay one percentage point more on their main three-year fixed-return certificates from Sunday 8 November, according to reports in Youm7 and Masrawy on Saturday.
At National Bank of Egypt, the Platinum certificate with a fixed return paid monthly rises to 18.75% a year, up from 17.75%. The same certificate with the return paid every three months rises to 18.85%, up from 17.85%. The bank's chief executive, Mohamed El-Etreby, said the change was decided by the bank's asset and liability committee and applies in every branch and on the bank's apps.
Banque Misr made a matching move on its Al Qemma certificate, also fixed for three years: 18.75% a year with monthly payouts instead of 17.75%, and 18.85% with quarterly payouts instead of 17.85%. It is sold in branches and through the bank's digital channels from the same day.
A third state lender, Housing and Development Bank, is also starting new rates on Sunday. Its three-year Diamond Plus certificate now pays 19% a year when the return is taken once a year, or 18.75% when it is paid monthly, Masrawy reported.
The rises follow the Central Bank of Egypt's decision on 29 October to lift its key interest rates by one percentage point, taking the overnight deposit rate to 20% and the overnight lending rate to 21%. Banks have been adjusting their savings products since then, starting with variable-rate certificates.
If you are about to buy a certificate, waiting until Sunday gets you the higher rate at both big banks. The new rates apply to certificates bought from 8 November; certificates with a fixed return keep the rate they were bought at, so existing holders do not move up automatically. Choose monthly payouts if you live on the income, or quarterly for the slightly higher 18.85%. The reports did not give minimum amounts or any changes to early-redemption terms, so ask at the branch or check the bank's app before you buy.