Banque du Caire has begun offering a high-yield savings certificate with an interest rate of 25 percent, to be spent annually, coinciding with the imminent withdrawal of the highest-yielding certificates offered by the National Bank of Egypt (NBE) and Banque Misr.
A customer service officer at Banque du Caire told Al-Masry Al-Youm that the bank will begin offering the service starting Monday.
The conditions are that the funds are to be spent at the end of the period, or 22.5 percent interest rate to be spent monthly.
The minimum value to create the certificate is LE1,000.
Banque du Caire’s offering of a 25 percent high-yield certificate coincides with the imminent deadline of the NBE and Banque Misr, expected before the end of January, according to what the two banks announced.
The proceeds from the sale of the 25 percent savings certificates amounted to around LE304 billion at the NBE Banque Misr since its launch on January 4.
According to the President of the NBE Hisham Okasha, the proceeds of savings certificates with a return of 22.5 percent and 25 percent were close to LE200 billion, at the NBE.
Okasha said in a statement Monday that the certificate achieved its goal, and a study is under way to suspend its issuance in the next few days, expected at a maximum before the end of January.
Around 60 percent of the proceeds of the two certificates were through digital channels including applications and the NBE’s call center, he explained.
He said that the bank attracted about 35,000 new customers since the announcement of the issuance of the high-yield certificates.
Edited translation from Al-Masry Al-Youm