The bank has also adjusted the top-tier certificate to a 15% annual return for three years
Banque Misr has issued a new savings package, the King's Certificate in Egyptian pounds, which is a nominal certificate for a period of one year starting from EGP 1,000 and its multiples.
The certificate is issued to natural persons, whether adults or minors, with the highest return on savings certificates after the suspension of the Talaat Harb certificate. Meanwhile, the yield on the top-tier certificate has been adjusted to become 15% annually for a period of three years.
The King's Certificate is in Egyptian pounds at a fixed annual rate of 17%. The returns are dispensed every three months, starting from the next business day after purchasing the certificate. The return is automatically added to the customer's savings or current account. The customer can withdraw the returns with a direct debit card.
The certificates can be purchased from any of the bank's 600 branches spread nationwide. It should be noted that the customer can retrieve the value of the certificate three months after purchasing it, with the deduction of the prescribed rates. Customers can moreover take out loans guaranteed against the certificate.
Banque Misr has also adjusted the rate of return on the top-tier certificate to the 15% annually instead of 16%, while maintaining all other conditions and benefits. This comes in view of the Central Bank of Egypt's decision to reduce the deposit and lending rates in light of the improved macroeconomic indicators, such as the economic growth rate, low unemployment rate, improved foreign exchange reserves and low inflation rates.
Moreover, Banque Misr offers a wide variety of savings certificates to suit all segments and categories in terms of duration and value, in both local and foreign currencies, in order to satisfy customers and meet their banking needs. Further, it is working on the constant development of existing savings packages and keeping up with all the latest developments to help meet those needs.