CAIRO: Mashreq Egypt announced on Sunday the launching of its new five-year certificate of deposit in Egypt, with fixed interest rates of 10.35 percent per annum to be paid annually, 10.30 percent semi-annually, 10.25 percent quarterly, and 10.10 percent monthly.
The medium-term investment product will offer customers instant liquidity, capital security, a stable source of return, and a guaranteed return rate, considered to be one of the “best” rates in the market, the company said in a released statement.
“Mashreq Egypt’s five-year certificate of deposit guarantees the highest fixed monthly, quarterly, or yearly return whether you are a customer or not,” said Tareq Fawzi, country manager of Mashreq Egypt, in the statement.
According to the company, holders of the certificate will also have an additional 1 percent above the basic saving rate on the saving account.
“The launch of our five-year certificate of deposit will enable customers to increase their savings in the medium-term according to their financial needs and provide them with a selection of convenient saving options at a remarkably attractive interest rate with the freedom of choice of interest frequency payment,” said Fawzi.
According to Fawzi, the five-year certificate of deposit is an expansion of Mashreq’s product line, where the customer can have the flexibility to choose from a wide range of certificates whether for tenor of 3 or 5 years based on customer choice.
Moreover, the company stated that they continue to offer customers the three -year certificate of deposit as the bank increased the rates of the three-year certificate to be 10.25 percent per annum paid annually, 10.20 percent semi-annually, 10.15 percent quarterly, and 10 percent monthly.
“With a minimum deposit of LE 5,000 and one of the highest fixed interest rates among different frequency payment, our certificates of deposit will provide customers with fixed term deposits that give them peace of mind, while their wealth accumulates. In addition it reinforces our strategic approach of introducing convenient range of products to our customers,” Fawzi added.
Founded in 1967 as Bank of Oman, Mashreq is currently one of the largest banks in the United Arab Emirates. Currently, the bank operates in several countries across the Middle East including Qatar and Egypt.
