The Housing and Development Bank offered a new savings certificate for a period of 3 years, with a fixed return of 20%, to be spent annually, and 18.5% for monthly payment.
The minimum price for purchasing the certificate is EGP 100,000 and its multiples, and the return is calculated starting from the day following the purchase, and it is automatically renewed unless the customer requests not to renew.
The bank allows the customer to retrieve the certificate after 6 months have passed from the date of purchase, so that 11% is deducted if it is redeemed before the first year, 10.5% in the second year, and 10% in the third year.
The bank had recently revealed that its deposit product portfolio had achieved remarkable growth, whether at the level of individual deposits or corporate deposits, as the deposit portfolio increased by 42% to reach EGP 89.5bn by the end of 2022, compared to about EGP 63bn by the end of 2021, an increase of EGP 26.5bn.
A report by the bank’s board of directors revealed that the individual deposits portfolio increased by 21.36%, to record EGP 27.2bn at the end of 2022, compared to EGP 22.4bn at the end of 2021. The corporate deposits portfolio also witnessed a growth of 53.9%, to record EGP 62.2bn, compared to about EGP 40.5bn.
