CAIRO: Bank Audi S.A.E. launched new Certificates of Deposit with an interest rate up to 10.3 percent, the bank said in a statement, aiming to encourage investments.
“Bank Audi’s CODs offer a high interest earning power, instant money flow, and a secured capital,” the statement read.
The CODs allow customers to borrow against 90 percent of the certificate’s balance as well as obtaining a credit card exempted from the issuance fees for the first year and acquire a free debit card for the first year.
“The new CODs come into categories with various tenors starting from LE 1,000 and its multiples provided that the minimum purchasing amount to be LE 5,000 with no maximum purchase limit.”
The certificates vary between three, four or five years in duration with an interest rate paid on monthly, quarterly, semiannual or annual basis.
“In the light of economic and political development, Bank Audi issues new saving schemes to support economic development in the upcoming phase aiming to endorse national liquidity, encourage corporate finance, and increase investment opportunities,” the bank said.
