The National Bank of Egypt (NBE) and Banque Misr announced Tuesday the issuance of two three-year dollar savings certificates with 7% and 9% yields, as of Wednesday.
The NBE said the move came in response to customers’ desires to benefit from their savings in a manner that gives them the necessary flexibility to manage them.
In addition, both banks announced granting personal loans in Egyptian pounds to Egyptian expats with the guarantee of their salaries.
The NBE will issue the “Al-Ahly Plus” certificate with an annual return of 7%. The return is paid in the same currency quarterly, and it is also permissible to borrow against its guarantee up to 50% of its value in pounds for investment purposes, with a maximum of EGP 10m, and a return rate of 2.25% less than the Central Bank’s lending rate.
The bank also offers “Al-Ahly Immediately” certificate with an annual return rate of 9%, which is disbursed in advance in Egyptian pounds.
The categories of the certificates are $1000 and its multiples, and the return is calculated as of the working day following the day of purchase, and the certificates can be redeemed after 6 months have passed from the date of purchase in accordance with the applicable rules and the announced recovery schedule.
The certificates are available for purchase through all bank branches or through Al-Ahly Net and Al-Ahly Mobile, as well as through the official website using credit cards that were not issued in Egypt. The bank’s customers residing abroad and do not have accounts in foreign currency can transfer the amounts required to purchase the certificates, and the bank will open sub-accounts for them in foreign currency.
As for non-customers of the bank, they can also purchase the certificates through following the instructions accompanying bank transfers indicating their ID number and the product to be purchased, provided that the account numbers to which the transfer will be made will be provide on the bank’s website coinciding with the launch of the product and the completion of the necessary documents to deal with those accounts through the bank’s branches and any additional channels that will be announced soon.
The National Bank of Egypt will also provide personal loans for Egyptians working abroad, with a minimum limit of EGP 50,000 and a maximum of EGP 3m, provided that the borrower will pay the installments of his loan in foreign currency from abroad, and that he/ she will be 21-60 years old at the time of the last installment.
The loan installments shall be repaid according to the exchange rate announced at the time of repayment, at an interest rate of 2.25% less than the lending rate of the Central Bank of Egypt at the time of obtaining the loan, and for a period of 4 years, without any administrative expenses. Moreover, the customer will be granted free life insurance. The required documents and more information are available on the bank’s website, provided that the customer signs it at any of the bank’s branches or through other channels that will be announced soon.
The National Bank of Egypt, in cooperation with Misr Life Insurance Company, previously provided Tomorrow’s Pension product in pounds, achieving success in meeting the needs of many customers. Misr Life Insurance Company and the National Bank of Egypt are completing the technological requirements to develop a new product for Egyptians abroad, all of which will be announced in a press conference at the Financial Regulatory Authority during the next week based on the approval issued by the authority to the company in March 2023, after completing all the necessary operational requirements in this regard.
Meanwhile, Banque Misr launched “Al-Qimma” and “Elite” dollar savings certificates for a period of 3 years, as of 26 July 2023.
Al-Qimma certificate offers a return of 9% annually. It is a nominal certificate issued to Egyptians and foreigners, and the return is paid in advance in Egyptian pounds. Elite certificate offers a return of 7% annually. It is also a nominal certificate issued to Egyptians and foreigners, and the return is paid quarterly in dollars.
Egyptians and foreigners can purchase the two certificates with a denomination of $1000 and its multiples, and the date of issuance of the certificate starts from the working day following the deposit and is considered the basis for return and recovery, according to the terms and conditions regulating that. Elite certificate holders can also borrow in Egyptian pounds and up to 50% of the redemption value of the certificate, with a maximum of EGP 10m, and the certificates are redeemed in US dollars according to the terms and conditions regulating that.
Certificates can be purchased through the bank’s website, the Internet, mobile banking BM Online, the bank’s branches inside and outside Egypt, and the ATM network. Certificates can also be retrieved after 6 months have passed, according to the distinctive redemption rules in force for those certificates. The Central Bank of Egypt guarantees certificate holders the right to transfer refund amounts and returns according to the rules governing certificates to the customer’s account outside Egypt if requested, and without a maximum transfer limit, with exemption from some account fees.
Banque Misr also launched personal loan and real estate financing products for Egyptians working abroad, as part of the bank’s constant endeavor to provide the bank’s various products with advantages commensurate with their needs as this will allow the expansion of real estate financing grants to include Egyptians working abroad to finance their purchase of housing units inside their home country, which will motivate them to invest their savings in the real estate sector and its constant pursuit of urban expansion and the establishment of new cities and urban communities.
The mortgage loan product allows Egyptians working abroad to finance all existing housing units with the largest financing rate of up to 80% of the value of the housing unit, and the longest repayment period of up to 15 years.
Banque Misr also provides a personal loan product for Egyptians working abroad, with a loan value of 3 million Egyptian pounds, and a repayment period of up to 4 years.
The two products are characterized by ease of procedures, conditions, and specifications to meet their different needs, and provide channels to communicate with them wherever they are without the need to be present in Egypt, in addition to insurance for the customer, which the bank bears against the risks of death and total disability.
The bank’s website provides all the details of granting these products and the steps to be followed in order for Egyptians working abroad to obtain them, with the possibility of downloading all the necessary documents.
