The National Bank of Egypt (NBE) has reported a high turnout for its newly introduced maturity saving certificates with fixed and variable yields.
The two certificates – one with a 19-percent fixed interest rate and the other with a 22-percent variable interest rate – were announced Sunday, taking up savings to 48 billion pounds on the first day.
On Sunday, the NBE and Banque Misr issued the two new three-year maturity saving certificates. The first certificate will have a fixed interest rate of 19 percent and its returns will be paid monthly. The second one is a variable-rate certificate with a 22 percent annual yield in the first year, 18 percent in the second year and 16 percent in the third year. Returns will also be paid monthly.
