Many curious citizens have wondered about banks and the services they provide to customers: most importantly is the deposit savings certificates.
Especially as it is a safe option for investing after the price hikes.
The United Bank updated its services for customers, as it returned the 18% certificates of deposit (CDs).
Since the announcement of the return of the certificates was announced, inquiries increased by citizens to find out updates.
The United Bank 18% CDs
The United Bank offers 18% CDs, as the best certificate in Egypt to attract more customers towards its services.
The certificate is available for a period of 3 years for a fixed return, with an interest rate of up to 18%.
Ashraf al-Kady, Chairman of the Board of Directors of The United Bank, said that the bank has already offered the 18% certificates from last month.
Pointing out that the certificate is available for a period of 3 years for a fixed return with an interest of up to 18%.
The 18% certificates from The United Bank are characterized by the fact that they allow multiple return exchange cycles:
– The return rate ranges between 16.25% annually for the monthly interest payment period, and 16.5% for the quarterly interest payment period.
– The return rate is 17% for the annual return exchange period.
– The return rate is 18% annually, with dispense at the end of the period, i.e. one-time disbursement.
Certificates of the 18% in The United Bank 2022
The minimum purchase of 18% certificates, and the rest of The United Bank certificates, starts from LE 1,000.
– The 18% certificates can be broken after 6 months have passed since they were purchased.
– The United Bank’s decision coincides with the decision of 14 banks to raise the interest rate on certificates after the Central Bank of Egypt announced a 2% interest rate hike.
Each bank determines the interest rate on the certificates based on various studies according to the cost of funds it has, its target customers, liquidity levels, and the movements of its competing banks.