An official source at the Industrial Development Bank of Egypt said that the bank launched, on Wednesday, a new savings pot called “Smart” with a progressive return of up to 30%, which is the highest in the Egyptian banking market so far.
The bank official added to Al Arabiya Business that the maturity period of the new product is only 300 days, so it is a different container from the savings containers available in the rest of the banks.
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The bank allows customers to withdraw their entire savings into the new pool without imposing financial penalties on the customer, in exchange for receiving interest according to the savings period only.
The Industrial Development Bank requires a minimum amount of savings of up to 250,000 pounds to subscribe to the new product.
At the beginning of this February, the Central Bank of Egypt raised the overnight deposit and lending rate and the Central Bank’s main operation rate by 2%, to reach 21.25%, 22.25% and 21.75%, respectively.
The Central Bank of Egypt decided to raise the credit and discount rates by 2% as well, to reach 21.75%.
Meanwhile, the National Bank of Egypt and Egypt, the two largest government banks in the country, last January offered savings certificates with an annual return of 23.5%, disbursed monthly, and reaching 27% if disbursed annually.
