National Bank of Egypt changes interest rates on savings accounts

The National Bank of Egypt (NBE) has divided interest payments on savings accounts into five tiers on the basis of their monetary value, an NBE customer service agent confirmed to Ahram Online on Monday.

The bank canceled interest payments for accounts with 3,000 pounds and bellow.

Before Monday’s decision, interest payments had a fixed rate for all accounts regardless of their monetary value, varying only on the basis of the frequency of interest payments (monthly, quarterly, semi-yearly, or yearly) between 10.6 percent and 11.25 percent.

The new decision set interest rates for accounts with 3,001 to 5,000 pounds as follows: monthly interest payments will be at 8.6 percent, quarterly interest payments will be at 8.7 percent, semi-yearly at 8.8 percent, and yearly at 9 percent.

For accounts with 5,001 to 100,000 pounds, monthly interest payments will be at 9.3 percent, quarterly interest payments will be at 9.4 percent, semi-yearly at 9.5 percent, and yearly at 9.75 percent.

For accounts with 100,000 to 500,000 pounds, monthly interest payments will be at 10 percent, quarterly interest payments will be at 10.1 percent, semi-yearly at 10.25 percent, and yearly at 10.5 percent.

For accounts with over 500,000 pounds, monthly interest payments will be at 10.7 percent, quarterly interest payments will be at 10.8 percent, semi-yearly at 10.95 percent, and yearly at 1.25 percent.

The Central Bank of Egypt (CBE) left interest rates unchanged at its monetary policy meeting last Thursday.