Egypt’s Nasser Social Bank launches one-year savings certificate with 18% annual return

Egypt’s Nasser Social Bank (NSB) has introduced a new one-year savings certificate offering returns of up to 18 per cent, as the state-owned lender seeks to attract household savings and promote financial inclusion, the Social Solidarity Ministry said Thursday.

The new Sanad Savings Certificate offers an 18 per cent return with annual payout or 17 per cent with monthly payout, making it one of the highest-yielding products currently available in the local banking market.

Minister of Social Solidarity Maya Morsy, who chairs the bank, said the launch reflects NSB’s efforts to provide competitive savings products that meet citizens’ needs while supporting financial stability and encouraging a culture of saving.

The minimum purchase value of the certificate is 1,000 Egyptian pounds ($21.2) and its multiples, with returns calculated from the day following the deposit. Customers may also borrow against the certificate under facilitated terms, in line with the bank’s regulations.

The bank said it would continue offering its Radd El-Gamil Certificate for senior citizens, a three-year product paying 18.25 per cent annually or 16.75 per cent with monthly payout, as part of its social support mandate.

NSB also offers a range of other savings instruments, including certificates with cumulative yields of up to 20.5 per cent over three years, payable at maturity, and 18.5 per cent over 18 months, also paid at maturity. These are complemented by a three-year certificate paying 18 per cent annually, 17 per cent quarterly or 16.5 per cent monthly, in addition to the Day-by-Day savings account, which offers a daily cumulative return of 11.75 per cent.

Egyptian banks have been rolling out high-yield deposit products as they compete for liquidity and seek to channel household savings into the formal financial system.

Attribution: Amwal Al Ghad English