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National Investment Bank issues new saving certificates with lower rates

National Investment Bank issues new saving certificates with lower rates
The bank issues four categories of certificates

Cairo – Mubasher: The National Investment Bank (NIB) decided to reduce the annual interest rates on its new certificates issued by the National Bank of Egypt (NBE) on its behalf.

The bank issues four categories of certificates tailored to the needs of various customers, according to the bank’s website.

The Group A certificates with accumulated return are issued in EGP 1,000 and its multiples with a 10-year term. They can be purchased by both natural and legal persons. The accumulated interest is provided at certificate maturity and the current interest rate is 10.25% as of 21 September.

The Group “B” certificates with periodical return are issued to natural persons only with an annual interest of 10.25%, paid monthly. The two-year term certificate gives a return of 10.5% annually, paid quarterly, while the three-year term certificate gives a return of 10% annually, paid quarterly.

The Group "C" lottery certificates are issued in the following denominations: EGP 1,000, EGP 500, EGP 100, EGP 50, EGP 10, and EGP 5. The term of the certificate is 10 years, renewed automatically for another 10 years. All certificates are eligible to enter draws to win prizes ranging from EGP 100 to EGP 50,000.

The Group D investment certificates are issued for legal entities. The three-year term certificate gives a return of 10.75% annually, paid every three months.

It is worth mentioning that the National Bank of Egypt (NBE) and Banque Misr decided to halt the issuance of “Ibn Misr” certificates which have a record return of 15%.