Saib issues new 3-years saving certficate after CBE decision to increase interest rates

Société Arabe Internationale de Banque (SAIB) issued a new a three-year-maturity saving certificate named Crystal with an annual yield of 17.25 percent and different interest frequency.

Crystal Certificates are issued with minimum amount of EGP 5000 and its multiples with no limit and available to individual customers only.

The new certificate holder is eligible for Secured Overdraft/ Loan/ Credit Card against Certificate value according to bank's internal credit policy.

The yield is calculated annually and from the beginning of the day following the date of purchasing the certificate. The certificate can be purchased in Egyptian pounds. It is also allowed to redeem the value of the certificate after 6 months from the date of issuance, according to the bank’s redemption schedule.

SAIB's announcements followed the Thursday decision by the Central Bank of Egypt to raise the key interest rates by two percent (200 bps).