Banque Misr raises the interest rate on the current and pension savings accounts

12:02 PM

Monday 30 May 2022

I wrote – Manal Al-Masry:

Banque Misr decided to raise the interest rate by 2% on the current savings accounts with daily returns and the pensioners, while the interest on the regular and youth savings accounts was fixed after the Central Bank’s decision in its last meeting to raise interest.

According to Banque Misr data published on its website, it raised the interest on my current account with daily return and pensioners because of their link to the deposit rate with the Central Bank (corridor), which is the interest indicator adopted by some banks in some accounts, certificates and loans, and it is a variable that automatically increases and decreases interest according to the Central Bank’s decision in Every meeting of the Monetary Policy Committee.

The Central Bank had raised the interest rate in the third meeting of the Monetary Policy Committee of the Bank last Thursday by 2%, after raising it by 1% in an exceptional meeting of the Committee on March 21, to record the average interest rate (corridor) 11.25% on deposit and 12.25% on lending.

Banque Misr issues 4 types of accounts, each of which addresses a different segment: the youth savings account, the regular account, the pensioner’s account, and the current account with daily returns.

Banque Misr allows opening any savings account, starting from 1500 pounds, and declining the interest on the accounts from the first 3 thousand pounds, without which it does not accept any return.

Masrawy provides details of 4 types of savings accounts after increasing the interest on two accounts and installing it on others in Banque Misr:

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1- The current account of pensioners with a monthly return after increasing the interest by 2%:

From 1,000 pounds or more, the interest rate increased to 6% annually instead of 4%.

2- A current savings account with a daily return after an increase of 2%:

1- From 50 thousand pounds to 100 thousand pounds: 5% annually.

2- More than 100,000 pounds to 500,000 pounds: 5.25% annually.

3- More than 500 thousand pounds to less than one million pounds: 5.5% annually.

4- From one million pounds to less than 2 million pounds: 6% annually.

5- From 2 million pounds to less than 10 million pounds: 6.25% annually.

6- From 10 million pounds to 30 million pounds: 6.75% annually.

7- From 30 million pounds to less than 100 million pounds: 7% annually.

8- From 100 million pounds or more: 7.125% annually.

3- Youth savings account:

Customer age: From 16 years to 30 years above this age will be transferred to the regular account after fixing the interest.

From 500 pounds to 20 thousand pounds: the interest ranges between 4.75% annually for the monthly return, 5% annually for the quarterly return, 5.125% annually for the semi-annual return, and 5.25% annually for the annual return.

And more than 20 thousand pounds is calculated as a savings account

4- The regular savings account is divided into 4 tranches after fixing the interest:

The first tranche starts from 3 pounds to 5 thousand pounds:

Ranging from 3% annually for the periodicity of paying the monthly return, to 3.25% annually for the periodicity of paying the quarterly return, to 3.375% annually for the periodicity of disbursing the semi-annual return, and 3.5% annually for the periodicity of disbursing the annual return.

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The second tranche: More than 5 thousand pounds to 50 thousand pounds: the interest rate is 3.25% annually for the monthly return periodicity, 3.5% annually for the quarterly return periodicity, 3.625% annually for the semi-annual return periodicity and 3.75% annually for the periodic Annual return disbursement.

The third tranche: More than 50 thousand pounds to 250 thousand pounds: the interest rate is 3.75% annually for the periodicity of paying the monthly return, 4% annually for the periodicity of the disbursement of the quarterly return, and 4.125% annually for the periodicity of disbursing the semi-annual return, and 4.25% annually for the periodicity of the disbursement of the return annual.

Fourth tranche: More than 250 thousand pounds to 500 thousand pounds: the interest was recorded at 4.25% annually for the periodicity of paying the monthly return, and 4.5% annually for the periodicity of disbursing the quarterly return, and 4.625% annually for the periodicity of disbursing the semi-annual return, and 4.75% annually for the periodicity of disbursing the return annual return.

The fifth tranche is more than 500,000 pounds: the interest rate is 4.75% annually for the periodicity of paying the monthly return, 5% annually for the periodicity of disbursing the quarterly return, and 5.125% annually for the periodicity of disbursing the annual return, and 5.25% annually for the periodicity of disbursing the annual return.

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