Banque Misr has launched a new savings certificate called 'Yomati', which offers a daily interest payout. The certificate has a variable annual interest rate of 19%, calculated based on the deposit corridor rate. It has a 3-year investment term and a minimum purchase requirement of 1,000 Egyptian pounds. The certificate's daily interest payout makes it an attractive option for customers seeking flexible savings.
The 'Yomati' certificate is one of Banque Misr's latest products aimed at meeting the needs of customers seeking high returns with daily liquidity. The certificate can be easily purchased through Banque Misr's branches, online banking, mobile banking, ATMs, or by email for Egyptians living abroad. This flexibility makes it accessible to a wide range of customers.
According to Banque Misr, the 'Yomati' certificate is available for purchase by individuals, whether Egyptian or foreign. The certificate has a 3-year term and a minimum purchase requirement of 1,000 Egyptian pounds, with multiples allowed. Customers can also take out loans against the certificate or redeem its value after 6 months from the date of issue.
In the event of early redemption, Banque Misr applies a penalty in the form of a discount on the applicable interest rate. The discount varies depending on the duration of the certificate's holding: 3% in the first year, 2% in the second year, and 1% in the third year. This penalty aims to discourage early withdrawals.
The launch of the 'Yomati' certificate comes after the Central Bank of Egypt's recent decision on interest rates. The new certificate offers customers a competitive interest rate and flexible liquidity, making it an attractive savings option. The daily interest payout feature allows customers to benefit from their savings immediately.
The 'Yomati' certificate is part of Banque Misr's efforts to provide innovative savings products that meet the evolving needs of its customers. With its competitive interest rate and flexible features, the certificate is expected to attract significant interest from customers seeking to grow their savings.
Banque Misr's 'Yomati' certificate offers customers a unique combination of high returns and daily liquidity. With its variable interest rate and flexible purchase options, the certificate is well-positioned to appeal to a wide range of customers. As the Egyptian banking sector continues to evolve, Banque Misr's innovative products are likely to play a significant role.
Key points
- Banque Misr launches 'Yomati' certificate with 19% annual variable interest, paid daily.
- The certificate has a 3-year term and a minimum purchase requirement of 1,000 Egyptian pounds.
- Early redemption incurs a penalty, with discounts ranging from 1-3% depending on the holding duration.
