Arab Finance: Société Arabe Internationale de Banque (SAIB) has increased the annual return on its Prime variable-rate savings certificate by 1%, as per an emailed press release.
This brings the monthly payout rate to 20.50% from 19.50% and the daily payout rate to 20% from 19%.
SAIB attributed the adjustment to changes in the deposit rate set by the Central Bank of Egypt (CBE).
Available to individual customers, the certificate has a three-year term and requires a minimum purchase of EGP 1,000, with additional amounts in multiples of EGP 1,000. The bank said the entry amount makes the product accessible to a broad range of savers.
Certificate holders can obtain financing or credit facilities secured against their holdings, subject to the bank’s policies. They may also redeem the certificate after six months from its issuance date, in accordance with the applicable terms and conditions.
Prime forms part of its range of savings products designed to offer flexible investment options and competitive returns that reflect economic developments and customers’ differing needs.
