National Bank of Egypt Cuts Savings Account Interest Rates by 1%
The National Bank of Egypt (NBE) has announced a 1% reduction in interest rates on its savings accounts, following the Central Bank of Egypt’s recent decision to cut key policy rates by 100 basis points.
According to the bank, customers can open a savings account with a minimum balance of EGP 5,000, while interest is calculated on balances exceeding EGP 10,000.
Balances ranging from EGP 10,000 to EGP 100,000 earn an interest rate of 7.5% with monthly payout, 7.55% quarterly, 7.6% semi-annually, or 7.7% annually. For balances exceeding EGP 100,000 up to EGP 500,000, interest rates range between 7.75% monthly and 8% annually, depending on the chosen payout frequency.
For deposits of over EGP 500,000 up to EGP 2 million, the bank offers interest rates of up to 8.5% monthly or 9% annually. Meanwhile, balances exceeding EGP 2 million up to EGP 5 million receive interest rates ranging from 9.3% monthly to 9.5% annually.
The bank also provides interest rates between 10.3% monthly and 10.5% annually for balances of over EGP 5 million up to EGP 10 million, rising to 11% annually for balances exceeding EGP 10 million up to EGP 20 million.
For deposits above EGP 20 million, interest rates start at 11.3% with monthly payout and reach up to 11.5% annually, depending on the payout schedule.
The move reflects ongoing adjustments by banks in the Egyptian market in response to changes in monetary policy, as financial institutions recalibrate savings products to align with the Central Bank’s interest rate direction.