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Société Arabe Internationale de Banque (saib) has launched a new three-year savings certificate, the "Excellence Variable CD," featuring a variable annual yield. This initiative reflects the bank's ongoing commitment to offering diverse savings products that cater to retail client expectations while enhancing its competitive position in the Egyptian banking market.

Payout Frequencies and Interest Rates

The new certificate allows customers to choose between two payout frequencies:

Daily Payout (20.75% annually): Tied to the Central Bank of Egypt's (CBE) deposit rate plus 0.75%.

Monthly Payout (21% annually): Tied to the Central Bank of Egypt's (CBE) deposit rate plus 1%.

Purchase Terms and Yield Calculation

The minimum purchase amount is set at EGP 2 million, with issuance denominations of EGP 1,000 and its multiples. Yield interest calculation begins on the business day immediately following the purchase date.

Borrowing and Redemption Conditions

The certificate offers several credit advantages, including:

Credit Facilities: Option to secure loans and facilities against the certificate up to 95% of its face value, at a preferential interest rate minimum 2% above the certificate's applicable yield rate at the time of financing.

Redemption Policy: Certificates can be redeemed after 6 months from the purchase date, subject to the bank’s approved penalty schedule across the 3-year term.

The release of this certificate reinforces saib Bank’s dedication to delivering flexible and innovative financial solutions that help clients maximize returns on their savings.