Banque du Caire launched a product in the Egyptian banking market that combines the advantages of the instalment (recurring deposit) savings account and life insurance.
The launch took place in cooperation with an insurance company, according to the bank’s chairman and CEO, Mounir El-Zahid. He said the bank is keen on spreading banking awareness by providing a group of innovative products that suit the varied needs and aspirations of clients, in addition to securing the client’s family’s future. The recurring deposit savings account provides insurance for the total saving amounts agreed upon by the end of the instalments period.
“The bank is keen on achieving financial inclusion in order to stay in line with the state’s general trend and policy that aim to spread banking awareness among citizens, as well as expand the base of clients by providing a bank account for each citizen. This will eventually enhance the culture of dealing with banks and will help enforce the know-your-customer principle, facilitating access to customer’s banking services and reducing the processing time,” said El-Zahid.
The bank’s General Manager of Business Development and Marketing Sector, Nermine El-Tahri, said that the instalments saving account recently launched by the bank is a product that suits different segments of clients who have future financial targets.
El-Tahri explained that, through the account, Banque Du Caire’s clients will be able to maximise their savings by achieving competitive cumulative revenues that increase with the increase of the number of saving years of deposited monthly instalments, starting from EGP 100.
Clients will also be able to borrow money, and issue credit cards that have a maximum of 80% of the total account balance with facilitated terms.
El-Tahri added that the account provides the advantage of insurance on the total saving amounts agreed upon by the end of the instalment period; on condition that insurance converge begins with the client’s repayment of the seventh instalment.
The product is also characterised by being a deposit-only account, according to El-Tahri. She added that total instalments are reimbursed with the calculated revenue throughout the saving period by the end of contract period. Revenues are calculated according to a fixed cumulative rate, with increases depending on the contract period. The percentage of revenues is applied starting from the date of opening the account.