Banque du Caire has raised interest rates on several of its savings products as part of its strategy to enhance the competitiveness of its products and provide flexible savings solutions.
The annual interest rate on the Mega Savings account has increased to 18.5% for annual interest payments, 18.25% for quarterly payments, and 18% for monthly payments. The annual interest rate on the EGP Daily Current Account has risen to 17%, with interest paid daily, giving customers greater flexibility in managing their savings in line with their financial needs and objectives.
The move is part of Banque du Caire’s strategy to continue developing its banking products and solutions and enhance the value customers derive from their savings by offering competitive returns while maintaining flexibility and liquidity, alongside different interest payment frequencies. This approach enhances the customer experience and meets evolving customer expectations.
“Developing banking products and enhancing their competitiveness is a key pillar of Banque du Caire’s strategy,” said Ahmed Effat, Deputy CEO of Banque du Caire. “We remain committed to providing innovative banking solutions that meet our customers’ diverse and changing needs. The adjustment of interest rates on our savings accounts and products reflects the bank’s commitment to delivering genuine added value to customers, while offering competitive returns and a range of payment frequencies that provide greater flexibility in managing their savings in line with their financial objectives,” he added.
For his part, Mohamed Tharwat, Head of Retail Banking and Microfinance at Banque du Caire, said, “We continue to develop our retail banking products in line with our customers’ expectations, giving them more diverse and flexible options. Raising the return on the Mega Savings account to 18.5%, alongside increasing the return on the Daily Current Account to 17%, shows our commitment to providing savings solutions that combine attractive returns, flexibility, varied payment frequencies and integrated banking benefits, catering to the needs of different customer segments.”
Banque du Caire’s Mega Savings account offers a competitive annual return of up to 18.5% for higher balance tiers, with monthly, quarterly and annual interest payment options, allowing customers to choose the frequency that best suits their financial needs.
The minimum opening balance is EGP 5,000, while the minimum balance eligible for interest is EGP 100,000. The account is available to individual customers in Egyptian pounds only.
The Mega Savings account also offers a range of additional benefits, including the option to issue a credit card and receive welcome points upon issuance, as well as a free Standard debit card upon first issuance. The account also provides customers aged between 18 and 65 with free life insurance coverage, subject to account balance tiers and the applicable insurance coverage terms.
Customers can also open joint accounts, although insurance coverage is not available in this case. Other benefits include a quarterly account statement and free subscription to the IVR service for enquiries and selected banking transactions.
As part of the update to its interest rates, Banque du Caire has also increased the return on its EGP Daily Current Account, with the highest annual rate reaching 17%.
Interest on the Daily Current Account is calculated based on the account’s daily closing balance, allowing customers to benefit from their balances while retaining access to a comprehensive range of banking services and benefits.
The minimum balance required to earn interest on the Daily Current Account is EGP 500,000. The account also provides a range of banking services and benefits, including cheque books and debit cards for EGP accounts, as well as the option to open joint accounts or accounts in the names of minors.
Additionally, the account allows customers to transfer salaries and pensions, collect cheques and bills of exchange, settle financial obligations and bills, and make transfers. Customers can also receive quarterly account statements and subscribe free of charge to the IVR service for enquiries and selected banking transactions.
Banque du Caire said that it would continue its efforts to develop its banking products and solutions in line with market developments and customers’ evolving needs by offering an integrated portfolio of products and services that combine competitiveness, flexibility and a diverse range of benefits, enhancing the customer experience and supporting customers in achieving their financial objectives.
