Tuesday 23 November 2021
I wrote – Manal Al-Masry:
The National Bank of Egypt and Egypt are working to provide savings accounts for the youth segment of 16 years of age free of charge, without calculating any administrative expenses throughout the year, with the aim of attracting this segment to deal with banks from an early age to devote a banking culture and achieve financial inclusion.
The National Bank is the first bank at the level of the banking system to provide a bank account for young people without calculating any administrative expenses to achieve the Central Bank’s plans to spread the culture of financial inclusion.
Al-Ahly and Egypt banks allow regular returns on youth accounts with the issuance of a card (direct debit) to deal on the account by withdrawing, depositing or buying electronically through simple papers.
Masrawy presents the details of opening a youth account in Al-Ahly and Egypt banks, as they are the most prevalent in the banking system:
1- National Bank of Egypt: “The Future Savings Account”
Age: From 16 years old to 50 years old, without calculating administrative expenses throughout the year.
Interest rate: ranges between 4.75% annually for the monthly return periodicity, 4.80% annually for the quarterly return periodicity, 4.85% annually for the semi-annual return periodic, and 5% annually for the annual return-disbursement periodic.
2- Banque Misr: “Youth Savings Account”
Customer age: from 16 to 30 years old, and whoever exceeds this age will be transferred to the regular account.
Interest rate: the interest ranges between 4.75% annually for the monthly return periodicity, 5% annually for the quarterly return periodicity, 5.125% annually for the semi-annual return periodicity, and 5.25% annually for the annual return-disbursement periodic.
The balance is more than 20 thousand pounds: the return is calculated on it like a regular savings account.