The Arab African International Bank has provided many types of certificates of deposits to customers, including the four-year certificate with cumulative return, with interest reaching 100 percent at the end of the term.
The bank explained that the interest on the Four-Year Bullet Certificate of Deposit is 100 percent of the certificate’s balance after the end of the four years.
When the customer links a certificate with an amount of one million LE, the interest becomes one million LE as well and is disbursed at the end of the four years in addition to the one million LE balance of the certificate.
A quadruple CD with Cumulative Return
The minimum for purchasing the certificate is about LE 5,000, and the interest rate on this certificate is about 18.92 percent with a cumulative interest paid at the end of the period of about 100 percent.
The bank does not allow renewal of the certificate.
Duration of the Certificate
The duration of the Four-Year Bullet Certificate of Deposit is approximately four years, and the value of the amount placed in the certificate cannot be recovered until six months pass from the date of purchase – it is also only available to individuals.
Features of the Certificate:
- The certificate term is four years.
- The minimum value of the certificate is LE5,000 and multiples of LE 1,000.
- Interest rate is 100 percent paid at the end of the term with a cumulative interest rate of 18.92 percent.
- Offered to individuals only.
- The customer can obtain guaranteed credit facilities.
Conditions for linking the certificate:
- The certificate cannot be renewed.
- The value of the certificate cannot be redeemed before six months have passed from the date of purchase.
Early redemption rate:
- First year: Seven percent.
- Second year: Six percent.
- Third year: Five percent.
- Fourth year: Four percent.
To learn more about the certificate click here.
Edited translation from Al-Masry Al-Youm
