Suez Canal Bank offers the 3-year Classic savings certificate at an interest rate that stays fixed for the whole term, with a choice of monthly or quarterly payout, giving customers flexibility to receive a regular return that suits their financial needs. According to the available information on the certificate, the interest rate is 17.75% a year with monthly payout and 17.85% a year with quarterly payout.

Details of Suez Canal Bank's Classic certificate

Suez Canal Bank's Classic certificate comes with the following features and details:

  • Certificate type: Classic savings certificate.

  • Tenor: 3 years.

  • Currency: Egyptian pound (EGP).

  • Minimum purchase: EGP 1,000 and multiples thereof.

  • Monthly payout interest rate: 17.75% a year.

  • Quarterly payout interest rate: 17.85% a year

  • Interest accrual starts: from the business day after the certificate is purchased.

Benefits of Suez Canal Bank's Classic certificate

  • Borrowing against the certificate: you can obtain a loan or a credit card secured by the certificate, in line with the bank's credit policy.

  • How to buy: through the channels the bank offers, including mobile banking, subject to the applicable terms.

  • Early redemption: the certificate cannot be redeemed before 6 months from its issue date, and the bank's early redemption rules apply.

Example: investing EGP 500,000 in Suez Canal Bank's Classic certificate:

If you invest EGP 500,000 in the monthly-payout Classic certificate at 17.75% a year, the return is calculated as follows:

500,000 × 17.75% = EGP 88,750 a year. Dividing the annual return by 12 months gives a monthly return of about EGP 7,395, for a total return of EGP 266,250 over 3 years

If you invest EGP 500,000 in the quarterly-payout Classic certificate at 17.85% a year, the return is calculated as follows:

  • 500,000 × 17.85% = EGP 89,250 a year.

  • Dividing the annual return by 4 gives a return of EGP 22,312 every 3 months, for a total return of EGP 267,750 over 3 years

Banky's view for customers:

Suez Canal Bank's Classic certificate offers a savings option for customers who want to invest their money for 3 years at a fixed interest rate, with a choice between monthly payout, which provides regular income, and quarterly payout, which pays the return every three months. The choice between the two depends on the customer's financial needs and whether they prefer monthly income or a payout every three months.