The Central Bank of Egypt decided to raise key interest rates by 1%, to 20% for overnight deposits and 21% for overnight lending, and to 20.5% for both the main operation rate and the credit and discount rate, aiming to anchor inflation expectations and keep inflation on its downward path amid rising uncertainty and global economic challenges.

Following the rate hike, Housing & Development Bank (HDB) offers its 3-year floating-rate certificate with a floating annual return and several payout options, including daily, monthly, quarterly and semi-annual, giving customers a variety of ways to receive their return according to their needs.

Details of HDB's 3-Year Floating-Rate Certificate

Interest rates:

  • Daily: 20%.

  • Monthly: 20.25%.

  • Quarterly: 20.3%.

  • Semi-annual: 20.35%.

Certificate details:

  • Tenor: 3 years.

  • Minimum to issue the certificate: EGP 500 and multiples thereof.

  • Currency: Egyptian pound.

  • Target segment: individuals.

  • Payout frequencies: daily, monthly, quarterly and semi-annual.

  • Return: annual, floating.

Features of HDB's 3-Year Floating-Rate Certificate

  • The certificate can be redeemed 6 months after the purchase date, in line with the bank's approved redemption policy.

  • The certificate can be purchased at the bank's branches.

  • The certificate can be issued via internet banking and mobile banking.