Al Baraka Bank has announced an increase in interest rates across various account types and introduced a new triple certificate with a 22% annual yield, paid out monthly. This initiative is designed to cater to the diverse needs of existing customers and to draw in new clientele, encompassing both individuals and businesses. The interest rate for monthly savings accounts now begins at 20% for deposits starting at EGP 5,000 and can go up to 26%. The Al Baraka current account now offers a daily return of 23% for both individual and corporate clients. The bank has unveiled the "Elite" triple certificate, with an entry-level investment of EGP 1,000. This certificate boasts an annual return rate of 22%, paid out monthly, marking one of the most competitive rates for thousand-class deposit certificates in the banking sector. These measures underscore Al Baraka Bank's dedication to delivering top-tier banking products that serve the needs of all customer groups. Additionally, the bank has revised the interest rates for six-month and one-year variable deposits, now providing a monthly return of 23%, accessible to both individuals and businesses. It should be noted that these rates are subject to change based on the bank's performance and adhere to Islamic Sharia principles. Abdel Aziz Samir, Executive Vice President of Retail Banking at Al Baraka Bank, expressed enthusiasm about the updates: "We're excited to modernize our retail banking offerings, ensuring a wide array of financial solutions that guarantee customer contentment." He further emphasized the bank's commitment: "At Al Baraka Bank, we recognize the significance of tailoring products to fulfil the varied requirements of our diverse customer base, offering competitive returns. This is reflective of our ongoing pledge to provide superior banking experiences, fostering trust with our patrons and solidifying our role as a dependable financial ally in Egypt's banking landscape."
