Arab Finance: MidBank has introduced its three-year term savings certificate“MID SMART,” with a declining annual return paid monthly, as per an emailed press release.
The certificate provides a return of 20.5% in the first year, 16.5% in the second year, and 12.5% in the third year, with returns calculated from the business day following the purchase.
The product is available to individual customers, with a minimum purchase amount of EGP 1,000 and multiples thereof, and a minimum investment of EGP 50,000.
Midbank allows customers to redeem the certificate after six months from the date of purchase. Clients can also borrow against the certificate by up to 95% of its value, at an interest rate of no less than 2% above the certificate’s applied return, in addition to standard bank fees.
The launch is part of the bank’s strategy to expand its financial products and address demand from individuals seeking returns with flexibility in managing their savings.
