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Home » Frequently Asked Questions (FAQs) » Floating Rate Certificates of Deposit

Frequently Asked Questions

Floating Rate Certificates of Deposit FAQs

What is the 3 year Floated Certificate of Deposit (FCD)?

This is a fixed deposit where the funds are tied for a period of 3 years.
This CD has a variable interest rate that is linked to the deposit rate of CBE through the special Corridor System rate.

What is the minimum amount to open the 3 year FCD?

EGP 10,000

What is the duration of the FCD?

3 years

How often is the interest paid and how much is this interest?

Interest on the FCD can be paid in the following scenarios:

  • Monthly       CBE corridor rate PLUS 1.25%
  • Quarterly     CBE corridor rate PLUS 1.50%

When is the interest calculated?

Next day of the buying date.

When can the FCD be cancelled?

FCD can only be cancelled after 6 months. Customer has no access to these funds until this time. However he may immediately apply for an overdraft against the Certificate of Deposit.

What are the cancellation fees for the FCD?

  • From 6 months to 1 year: MINUS 1.5% of the Interest rate 
  • From 1 year to 2 years:    MINUS 1.0% of the Interest rate 
  • From 2 years to 3 years:  MINUS 0.5% of the Interest rate 

What is the minimum age to apply for this FCD?

Minors are eligible to apply.

What if the customer needs to withdraw some of the amount or the entire amount?

  1. Customer can instruct bank to redeem FCD and credit funds (principal + interest) into customer’s account.
  2. Customer can borrow against this certificate up to 90% of its nominal value at interest rate 2% above applicable certificate interest rate.

How is the interest credited?

Customer can instruct the bank to credit the interest into a specified account either at NBG or to any other bank.