The bonus term deposit is a term deposit that rewards customers who place their funds for more than 6 months:
A half month interest rate will be given as a bonus to term deposits of 6 months.
A full month interest rate will be given as a bonus to term deposits of 12 months.
What is the duration of the bonus term deposit?
The bonus term deposit comes in 6 month and 12 month tenors.
What’s the minimum amount to open a bonus term deposit?
You can open the bonus term deposit with a minimum amount of EGP 15,000 or USD 5,000 or EUR 5,000.
Can I break my time deposit whenever I wish / Is there a penalty?
Yes you can, however the penalties are as follows:
For 6 month bonus term deposit Less 2.5% of bonus term deposit rate
For 12 month bonus term deposit Less 3.0% of bonus term deposit rate
Are there any fees associated with this time deposit?
No fees with this time deposit but you have to have a current account with NBG.
Will I get interest payments during the lifetime of the term deposit?
No, only at maturity. At the maturity of the term deposit, you will get back the principal plus the interest that has been accumulated during the bonus term deposit life time.
Who is the target profile for this bonus term deposit?
Anyone wishing to have medium term plans and is not in need to get regular interest payments during the lifetime of the term deposit. In return, you will enjoy better interest rates in the form of a bonus interest rate.
What if I want to withdraw some of the amount of the entire amount?
You can either:
Instruct the bank to redeem your term deposit.
Borrow against this term deposit up to 90% of its nominal value at an interest rate of 2% above applicable term deposit rate.