Bank Audi

Time Deposits - Terms and Conditions

 
We are pleased to assist you with any inquiry. Just fill the form below and we will contact you soon.
(*) Required fields
 
(*) Required fields
Floating Time Deposit for Corporate
  • Term Deposit Duration is three years
  • The deposit is nominal and is non-transferable or tradable.
  • This term Deposit is granted corporate clients only
  • The deposit is automatically renewed according to the interest rate announced by the bank at the time, unless the customer requests otherwise.
  • The term deposit have a floating rate linked to the deposit rate announced by the Central Bank of Egypt for a period of one night minus a margin of 2.75%
  • Interest is calculated from the same business day of the deposit purchase
  • The deposit denomination is EGP 1000 and its multiples. The minimum purchase amount is EGP 1000.
  • A current account can be opened with no minimum amount to add interest.
  • Borrowing is allowed up to 90% of the deposit amount with a minimum of 2% above the interest rate applied to the term deposit. Noting that in the case of borrowing against the term deposit, the bank alone has the right to renew the deposit in accordance with the declared interest and in accordance with the terms and conditions of the bank
  • In case of borrowing, interest is added to the secured overdraft account.
  • The term deposit can be partially/fully redeemed after the lapse of 6 months from the date of purchase. A percentage of the interest rate applied to the TD is deducted according to the redemption schedule below:
Duration Deduction Percentage
1st year 6%
2nd year 5%
3rd year 5%
Long term Time Deposits for corporate and individual clients (3,5 and 10 years)
  • This Term Deposit is granted to individual and corporate clients.
  • The Term Deposit minimum amount is as decided by the bank on the date of issue.
  • The bank deposits the Term Deposit amount in the customer's account specified upon maturity.
  • Interest is calculated from the same business day of the deposit purchase.
  • Borrowing is allowed up to 90% of the deposit amount in the same currency with a minimum of 2% above the interest rate applied to the term deposit.
  • In case of individuals: Term deposit purchase can be done under minors names taking into consideration that any facility granting using the deposit as collateral by the legal guardian will be according to law and the bank standard operation procedure.
  • The client cannot partially withdraw from the deposit.
  • The term deposit can not to be renewed automatically. In the case of borrowing against the term deposit, the bank has the right to renew the pledged deposit at the rate announced at the time in accordance with the terms and conditions announced at the bank at the time without referring to the customer.
  • The redemption commission for the 3 & 5 year EGP deposit (Corporate):
    A commission shall be deducted according to the difference between the interest rate applied to the deposit and nearest time deposit on the early redemption date or on the date of issuance, whichever is lower since the date of issuing the deposit with the maximum of interest received since term deposit issuance.
  • The redemption Commission for 3 year EGP deposit (individuals):
    A commission is deducted at the rate of 1.5% multiplied by the deposit amount, multiplied by the number of days remaining until the maturity date divided by the number of days of the year with the maximum of interest received since term deposit issuance.