Advanced Interest Deposits
The Advanced Interest Deposit from Mashreq gives you the opportunity to get your interest upfront, when you book your deposit, without waiting for it to mature. The advance interest offers you the opportunity to use your money for additional investments, adding to your overall portfolio and income. These deposits are available in EGP only, with duration ranging from six months to one year.
With the Advanced Interest Deposit from Mashreq you can
- Make deposit starting from EGP 10,000.
- Withdraw your advanced interest deposits at any time, the interest paid on early withdrawals will be 2% less than the regular rate.
Terms and Conditions
The interest rate offered on the Advanced Interest Deposit is based on the completion of the tenor chosen at the time of the deposit. Partial withdrawals from the principal amount invested are not possible. If you break the deposit by withdrawing the principal amount invested before the completion of the tenor, you will not receive the full principal amount.
Example
If you deposited EGP 100,000 for a tenor of one year at an interest rate of 4%, and you want to break the deposit after 5 months, the amount you receive will be calculated as follows:
Applicable Penalty Calculation
Principal Deposited x (Y% - 2%*)/360 x number of days money deposited
where Y is the rate on a 5 month deposit at the time when the deposit is broken and * is the early withdrawal fee
So for the example provided EGP 100,000 x (4% - 2%)/360 x 150 Days = EGP 833.33 (Interest Accrued)
Amount repaid after 5 months = EGP 100,000 – (EGP 4000 (Advance Interest Paid) - EGP 833.33(interest accrued))
Amount repaid after 5 months = EGP 100,000 – EGP 3,166.67 (after deducting interest paid & interest accrued) = EGP 96,833.33
Please Note: This example is for illustrative purposes only. The amount of any applicable penalty will depend on the variables indicated in the penalty calculation above.