Regulatory Alerts2024-12-25
Added · Updated
Circular dated December 24, 2024 regarding adding basic data forms for banking products and services within the instructions for protecting the rights of bank customers
The Central Bank of Egypt mandates that banks provide customers with specific basic data forms detailing key product or service terms, fees, and interest rates before contracting. Banks are granted a six-month compliance period to prepare these forms and attach them to savings product contracts. The circular specifies minimum data requirements for savings accounts and certificates of deposit, including examples for fixed and variable interest calculations, fee structures, and account maintenance rules.
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