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

Cairo on: December 24, 2024

Dear Mr. / Chairman of the Board,

Greetings,

With reference to the Instructions for Protecting the Rights of Bank Customers issued on February 19, 2019, and its stipulation of the necessity for banks to provide the customer with sufficient and clear information before contracting, making him aware of the terms, characteristics, and costs of any products or services provided, and in order to establish a framework for banks to disclose to their customers the characteristics, terms, and conditions of the products and services provided with transparency, enhancing the principle of protecting customer rights, the Board of Directors of the Central Bank decided in its meeting held on December 16, 2024 the following:

First: Adding a clause to the Instructions for Protecting the Rights of Bank Customers issued on February 19, 2019, within Clause No. 2-4 regarding disclosure and transparency rules, as follows:

13-2-4 Banks, when preparing contracts for banking products and services concluded with customers, are committed to providing them with a special appendix containing basic data forms including the most important details regarding the service or product, provided that the data included in the forms prepared by the Central Bank of Egypt constitute a minimum, subject to the following controls:

1-13-2-4 These forms must clearly explain all expenses and commissions, as well as the most important terms and conditions contained in the contracts for providing the service or product, without including any new terms not contained in the contracts, and the customer's signature must be obtained on them.

2-13-2-4 None of the data contained in these forms may conflict with any of those contained in the contracts containing the terms and conditions of the service or product.

Second: Making these forms available electronically in case the service is provided electronically.

Third: Granting banks a compliance period of 6 months to prepare the aforementioned forms and attach them to savings banking product contracts.

In light of the above, attached herewith is the minimum data required in the forms prepared for savings products.

Please be kind enough to direct compliance with the above.

Yours faithfully,

Hassan Abdullah

1 Basic Data Form for Savings Account

Product Nature	Interest Rate (Annual %)	Type of Interest (Fixed/Variable)	Interest Payment Frequency (Daily/Monthly/Quarterly/Semi-Annually/Annually)	Interest Calculation Method	Minimum Balance for Interest	Minimum Balance for Account	Interest Calculation Method
Example for Fixed Interest:<br>Assumption: Egyptian Pound 100,000<br>Interest Rate -1: 5%<br>Interest Payment Frequency -2: Annual<br>Interest Calculation -3:
Calculation: Egyptian Pound 5,000 x 5% = Egyptian Pound 5,000

Date:	Customer Name:	Bank Name:
	Customer ID (if any):	Account Number:
	Account Opening Fees:	Currency:
	Opening Fee:	Minimum Balance for Account Opening:
	Account Maintenance Fees:
	Fixed Fee (e.g., Quarterly):	Recurring Fee:
	Amount:	Amount:
	Statement Fees:
	Fixed Fee (e.g., Monthly):	Minimum Balance for Statement:
	Amount:	Amount:
	Other Fees (if any):
	Transfer Fee:
	Closing Fee:

1. There are services and products linked to the account (e.g., debit cards issued on the savings account), and details can be viewed through the website or any other bank channels.
2. All fees on the account and interest payouts are collected/paid in the same currency as the account.
3. In case different interest rates apply based on the balance amount, such as tiered interest (each tier and the interest earned for each tier are clearly defined).

Deposit Details
Variable Interest	Reference Rate	When it changes	Note	New Rate	Application	Interest Payment Frequency	Contract Terms	Cash Withdrawal Fees	Withdrawal Fees
Example for Variable Interest:<br>Assumption: Egyptian Pound 100,000<br>Reference Interest Rate -1: 15%<br>Margin determined by the Bank -2: 1.5%<br>Annual Interest Calculation -3:
Calculation: 100,000 x (15% - 1.5%) = 100,000 x 13.5% = Egyptian Pound 13,500

For amounts exceeding/less than... x... Deposit fees of ...x... are deducted.

• Deposit Value Date is through the branch: ..................

Additional Information on Savings Account

Other Important Information You Should Know

➢ Interest Calculation: Interest is calculated from the day after the account opening date or otherwise (please specify).

➢ Fee Payment: Fees listed in this statement are usually deducted from this account, and a different basic account can be chosen for fee deduction. Please inquire with the bank for more details.

➢ Changes in Fees: Fees listed in this statement may change over time after opening this account, and new fees may be imposed (you will be notified by the bank in case of any changes in fees or interest rates).

➢ Account Closure: When closing your account, consider any pending transactions that may be affected if the account is closed, such as permanent transfers/direct debits and unpaid due fees. Please ask the bank for more details.

➢ If you stop using your account for two years, it will be treated as a dormant account and will require reactivation. This requires a full update of account opening data and documents.

➢ This document is an interpretation of the contract and is not comprehensive for all applicable terms and conditions, so please read the contract terms and conditions carefully and retain a copy of the signed contract.

Do you have questions or complaints for your bank? Please contact the [Bank Contact Center Phone Number] or send an email to [EMAIL ADDRESS] or visit [Website] or use any other available communication channels to submit a complaint, and you must receive a response from the bank within a maximum of 15 working days.

If you are still dissatisfied with the bank's response, you can notify the bank and resubmit your complaint for escalation, and the bank's second response must follow within another 15 working days.

You can submit a complaint to the Customer Rights Protection and Competition Sector at the Central Bank of Egypt, which oversees the mechanism for examining and reviewing the bank's response to your complaint, in case you do not receive a response after 15 working days for the first bank response and in case you are dissatisfied with the second response.

Bank Signature and Stamp ............................ Customer Signature ...........................

2 Basic Data Form for Savings Certificates

Date:	Customer Name:	Bank Name:
	Customer ID (if any):	Account Number:
	Certificate Details:
	Certificate Type:
	Interest Rate (Annual %):
	Type of Interest (Fixed/Variable):
	Interest Payment Frequency (Daily/Monthly/Quarterly/Semi-Annually/Annually/Maturity):
	Interest Calculation Method:
Example for Fixed Interest Certificate:<br>Assumption: Egyptian Pound 100,000<br>Fixed Interest Rate -1: 10%<br>Annual Interest Calculation -2:
Calculation: Egyptian Pound 100,000 x 10% = Egyptian Pound 10,000
In case of periodic interest payout (e.g., Quarterly), an amount of Egyptian Pound 2,500 is added to your linked account per certificate.
Example for Variable Interest Certificate:<br>Assumption: Egyptian Pound 100,000<br>Reference Interest Rate -1: 15%<br>Margin determined by the Bank -2: 1.5%<br>Annual Interest Calculation -3:
Calculation: 100,000 x (15% - 1.5%) = 100,000 x 13.5% = Egyptian Pound 13,500

Certificate Definition	Maturity Date	Currency	Face Value/Face Amount	Minimum Amount	Number of Certificates	Issue Date	Maturity Date	Automatic Renewal	Early Redemption	Customer ID	Issue Time

1. Please clarify the possibility of linking, renewing, or canceling certificates via online banking.
2. The applied interest rate is annual regardless of the interest payment frequency and is paid in the same currency as the certificate.

In case of quarterly interest payout, an amount of Egyptian Pound 3,375 is added to your linked account.

Note that when the reference rate changes, the new interest rate will be applied after adding the accrued interest to the customer's account for the current payment period, subject to the contract terms between the customer and the bank.

In case of Accumulative Interest Certificates

Explanation	Accumulative Interest	Variable Interest Certificates
Interest is calculated on the amount due to the customer. The bank must specify the accumulated interest from previous periods.
Example for Accumulative Interest Certificate:<br>Principal Amount -1: Egyptian Pound 100,000<br>Annual Fixed Interest Rate -2: 10%

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