El Mowaten Account
A cooperative saving account entitled the account holder to life insurance coverage in addition to the advantage of being granted a special credit interest rate on their savings against fixed monthly fee. Once the client open (El Mowaten account - daily IB current account)the system will generate automatically an associated account (El Mowaten restricted account- daily IB current account).
The account holder or their charity donors should deposit EGP 50 a month into EL Mowaten account to be redistributed by end of month as follows:
- EGP 39 will be placed to El Mowaten restricted favor of the account holder, which will be capitalized on daily basis.
- EGP11 that representing the insurance monthly premium will be transferred automatically to the insurer account held with ENPO.
Individual Egyptian only with 2 different segments:
- Existing and/or New to Egypt post clients (walk-in)
- Individual Sponsored by charities and/or any other type of Entities.
- Min age to open the account is 18 year
- Max age to open the account is 59 year
- Only one account is permitted for any single client
Min. opening balance &Denominations:
EGP 50 To be waived upon opening abulk file
El Mowaten account – is a daily IB current account and should be granted the rate that applied on the Silver IB current account
El Mowaten restricted account – is a daily IB current account and should be granted the rate that applied on the Gold IB current account
Check list as per the attached appendix (1)