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Some of the most widespread banks announced the start of the free opening of savings accounts for clients and the exemption of administrative fees, without a maximum limit for the opening of the account also for new clients, and this decision begins from Thursday for a period of two weeks.
This step is part of the announced initiative of the central bank for financial inclusion and the inclusion of the largest possible number of clients within the banking system to facilitate the completion of financial transactions. This initiative includes services provided by banks to customers for free within financial inclusion activities, such as the issuance of direct and prepaid debit cards without commissions and the opening of accounts. Save for new customers for free with no minimum and issue e-wallets for free.
Several banks have announced their participation in the Savings Day initiative in support of financial inclusion, and these banks are:
- National Bank of Egypt.
- Bank of Egypt.
- Bank of Cairo.
- Egyptian Agricultural Bank.
- Qatar National Bank Al Ahli.
- The United Bank Bank.
Other banks are also preparing to officially announce their participation in the initiative, namely Commercial International Bank, Arab African International Bank, Bank Audi Egypt, Arab International Banking Corporation and other banks.
It should be noted that the Central Bank had decided to establish four events annually to support financial inclusion and motivate banks to open accounts for new clients with facilities and exemptions from administrative expenses, and these activities include the celebration of Women’s Day in March, Arab Day for Financial Inclusion in April and World Youth Day in August and Savings Day in October, which actually starts on October 15 and lasts for two weeks.
