Housing and Development Bank (HDB), a prominent Egyptian bank, has announced the launch of a savings account specifically designed for women, which aims to offer them a competitive return while ensuring liquidity. The account, known as "Egyptian Savings," is tailored to meet the needs of female savers, according to the bank.

As per HDB's April 2023 interest rate schedule, the account offers an increasing yield, with the return growing in tandem with the deposited amount.

The Egyptian Savings account is denominated in Egyptian pounds and allows for withdrawals and deposits via ATMs. Furthermore, HDB allows borrowers to secure loans of up to 90% of the account's value.

In addition, for the first time, HDB is offering a free direct debit card. Interest on the Egyptian Savings account is calculated from a minimum deposit of EGP 5,000.

The return on a deposit between EGP 5,000 and EGP 10,000 is 3.5%, while a deposit between EGP 10,000 and EGP 100,000 earns 4.5%.

The return on a deposit between EGP 100,000 and EGP 500,000 is 5.5%, and any amount over EGP 500,000 earns 6.5%.

This account is HDB's latest effort to cater to its diverse customer base and promote financial inclusion, particularly for women. According to the World Bank, only 14% of Egyptian women have a bank account, compared to 32% of men.

In addition, the bank's focus on providing female savers with competitive returns aligns with the 5th United Nations' Sustainable Development goal, which aims to achieve gender equality and empower all women and girls.