TRY Foreign Exchange Protected Deposit Account Converted from FX

TRY Foreign Exchange Protected Deposit Account Converted from FX protects the savings of customers with foreign currency deposits in USD, EUR and GBP or gold deposit accounts against changes in exchange rates, provided that they are converted into Turkish Lira.

TRY Foreign Exchange Protected Deposit Account Converted from FX yields income with the interest rate offered at the time of account opening, and protects savings against possible exchange rate fluctuations throughout the maturity term. If the interest rate yield at the end of maturity is lower than the rate of increase in exchange rate, the increase in exchange rate shall be reflected in the TRY Foreign Exchange Protected Deposit Account Converted from FX.

Features

• Domestic resident natural person customers will be able to open a Foreign Currency Protected TL Time Deposit Account with USD, EUR, GBP, A02 balances in our bank or other banks as of 31.03.2024.
• In order to open an account, deposits in USD, EUR, GBP or A02 foreign currency are required to be changed and converted to TRY.
• Both our natural person customers and legal entity customers will be able to benefit from the TRY Foreign Exchange Protected Deposit Account Converted from FX.
• Zero withholding rate shall be applied for this product.
• It can be opened in TRY with maturities of 3, 6 months and 1 year for our natural person and legal entity customers. The maturity date corresponding to a holiday shall be considered as the first working day.
• As a minimum, an interest rate of 80% of the CBRT Policy Interest Rate shall be applied.
• The exchange rate at which foreign currencies USD/EUR/GBP in foreign currency deposit accounts with our Bank or gold deposits in A02 Gold Deposit accounts with our Bank will be converted into Turkish Lira shall be the foreign exchange buying rate daily announced as conversion rate by the CBRT at 10:00, 11:00, 12:00, 13:00, 14:00 and 15:00 on the trading day.​
  
• At the end of the maturity, the change in exchange rate shall be calculated by taking into account the foreign exchange buying rate announced by the CBRT between 10:00 and 15:00 on the opening date of the foreign currency used in the account opening and the exchange rate of CBRT at 11:00 on the closing date. If the exchange rate change is lower than the interest amount to be calculated with the interest rate committed at the account opening, the account is accrued interest at the interest rate. In the event that the exchange rate change is higher than the interest amount, your account will be updated to correspond to the equivalent of the index exchange rate at the opening date on the maturity date.
• There is no maximum amount limit for opening an account.
• TRY Foreign Exchange Protected Deposit Account Converted from FX can be opened between 10:00 and 16:30.
• Partial withdrawals will not be possible.
• Closing before maturity can be made, and in early closings, the principal amount shall be determined over the exchange rate whichever the lower among the CBRT buying rate of the foreign currency/gold sold before the account opening and the CBRT buying rate announced at 11:00 on the date the account is closed. In this case, no interest yield will be obtained.
• At the end of the maturity term, after the accrual of interest and exchange rate difference transactions, our customers who want to keep going will be able to continue as an exchange rate protected account.
• TRY Foreign Exchange Protected Deposit Account Converted from FX opening transaction can also be performed through our mobile and internet banking channels for both our natural person and legal entity customers, within the aforementioned features and rules.

*The specified features may change depending on the publication of a new legislation by the competent authorities or the updating of the existing legislation.

Announcement about Savings Deposit Guarantee

Pursuant to the provisions of the "Regulation on Deposits and Participation Funds Subject to Insurance and Premiums to be Collected by the Savings Deposit Insurance Fund", published in the Official Gazette no. 31705 of 30.12.2021; the aggregate of the principal amount and interest rediscounts of savings deposit accounts denominated in Turkish Lira, a foreign currency, or a precious metal, which have been established with the domestic branches of a credit institution operating in Turkiye in the name of real persons and which are not subject to commercial transactions other than issuance of a cheque are under insurance protection up to 400 thousand Turkish Liras.

Frequently Asked Questions about TRY Foreign Exchange Protected Deposit Account Converted from FX Please click here for FAQ about TRY Foreign Exchange Protected Deposit Account Converted from FX.

Sample Calculations

At maturity; when the exchange rate increase is lower than the interest yield

Sample 1

Sample 2

At maturity; when the exchange rate increase is higher than the interest yield

Sample 1

Sample 2

If closed before maturity; in case of a decrease in the exchange rate

Sample 1

Sample 2

If closed before maturity; in case of an increase in the exchange rate

Sample 1

Sample 2

For FAQ about TRY Foreign Exchange Protected Deposit Account Converted from FX, Frequently Asked Questions about TRY Foreign Exchange Protected Deposit Account Converted from FXplease click Frequently Asked Questions about TRY Foreign Exchange Protected Deposit Account Converted from FX.