If you are a citizen of the Republic of Turkey or a Blue Card holder or a foreign customer of our Bank who has a residence or work permit or right to reside abroad or is a resident abroad as per the Address Registration System (AKS),
Your foreign currency accounts in USD, EUR, GBP, CHF in our bank may be converted into Turkish Lira and a YUVAM TRY Time Deposit Account (YUVAM TRY Account) may be opened on your behalf or on behalf of your company, other than financial institutions determined by the Central Bank and banks, of which you are the shareholder, established in a foreign country according to the laws of that country and whose legal residence is outside of Turkey).
Your above-mentioned savings generate returns in line with the interest rate offered at the time of account opening, and they are protected against possible exchange rate changes throughout the term, and if the interest rate return at the end of the maturity is lower than the rate of increase in the exchange rate, the increase in the exchange rate is reflected in your account.
In addition to the principal and exchange rate difference, the following additional payments will also be reflected to your YUVAM TRY Time Deposit account by the CBRT;
annual interest rate of 3% for 3-Month Term accounts
annual interest rate of 4% for 6-Month Term accounts
annual interest rate of 5% for 12-Month Term accounts
annual interest rate of 6% for 24-Month Term accounts
Specifications
- In order to open the respective account, deposits in USD, EUR, GBP, CHF must be converted into TRY using the conversion rate announced by the CBRT.
- Our natural and legal person customers can benefit from the YUVAM TRY Time Deposit product.
- Zero withholding tax rate will be applied for this product.
- YUVAM TRY accounts can be opened in Turkish Liras with a term of 3, 6, 12, 24 months. In cases where the maturity date coincides with a holiday, the first working day following it will be deemed as the maturity date.
- As a minimum, an interest rate of 80% of the CBRT Policy Interest Rate shall be applied.
- The exchange rate at which the USD, EUR, GBP, CHF currencies held at our bank will be converted into TRY is the foreign exchange buying rate announced by the CBRT on the transaction day at 10:00, 11:00, 12:00, 13:00, 14:00 and 15:00 hrs as the daily conversion rate.
- The time deposit account opening can only be made on the day the foreign currency is converted into TRY.
- The minimum account opening lower limit is TRY 1,000 and there is no upper limit set forth.
- YUVAM TRY Time Deposit Account can be opened from our branches between 10:00 and 16:30 hrs, and 24/7 via internet and mobile banking application.
- Partial withdrawals are not possible.
- If the exchange rate difference calculated over the foreign currency amounts converted to YUVAM TRY accounts at the maturity date is higher than the interest income to be reflected to the account; in addition to the principal and exchange rate difference, the following additional payments will also be reflected by the CBRT;
- annual interest rate of 3% for 3-Month Term accounts
- annual interest rate of 4% for 6-Month Term accounts
- annual interest rate of 5% for 12-Month Term accounts
- annual interest rate of 6% for 24-Month Term accounts
If the exchange rate difference at the end of maturity is lower than the interest income, only the principal and the interest amount to be accrued by our Bank will be paid to the account holder.
- In case of closing the account before the maturity date, the account will be updated using the lower conversion rates taken as basis on the opening and closing dates of the YUVAM TRY account. Therefore, there is a risk of loss of principal in account closings before the maturity date.
- The account may be renewed and continue with exchange rate protection for our customers who wish to do so following the reflection of the interest/currency difference/additional interest amount to the account at the end of maturity.
Click for detailed information about YUVAM Accounts.
