Yuvam TRY Time Deposit Account

The YUVAM account is a type of Turkish Lira account that allows residents abroad and their companies abroad to evaluate their savings in banks in our country and offers the opportunity for additional income in addition to the exchange rate protection guarantee of the Central Bank. The account can be opened provided that the foreign currency amount to be opened has come to our Bank via transfer from abroad or a document proving that it has come from abroad in cash is presented. Unlike other Exchange Rate Protected Deposit products, the YUVAM account provides additional income in addition to the principal guarantee at the end of the term.

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 1% for 3-Month Term accounts

annual interest rate of 2% for 6-Month Term accounts

annual interest rate of 3% for 12-Month Term accounts

annual interest rate of 4% for 24-Month Term accounts

Who Can Open a YUVAM Account

• Turkish citizens and blue card holders who have a residence or work permit or right to reside or work abroad or whose address abroad is registered in the Address Registration System (AKS),
• Real and legal persons of foreign nationality who meet the conditions for opening accounts in banks,
• Companies whose shareholders are non-residents, which are established abroad in accordance with the laws of that country and whose legal domicile is outside Turkey.

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 70% of the CBRT Policy Interest Rate shall be applied.
• The exchange rate at which USD, EUR, GBP, CHF will be converted into TL at the time of account opening is the foreign exchange buying rate announced by the Central Bank of the Republic of Turkey daily at 10:00, 11:00, 12:00, 13:00, 14:00 and 15:00 on the transaction day.
• The time deposit account opening can only be made on the day the foreign currency is converted into TRY.
• 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 1% for 3-Month Term accounts
  • annual interest rate of 2% for 6-Month Term accounts
  • annual interest rate of 3% for 12-Month Term accounts
  • annual interest rate of 4% 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.

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