TLREF Indexed Time Deposit Account

Time deposit product with variable interest of which yield is set based on Turkish Lira Reference Interest Rate as published by Borsa Istanbul (BIST).

Features

• The account may be opened for real person customers with TLREF interest rate announced on the preceding business day with a maturity period of 32 to 91 days.
• Account opening balance is TRY 3,000,000.
• The account's interest rate will be linked to TLREF Index as announced by BIST.
• For the purpose of calculation of interest rate to be applied to the account, BIST TLREF Index published by BIST at 16:00 hrs (12:45 hrs on half business days) on business days will be taken into account.
• Since TLREF Index is not to be published at weekends and holidays, the last TLREF Index announced shall apply.
• Interest accrual will be carried out over the annual simple interest rate as calculated on the basis of TLREF Index, as announced on the business day preceding the account opening date and the business day preceding the expiry date of maturity period.
• Interest rate applied to the said product is updated on a daily basis depending on changes in TLREF Index throughout the maturity period.
• It is not allowed to deposit and withdraw money apart from account opening date and expiry date of maturity period.
• In the event that the account is closed before maturity date, demand interest rate (0%) will be applied to the account and existing balance will be transferred to demand deposit account.
• Tax deductions shall be calculated over current tax rates applicable for the relevant maturity date at the account opening date.