It is a term deposit account which local individuals who have foreign currency deposits in USD, EUR and GBP at our bank on any date or legal entities who have foreign currency deposits in USD, EUR and GBP at our bank between 31.12.2021 and 31.03.2023. Existing or new customers with FX deposit accounts in US dollar, Euro and British pound convert their savings in foreign currency into Turkish lira and earn interest income in Turkish lira, whereby they protect the value of those savings from the depreciation against foreign currency.
Features
- May be opened by Individuals based in Turkey (individuals with statutory place of residence based in Turkey, including overseas workers, freelancers and individual employers who are Turkish citizens) and legal entities based in Turkey (including joint ventures and sole proprietor companies but excluding other financial entities designated by TCMB (Turkish Central Bank),
- As set out in the communiqué no. 2021/14 of the Official Gazette, TL deposit accounts opened thereunder may be opened as one-off accounts.
- The account term may be 92, 181 and 366 days for individuals and 181 and 366 days for legal entities, and if the end of the term falls on a non-business day, it shall be extended to the immediately next business day.
- Minimum interest rate shall be the rate published by TCMB.
- The outstanding sum in the FX deposit account in USD, EUR or GBP in question shall be converted to Turkish lira at the most recently published FX buying rate (conversion rate) to be published at 10:00, 11:00, 12:00, 13:00, 14:00 and 15:00.
- The bottom limit for account opening is 10,000TL.
- All account-related payments shall be made in TL.
- The withholding rate shall be zero (0). This rate is subject to change depending on statutory regulations.
- Account opening procedures shall take place between 10.00-15.00 on business days and account closing (the end of the term and early cut-off before the end of the term) shall take place between 11:00-15:00.
- No partial money withdrawal from or money depositing to the account shall be made before the end of the term.
- The account shall be closed after the interest accrues at the end of the term and rates are published by TCMB at 11:00 on the due date and FX rate difference payment, if any, is made, The balance in the account shall be transferred to the demand TL deposit account of the individual or legal person.*
- The account may be closed by the account owner prior to the end of the term. The Bank shall not pay any interest if the account holder wishes to close the account prior to the end of the term. Moreover, the Conversion Rate applicable on the account opening date and the FX buying rate applicable by TCMB at 11:00 for the said FX deposit account shall be compared, and if the FX rate applicable on the account closing date is lower, the account balance shall be adjusted according to that rate and in this case there may be a loss from the principal available as of the beginning of the term.*
How can I apply?
You can immediately open an account by visiting our branches. We are looking forward seeing you in our nearest Branch to you.
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Example 1 : Scenario Where Increase in Exchange Rate is Higher Than Interest Return
Account opening exchange rate: 1 USD = 10 TL
Account opening amount: 100,000 TL
Maturity: 92 Days
Example Interest Rate: 15.00%
Net interest payable to customer: 3.780,82 TL
Exchange rate at the end of maturity: 1 USD = 15 TL
Return on increase in exchange rate: TL 50,000 (50% increase in exchange rate x 100,000 TL = 50,000 TL)
The difference of 50,000 – 3.780,82 = 46,219.18 will be separately paid to the customer.
Thus, total return payable to the customer will be 50,000 TL.
At the end of maturity, customer’s account balance will be 150,000 TL.
Example 2 : Scenario Where Increase in Exchange Rate is Equal to or Lower Than Interest Return
Account opening exchange rate: 1 USD = 10 TL
Account opening amount: TL 100.000
Maturity: 92 Days
Example Interest Rate: 15%
Net interest payable to customer: TL 3.780,82
Exchange rate at the end of maturity: 1 USD = 10,3 TL
Return on increase in exchange rate: TL 3,000 (3% increase in exchange rate x TL 100,000 =TL 3,000)
As the deposit interest return (TL 3.780,82) is higher than the increase in exchange rate (TL 3,000), the customer will only be paid the deposit interest.
The customer will earn an income of TL 3780,82.
At the end of maturity, customer’s account balance will be TL 103.780,82.
Example 3 : Scenario Where Exchange Rate Decreases in Comparison to Beginning of Maturity
Account opening exchange rate: 1 USD = 10 TL
Account opening amount: 100,000 TL
Maturity: 92 Days
Example Interest Rate: 15.00%
Net interest payable to customer: 3.780,82 TL
Exchange rate at the end of maturity: 1 USD = 8 TL
As the exchange rate has not increased, the customer will only be paid the deposit interest.
The customer will earn an income of 3,780.82 TL.
At the end of maturity, customer’s account balance will be 103,780.82 TL.
Example 4: Scenario Where Account is Closed Before the End of Maturity, and Exchange Rate Decreases
Account opening exchange rate:: 1 USD = 10 TL
Account opening amount: 100.000 TL
Exchange rate as of the date of early closing: 1 USD = 8 TL
A balance of 80,000 TL calculated over 1 USD = 8 TL exchange rate current as of the date of early closing will be transferred to the customer account. In this case, the customer’s principal will have been decreased by 20,000 TL.
Example 5: Scenario Where Account is Closed Before the End of Maturity, and Exchange Rate Remains Same or Increases
Account opening exchange rate: 1 USD = 10 TL
Account opening amount: 100,000 TL
Exchange rate as of the date of early closing: 1 USD = 12 TL
An amount of 100,000 TL calculated over 1 USD = 10 TL exchange rate current as of the date of account opening will be transferred to the customer account.