FX/Gold-Indexed Currency-Protected TL Participation Account Currency-Protected

Exchange Rate Protected Power, With the Assurance of Participation!

What is the FX and Gold-Indexed Currency-Protected TL Participation Account? The FX and Gold-Indexed Currency-Protected TL Participation Account is a Turkish Lira participation account we offer to our customers who hold their savings in foreign currency and gold. With this account, your USD, EUR, GBP, or gold balances are protected against exchange rate fluctuations while also being evaluated under the assurance of Ziraat Katılım.

Features

  • Can be opened by resident natural persons in Turkey.

  • Resident individuals can benefit from this account by converting their participation fund balances in USD, EUR, GBP, or gold into Turkish Lira at the Central Bank of the Republic of Turkey’s (CBRT) hourly announced buying rates between 10:00 and 15:00.

  • As of 31.08.2024, resident individuals can convert their USD, EUR, GBP, or gold participation fund balances held at our bank/other banks into Turkish Lira at the CBRT’s hourly buying rate between 10:00 and 15:00 to open this account.

  • Accounts can be opened with a 3-month maturity in TL.

  • A minimum of 500 USD, EUR, GBP, or 5 grams of gold must be converted into TL to open the account.

  • Partial withdrawals are not allowed during the maturity period. Customers may close the account before maturity on business days until 17:00.

  • A withholding tax rate of 15% applies for a 3-month maturity.

  • In exchange rate difference calculations, the change between the exchange rate at 11:00 on the maturity date and the conversion rate at the account opening date will be considered.

  • If the exchange rate difference is lower than the profit share, only the profit share will be paid at maturity.

  • If the exchange rate difference is higher than the profit share, the profit share will be paid by our Bank, and the difference between the exchange rate gain and the profit share will be paid in TL by the CBRT. All payments will be credited to the customer's account in TL.

  • If the account is closed before maturity and the CBRT’s USD, EUR, GBP, or gold buying rate at 11:00 on the withdrawal date is higher than the initial conversion rate, no exchange rate difference payment will be made by the CBRT.

  • If the CBRT’s buying rate at 11:00 on the withdrawal date is lower than the conversion rate, the account balance will be updated according to the CBRT’s buying rate on that date.

  • Upon customer request, the account may be renewed at maturity in the corresponding foreign currency or gold amount calculated based on the TL balance at maturity, using the CBRT’s buying rate announced at 11:00 on the maturity date.

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