YUVAM Account

Transforming Earnings Abroad with Ziraat Participation!

What is the YUVAM Account? The YUVAM Account is a special Turkish Lira participation account offered to non-resident individuals. It allows our customers living abroad to evaluate their savings in USD, EUR, GBP, and CHF at our bank with the guarantee of exchange rate protection provided by the Central Bank of the Republic of Türkiye (CBRT) along with the opportunity to earn additional returns. This advantageous account type ensures that citizens preserve their earnings under all circumstances.

Who Can Open a YUVAM Account?

  • Turkish citizens who have residence or work permits abroad or whose registered address in the address registration system is outside of Türkiye,

  • Blue Card holders, in accordance with Article 28 of the Turkish Citizenship Law No. 5901 dated 29/05/2009,

  • Foreign nationals who meet the legal requirements to open a bank account in Türkiye,

  • Companies established under foreign laws and legally residing abroad where the account opener is a shareholder.

Features:

  • Participation fund balances in USD, EUR, GBP, or CHF are converted to Turkish Lira at the CBRT’s hourly announced foreign exchange/gold buying rate between 10:00 and 15:00 to benefit from the account.

  • Accounts can be opened with maturities of 3, 6, or 12 months.

  • A minimum of 500 units (USD, EUR, GBP, or CHF) must be converted to Turkish Lira to open an account.

  • Partial withdrawals are not allowed during the term. Customers can close their accounts anytime on business days.

  • Withholding tax rates are:
    - 15% for 3 and 6 months,
    - 12% for 1 year,
    - 10% for more than 1 year.

  • Additional return rates (paid by the CBRT in Turkish Lira) are based on the term and calculated over the amount of foreign currency converted to a YUVAM participation account:
    - 1% for 3-month accounts
    - 2% for 6-month accounts
    - 3% for 12-month accounts

Exchange Rate Adjustment Logic:

At maturity, the exchange rate difference is calculated by comparing the CBRT’s buying rate at 11:00 on the maturity date with the conversion rate at account opening.

  • If the maturity exchange rate is lower than the initial conversion rate:
    Principal + profit share + additional return will be paid to the customer.

  • If the maturity exchange rate is higher than the initial rate:
    - If the profit share > exchange rate difference, the customer receives:
    - Principal + profit share + additional return
    - If the profit share < exchange rate difference, the customer receives:
    Principal + profit share + (exchange rate difference – profit share) + additional return

Early Closure Conditions:

  • If the CBRT buying rate at 11:00 on the early closure date is higher than the original conversion rate, no exchange rate difference payment is made.

  • If the CBRT rate is lower, the account balance is updated based on the CBRT rate on the closure date.

Renewals:

  • Upon customer request, the account may be renewed up to the foreign currency equivalent of the Turkish Lira balance at maturity, using the CBRT’s 11:00 buying rate on the maturity date.

Additional Info:

  • Accounts can be opened 24/7, including outside business hours and on holidays.
    If opened after working hours, the most recently announced CBRT 15:00 buying rate is used.
     - If opened after working hours, the most recently announced CBRT 15:00 buying rate is used.
    - If opened on a holiday, the previous business day's 15:00 rate is used.

  • Other currency types will first be converted into USD, EUR, GBP, or CHF and then into Turkish Lira using the CBRT conversion rate to open a YUVAM account.

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