Exchange Rate Protected TRY Participation Account

Exchange Rate Protected TRY Participation Account, which protects the account holders against exchange rate fluctuations, is at Vakıf Katılım.

From FX to TRY Exchange Rate Protected TRY Participation Account

• Domestic natural person customers who are resident in Turkey and domestic legal person customers who are resident in Turkey, except for Banks and other financial institutions specified by the Central Bank, can open account.
• Our domestic natural person customers who wish to open account must have USD, EUR or GBP savings in their accounts at our Bank without any date restrictions
• Our domestic legal person customers who wish to open an account must have USD, EUR or GBP savings in their accounts at our Bank as of from 31 December 2021 to 31 May 2023.
• Account can benefit from 90/10 profit sharing ratio.
• Accounts can be opened with 3, 6 and 12-month maturities for both domestic resident natural persons and domestic legal persons.
• The withholding rate of the account is 0%.
• Minimum account opening limit is TRY 250.
• No partial withdrawal can be made from the account and no amount can be deposited to the account within the maturity period.
• In the event that the account is closed before the maturity date; if the exchange rate announced by Central Bank of the Republic of Turkey at 11:00 AM on the date that the account is closed is above the conversion rate of exchange, no payment shall be made by the Central Bank with respect to exchange difference and the Customer can only receive the principal amount available in the account. If the exchange rate announced by Central Bank of the Republic of Turkey at 11:00 AM on the date that the account is closed is below the conversion rate of exchange, the account balance is updated with buying rate of exchange announced by Central Bank of the Republic of Turkey at 11:00 AM on the date that the account is closed before its maturity. Accordingly, in the event that the account is closed before its maturity date, there may occur decrease in the principal balance based on decreases in foreign exchange rates
• The calculation of the changes in foreign exchange rates shall be made upon the exchange rate announced by the Central Bank of the Republic of Turkey as of the time that the foreign currency balance used for the opening of the account is converted to Turkish Lira and the buying rate of exchange announced by the Central Bank of the Republic of Turkey at 11:00 AM on the maturity date. As a result of such calculation; if the foreign exchange yield is below the profit share yield, the Customer shall only receive profit share yield based on profit sharing rate of the Exchange rate Protected TRY Participation Account. If the exchange difference amount is above the profit share yield, the difference shall be transferred by Central Bank of the Republic of Turkey to our Bank in TRY in order to be reflected to the Customer’s account.
• There is no time interval restriction for the account opening.

From TRY to TRY Exchange Rate Protected TRY Participation Account

• The account can only be opened in Turkish Lira by domestic natural persons who are resident in Turkey.
• Accounts can be opened as indexed to USD, EUR or GBP exchange rate.
• Account can benefit from 90/10 profit sharing ratio.
• Accounts can be opened with 3, 6 and 12-month maturities.
• The withholding rate of the account is 0%.
• Minimum account opening limit is TRY 250.
• No partial withdrawal can be made from the account and no amount can be deposited to the account within the maturity period.
• In the event that the account is closed before the maturity date; if the exchange rate announced by Central Bank of the Republic of Turkey at 11:00 AM on the date that the account is closed is above the exchange rate announced by Central Bank of the Republic of Turkey at 11:00 AM on the account opening date, no payment shall be made by the Central Bank with respect to exchange difference and the Customer can only receive the principal amount available in the account. If the exchange rate announced by Central Bank of the Republic of Turkey at 11:00 AM on the date that the account is closed is below the exchange rate announced by Central Bank of the Republic of Turkey at 11:00 AM on the account opening date, the account balance is updated with buying rate of exchange announced by Central Bank of the Republic of Turkey at 11:00 AM on the date that the account is closed before its maturity. Accordingly, in the event that the account is closed before its maturity date, there may occur decrease in the principal balance based on decreases in foreign exchange rates
• The calculation of the changes in foreign exchange rates shall be made upon the buying rate of exchange announced by the Central Bank of the Republic of Turkey at 11:00 on the account opening and closing dates. As a result of such calculation; if the foreign exchange yield is below the profit share yield, the Customer shall only receive profit share yield based on profit sharing rate of the Exchange rate Protected TRY Participation Account. If the exchange difference amount is above the profit share yield at the end of maturity, the difference shall be transferred by Central Bank of the Republic of Turkey to our Bank in TRY in order to be reflected to the Customer’s account.
• Withdrawals from the account/account closing transactions are carried out after 11:00 AM.
• There is no time interval restriction for the account opening.
• The account maturity can be extended by giving a maturity renewal order via our Internet Branch or Mobile Branch.

From Gold to TRY Exchange Rate Protected TRY Participation Account

• Domestic natural person customers who are resident in Turkey and domestic legal person customers who are resident in Turkey, except for Banks and other financial institutions specified by the Central Bank, can open account.
• Accounts can be opened with gold account balance available in our bank accounts without a date for the domestic real persons.
• Accounts can be opened with gold accounts available on 31/12/2021 for domestic legal persons.
• Account can benefit from 90/10 profit sharing ratio.
• Accounts can be opened with 3, 6 and 12-month maturities for both domestic resident natural persons and domestic legal persons.
• The withholding rate of the account is 0%.
• Minimum account opening limit is TRY 250.
• No partial withdrawal can be made from the account and no amount can be deposited to the account within the maturity period.
• In the event that the account is closed before the maturity date; if the exchange rate announced by Central Bank of the Republic of Turkey at 11:00 AM on the date that the account is closed is above the conversion rate of exchange, no payment shall be made by the Central Bank with respect to exchange difference and the Customer can only receive the principal amount available in the account. If the exchange rate announced by Central Bank of the Republic of Turkey at 11:00 AM on the date that the account is closed is below the conversion rate of exchange, the account balance is updated with buying rate of exchange announced by Central Bank of the Republic of Turkey at 11:00 AM on the date that the account is closed before its maturity. Accordingly, in the event that the account is closed before its maturity date, there may occur decrease in the principal balance based on decreases in foreign exchange rates
• The calculation of the exchange change shall be made upon the gold price announced by the Central Bank of the Republic of Turkey as of the time that the gold balance used for the opening of the account is converted to Turkish Lira and the gold price announced by the Central Bank of the Republic of Turkey at 11:00 AM on the maturity date. As a result of such calculation; if the exchange difference is below the profit share yield, the Customer shall only receive profit share yield based on profit sharing rate of the Exchange rate Protected TRY Participation Account. If the exchange difference is above the profit share yield, the difference shall be transferred by Central Bank of the Republic of Turkey to our Bank in TRY in order to be reflected to the Customer’s account.
• Withdrawals from the account and account closing transactions are carried out after 11:00 AM.
• There is no time interval restriction for the account opening.
• The account maturity can be extended by giving a maturity renewal order via our Internet Branch or Mobile Branch.

From Physical Gold to TRY, Price Rate Protected TRY Participation Account

• Domestic natural person customers who are resident in Turkey and domestic legal person customers who are resident in Turkey, except for Banks and other financial institutions specified by the Central Bank, can open account.
• The account will be opened with physical gold delivered through the KAD-SIS and the gold experts in our branch without any date restrictions.
• Accounts can be opened with 3, 6 and 12-month maturities for both domestic resident natural persons and domestic legal persons.
• Account can benefit from 90/10 profit sharing ratio.
• The withholding rate of the account is 0%.
• Minimum account opening limit is TRY 250.
• No partial withdrawal can be made from the account and no amount can be deposited to the account within the maturity period.
• In the event that the account is closed before the maturity date; if the exchange rate announced by Central Bank of the Republic of Turkey at 11:00 AM on the date that the account is closed is above the conversion rate of exchange, no payment shall be made by the Central Bank with respect to exchange difference and the Customer can only receive the principal amount available in the account. If the exchange rate announced by Central Bank of the Republic of Turkey at 11:00 AM on the date that the account is closed is below the conversion rate of exchange, the account balance is updated with buying rate of exchange announced by Central Bank of the Republic of Turkey at 11:00 AM on the date that the account is closed before its maturity. Accordingly, in the event that the account is closed before its maturity date, there may occur decrease in the principal balance based on decreases in foreign exchange rates.
• The calculation of the exchange change shall be made upon the gold price announced by the Central Bank of the Republic of Turkey as of the time that the gold balance used for the opening of the account is converted to Turkish Lira and the gold price announced by the Central Bank of the Republic of Turkey at 11:00 AM on the maturity date. As a result of such calculation; if the exchange difference is below the profit share yield, the Customer shall only receive profit share yield based on profit sharing rate of the Exchange rate Protected TRY Participation Account. If the exchange difference is above the profit share yield, the difference shall be transferred by Central Bank of the Republic of Turkey to our Bank in TRY in order to be reflected to the Customer’s account.
• The additional returns calculated at the following rates will be paid by the Central Bank as Turkish lira at the beginning of the term, according to the following maturity groups. The specified rates indicate annual yield rates.

3 months maturity:%2        6 months maturity:%3       12 months maturity:%4

• Withdrawals from the account/account closing transactions are carried out after 11:00 AM.
• There is no time interval restriction for the account opening.
• The account maturity can be extended by giving a maturity renewal order via our Internet Branch or Mobile Branch