Physical Gold to TL Exchange Rate Protected TL Participation Account

What is the Physical Gold to TL Exchange Rate Protected TL Participation Account

•  Domestic natural persons who are resident in Turkey and domestic legal entities located in Turkey, excluding the banks and other financial institutions designated by the Central Bank, can open accounts.
•  The account can be opened with physical golds delivered through KAD-SIS system and through our gold experts at our Branch without any limitation on date.
• The account benefits from an advantageous profit sharing pool.
•  Both domestic natural and legal persons who are resident in Turkey can open accounts with 3, 6, 12-month maturities.

• Withholding Rate of the Account;

• The lower limit for opening an account is 5 grams.
• No partial withdrawals can be made from the account and no amount can be deposited into account before the maturity date.
• In the event that the account is closed before its maturity; if the exchange rate announced by the Central Bank at 11:00 AM on the date that the account is closed before its maturity is above the conversion rate, no payment shall be made by the Central Bank with respect to foreign exchange difference and the Customer shall only receive the TRY principal available in the account. If the exchange rate announced by the Central Bank at 11:00 AM on the date that the account is closed before its maturity is below the conversion rate, the account balance shall be updated by the buying rate announced by the Central Bank at 11:00 AM on the date that the account is closed before its maturity. Accordingly, there may be decrease in principal balance based on decreases in buying rate of gold if the account is closed before its maturity.
• The calculation of the exchange difference shall be made over the buying rate of gold 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 buying rate of gold 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, Exchange Rate Protected TRY Participation Account shall only receive profit share yield based on profit sharing rate. 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.
• At account opening, an additional gold fineness difference is charged based on the fineness values of CBRT.
• The gold fineness difference is realized upon account opening. - The additional yield calculated over the converted gold amounts according to the maturity groups below at the rates determined below will be paid by the Central Bank in Turkish lira at the beginning of maturity. The progress payment of the additional amounts deposited will be realized at maturity. The rates below indicate annual rates of return.

• Withdrawals from account/account closures can be made after 11.00 am.
• Accounts can be opened until 16.00 on weekdays.
• Account maturity can be extended by giving a maturity renewal order through our Branches or Mobile Branch.