Curreny Protected Rotating TRY Term Deposit Account

Odeabank offers for our customers who want to convert their foreign currency and gold savings into Turkish Lira term deposit accounts: Rate Protected Rotating TRY Term Deposit Account

With Rate Protected Rotating TRY Term Deposit Account, with 0% withholding tax, you can earn interest income on your savings while providing protection against exchange rate fluctuations.

If you are an Odeabank customer, you can open your Rate Protected Rotating TRY Term Deposit Account at your branch or you can get support from our Contact Center by calling 444 8 444.

If you are not an Odeabank customer, you can become our customer instantly with Video Call.

Features

• With the Rate Protected Rotating TRY Term Deposit Account, you protect your savings against exchange rate fluctuations while earning interest income at maturity.
• Rate Protected Rotating TRY Term Deposit Account can be opened by converting your savings in USD, EUR, GBP or Gold into Turkish Lira and indexed to the relevant exchange rate or gold price.
• At the beginning of the maturity, your savings in foreign currency or gold will be converted into Turkish Lira at the exchange rate or gold price announced by the Central Bank of the Republic of Turkey at 10:00, 11:00, 12:00, 13:00, 14:00 and 15:00 and valid at the time of the transaction.
• At the maturity date, the exchange rate or gold price announced by the CBRT at 11:00 will be the maturity rate/price of the account.
• The "conversion rate/price" at the beginning of the maturity and the "expiry rate/price" at the end of the maturity will be valid for the exchange rate/price difference return to be calculated according to the exchange rate/price change:
  • If the rate/price at maturity > the conversion rate/price and the interest amount at maturity > the difference in the change in the rate/price, you will only earn interest income.
  • If the rate/price at maturity > the conversion rate/price and the amount of interest you will receive at maturity < the amount of the difference in the rate/price change, you will get interest yield + exchange rate/price difference yield.
  • If the maturity rate/price < the conversion rate/price, you will only earn interest income.
• At the maturity date, your account can be renewed if you request it on the same day, but it will not be possible to renew your account on any day after the maturity date.
• The exchange rate or gold price announced by the CBRT at 11:00 on the same day will be the renewal rate/price of your account. In this case, the same calculation methods above will apply between the renewal rate/price and the maturity rate/price to be announced at 11:00 on the next maturity day of the renewed account.
• You can renew your account by the amount of currency or gold converted at the first opening. In this case, if only interest income is earned on the day of renewal, the interest amount will not be added to the balance of the renewed account.
• The maturity term of your Rate Protected Rotating TRY Term Deposit account is 3, 6 and 12 months. Expiry of term will be set as the closest business day if the expiry of term is a non-business day.
• Withholding rate to be applied for the product at any term will be zero (0).
• Lower limit for opening an account is TRY 1,000.
• Partial withdrawals or deposits cannot be made during the maturity period.
• If your account is closed before maturity, you will not be eligible for interest or foreign exchange rate support. In addition, if the foreign exchange buying rate/gold price announced at 11:00 on the date the account is closed is lower than the foreign exchange buying rate/gold price valid on the date the account is opened/renewed, your account balance will be reduced by the amount corresponding to the rate of change in the foreign exchange rate/gold price.
• Only our resident customers can benefit from the Rate Protected Rotating TRY Term Deposit account.
• You can open your Rate Protected Rotating TRY Term Deposit account at any of our branches.