Currency Protected TRY Term Deposit Account

Rate Protected TRY Term Deposit Account at Odeabank for those who want to get protection against exchange rate fluctuations

Odeabank offers for those who want to protect their savings in Turkish Lira against fluctuations in USD/TRY, EUR/TRY and GBP/TRY exchange rates while investing their savings in term deposits with zero withholding tax: Rate Protected TRY Term Deposit Account

You can get support from your branch or our Communications Center at 444 8 444 if you’re an Odeabank customer, or you can become our customer instantly via Video Call if you’re not an Odeabank customer.

Features

For now, Rate Protected TRY Term Deposit Account can be opened at any of our branches by real people customer residing within the country, but they will be able to be opened via our Internet and Mobile Banking channels after system related operations are completed.
Term is 3, 6, 9 and 12 months, and account can be opened for 92 days as 3 months, 181 days as 6 months, 272 days as 9 months, and 365 days for 12 months. Expiry of term will be set as the closest business day if the expiry of term is a non-business day.
Lower limit for opening an account is TRY 10,000.
If the amount to be calculated by the change in foreign exchange rates based on the dates of account opening and expiry of term is higher than the amount of interest to be charged for the term deposit account in TRY, interest income as well as rate change income will be collected.
Account opening rate for the amount to be calculated by rate change will be calculated via USD/EUR or GBP foreign exchange buying rate announced by the Central Bank of Republic of Turkey at 11:00 on the day account is opened, while rate at the expiry of the term will be taken into account via USD, EUR or GBP foreign exchange buying rate announced by the Central Bank of Republic of Turkey at 11:00 on the expiry date of term.
No partial withdrawal from the account is allowed.
Account can be closed at any time by the customer. If the account is closed prior to expiry of term, you can’t benefit from the support and also, the account balance will be updated via the lower rate by comparing the USD, EUR or GBP foreign exchange buying rates of the Central Bank of Republic of Turkey at 11:00 on the day account is opened and on the day account is closed. If related rate is lower than the basis rate on the account opening date, customer can suffer losses from his/her capital on the start date of term.