Yuvam Try Term Deposit Account

With the YUVAM account, special for our customers residing abroad, you can protect your savings against exchange rate fluctuations and evaluate them with the opportunity of additional return!

YUVAM TRY Term Deposit Account from Odeabank for non-resident real persons and legal entities whose legal domicile is abroad and whose capital is owned by these persons, who want to benefit from favorable interest rates and protect themselves against possible changes in exchange rates by converting their savings in USD, EUR, GBP and CHF into TRY term deposit accounts with an additional return of up to 6% and zero withholding tax.

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

Features

• YUVAM TRY Term Deposit Account may be opened by real persons who are citizens of the Republic of Turkey with residence or work permit or right to reside or work abroad or whose address abroad is registered as their place of residence in the address registration system, those who have been issued a Blue Card in accordance with Article 28 of the Turkish Citizenship Law No. 5901 dated 29/5/2009, and real persons and legal entities of foreign nationality who meet the conditions for opening an account in banks.
• In order to open an account, deposits denominated in USD, EUR, GBP, CHF must be converted into TRY at the conversion rate announced by the CBRT.
• Among the foreign exchange buying rates announced by the CBRT at 10:00, 11:00, 12:00, 13:00, 14:00 and 15:00 each day, the most recently announced rate as of the time the foreign currency is converted into TRY is taken as the conversion rate.
• The opening of a time deposit account can only be made on the day the foreign currency is converted into TRY.
• This product’s maturity terms are 3, 6, 12 and 24 months. 24 month maturity YUVAM accounts can be opened with an yearly interest rate payment and the bank the annual interest amount to the account owner upon the Customer's request. Fixed interest rates may differ according to account maturity and balance.

YUVAM TRY Term Deposit Interest Rates

Additional Yield Rates Determined by the CBRT

• Turkish Lira deposit accounts opened at YUVAM offer additional return opportunities at rates determined according to maturity groups.   The indicated rates represent annual rates of return.

• The "conversion rate" at the beginning of the maturity and the "expiry rate" at the end of the maturity will be valid for the exchange rate difference return to be calculated according to the exchange rate change:
  • If the maturity rate > conversion rate and the amount calculated on the exchange rate difference is higher than the interest payable at maturity, interest is calculated as the amount calculated by deducting interest from the amount calculated on the exchange rate difference and the additional return amount is obtained.
  • If the maturity rate > conversion rate and the amount calculated on the exchange rate difference is lower than the interest payable at maturity, interest and additional return amount is obtained.
  • If the maturity rate < the conversion rate, interest and additional return will be obtained.
• In case of account renewal, the same calculation will apply between the "renewal rate" at the beginning of the term and the "maturity rate" at the end of the term.
• Renewal of your account is possible if you request it on the same day of the maturity date and will not be possible on any day after the maturity date.
• The maturity date falling on a holiday is determined as the first business day following.
• Deposits and partial withdrawals cannot be made in YUVAM TRY Term Deposit Account during the maturity period.
• In case money is withdrawn from the account before maturity:
  • No payment will be made for the FX rate difference if the FX buying rate announced by CBRT at 11:00; as per the Instructions and other procedures and principles on the day of withdrawal is higher than the Conversion Rate.
  • If the FX buying rate announced by CBRT at 11:00 as per the Instructions and other procedures and principles on the day of withdrawal is lower than the Conversion Rate, the account balance will be updated based on the FX buying rate declared by CBRT at 11:00 as per the Instructions and other procedures and principles on the date when YUVAM TRY Term Deposit Account is closed before maturity. The interest rate of demand deposit will be applied to YUVAM TL time deposit account if the account is closed before maturity.
• There is no lower or upper limit for the product.
• YUVAM TRY Term Deposit Account can be opened at our branches between 10:00 and 15:30.
• Income tax withholding is applied at 0%.

Click here for detailed information about YUVAM Accounts.

*OdeaBank A.Ş. reserves the right to change the interest rates and other terms and conditions by taking market conditions into consideration.