YUVAM TRY Time Deposit Account​

Convert your savings in USD, EUR, GBP, and CHF into TRY Time Deposit Account, benefit from advantageous interest rates of up to 4% and zero withholding tax, while safeguarding against possible changes in exchange rates! YUVAM TRY Time Deposit Account is available for individuals residing abroad or legal entities with their legal residence located overseas, provided by Odeabank.

General Information

What are the features of the account?

  • YUVAM TRY Time Deposit Account can be opened by Turkish citizens who have residency or work permits abroad, individuals who have their overseas address registered in the address registration system, individuals granted Mavi Kart (Blue Card) according to Article 28 of Law No. 5901 of 29/5/2009, and foreign individuals and legal entities meeting the account opening requirements at banks.
  • To open an account, foreign currency deposits in USD, EUR, GBP, and CHF must be converted to TRY at the exchange rate announced by the Central Bank of the Republic of Turkey (CBRT).
  • The conversion rate is based on the exchange rates announced by the CBRT at 10:00, 11:00, 12:00, 13:00, 14:00, and 15:00 daily. The latest announced rate at the time of currency conversion to TRY is taken as the conversion rate.
  • The term deposit account opening process can only be done on the day when the foreign currency is converted to TRY.
  • YUVAM TRY Time Deposit Account has terms of 3 months, 6 months, 12 months, or 24 months. 24-month term YUVAM accounts can also be opened with annual interest payment, and upon the customer's request, the annual interest amount is paid by the bank. Fixed interest rates may vary based on the term and amount in the account.

YUVAM TRY Time Deposit Interest Rates

Maturity Interest Rates
3 Months 35,00%
6 Months 35,00%
12 Months 35,00%
24 Months 35,00%

Additional yield opportunities are offered on Turkish Lira deposit accounts opened under YUVAM based on maturity groups. The specified rates indicate annual yield rates.

The Additional Yield Rates Determined by the Central Bank of the Republic of Turkey

Maturity Additional Yield Rates
3 Months 1%
6 Months 2%
12 Months 3%
24 Months 4%
  • The 'conversion rate' at the beginning of the term and the 'end-of-term rate' will be valid for calculating the exchange rate difference return:
    • If the end-of-term rate is > the conversion rate, and the amount calculated through the exchange rate difference is higher than the interest payable at the end of the term, the interest is derived from the calculated amount after deducting the interest from the exchange rate difference, resulting in the calculated amount and the additional yield.
    • If the end-of-term rate is > the conversion rate, and the amount calculated through the exchange rate difference is lower than the interest payable at the end of the term, the interest and the additional yield will be obtained.
    • If the end-of-term rate is < the conversion rate, the interest and the additional yield will be obtained.
  • In the case of account renewal, the same calculation will be valid between the 'renewal rate' at the beginning of the term and the 'end-of-term rate'.
  • The renewal of your account is possible on the same day at the end of the term if requested. You cannot renew your account on any day after the maturity date.
  • If the maturity date falls on a holiday, the following first business day will be considered. In the YUVAM TL Time Deposit Account, deposits and partial withdrawals cannot be made during the term.
  • In the event of withdrawal before the maturity date,

    *If the exchange rate declared by the Central Bank of the Republic of Turkey at 11:00 on the withdrawal date, according to the instructions and other procedures and principles determined, is higher than the conversion rate, no payment will be made regarding the exchange rate difference.

    *If the exchange rate declared by the Central Bank of the Republic of Turkey at 11:00 on the withdrawal date, according to the instructions and other procedures and principles determined, is lower than the conversion rate, the account balance will be updated from the exchange rate of the foreign currency buying rate declared by the Central Bank of the Republic of Turkey at 11:00 on the date the YUVAM TL Time Deposit Account was closed before the maturity date. If the YUVAM TL Time Deposit Account is closed before the maturity date, the interest rate applied to the demand deposit will be applied.

     

    There are no lower or upper limit amounts for the product.

     

  • The YUVAM TL Time Deposit Account can be opened at our branches between 10:00 and 15:30.
  • Income tax withholding is applied at 0%

Odea Bank Inc. reserves the right to change the interest rates and other conditions it offers by considering market conditions.​​

  Example-1 Example-2 Example-3 Example-4
Start of the Term USD Balance 10.000 10.000 10.000 10.000
Conversion Rate 10,00 10,00 10,00 10,00
Equivalent Amount in Turkish Lira 100.000 100.000 100.000 100.000
Maturity (Day) 365 365 365 365
Interest Rates 12,00% 12,00% 12,00% 12,00%
Additional Interest Rate 5,00% 5,00% 5,00% 5,00%
End of the Term End of Term Exchange Rate 9,00 10,00 11,00 12,00
Equivalent Amount in Turkish Lira 90.000 100.000 110.000 120.000
Interest Yield 12.000,00 12.000,00 12.000,00 12.000,00
Exchange Rate Return - - - 8.000,00
Additional Return 4.500,00 5.000,00 5.500,00 6.000,00
Total Turkish Lira Balance 116.500,00 117.000,00 117.500,00 126.000,00
USD
Equivalent
Return
2.944,44 1.700,00 681,82 500,00
Description Since the interest return is greater than the exchange gain, you will obtain a return of 12,000.00 TL in interest and 4,500 TL in additional return. Since the interest return is greater than the exchange gain, you will obtain a return of 12,000.00 TL in interest and 5,000 TL in additional return. Since the interest return is greater than the exchange gain, you will obtain a return of 12,000.00 TL in interest and 5,500 TL in additional return. Since the interest return is less than the exchange gain, you will obtain a return of 12,000.00 TL in interest, 8,500 TL in exchange gain, and 8,000 TL in additional return.