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Currency Protected TRY Time Deposit Account

FX Converted TRY Deposit Account

FX Converted TRY Deposit Account is an account that protects our customers against exchange rate fluctations by converting their savings into Turkish Lira.Customers who have USD,EUR and GBP foreign currency deposits in our bank or another as of 31.08.2024 for domestic resident real persons and domestic resident legal entitites. FX Converted TRY Deposit Account provides an income with the interest rate offered at the time of account opening, protecting your savings against possible exchange rate fluctations throughout the term. If the interest income by the end of the term is lower than the increase rate in the exchange rate, the increase in the exchange rate will be reflected to your account.

Account Features;

The account can be opened for our real person and legal entitites with a maturity of 3, 6 and 12 months. If the maturity date coincides with the holiday, the maturity day will be the first business day.
Both our real person and legal entitiy customers will be able to benefit from the FX Converted TRY Deposit Account.
The withholding tax rate to be applied specifically for the product is 7.5% for up to 6 months (6 months included), and 5% for up to 1 year (1 year included).
In case the FX amount comes from another bank, the customer must present a document providing that the relevant amount was in a bank account on the specified dates. (Only for legal entities)
Conversion Rate: it is the latest announced foreign currency purchase rate at the hour when the foreign currency is converted into Turkish lira, as declared by the CBRT at 10:00,11:00,12:00,13:00,14:00 and 15:00.
By the end of the maturity; the exchange rate change will be calculated considering the foreign currency purchase rate announced by Central Bank of Turkey (CBRT) hourly between 10:00 and 15:00 on the account opening date and the 11:00 rate announced by the CBRT on the closing date for the currency used at the account opening. If the exchange rate change is lower than the interest amount calculated with the interest rate committed at the account opening, interest amount will be refleced to the account. If the exchange rate change is higher than the interest amount, the account will be updated to the equilavent amount of the indexed FX amount on the maturity date.
The account opening transaction must be performed on the day the foreign currency is sold. The amount subject to the account opening cannot be higher than the TL equilavent of USD,EUR,GBP amount in our bank or another bank as of 31.08.2024 for domestic resident legal entities and domestic resident real persons.
FX Converted TRY Deposit Account can be opened between 10:00 and 16:00.
Partial withdrawals and deposit shall not be made from the account within the maturity period.
An early clousure can be done before the maturity date, in case of early clousures, the principal amount will be determined based on the lower purchase rate published by Central Bank of Turkey (CBRT) on account opening day and announced 11:00 exchange rate on the clousure day. In this case, no interest income shall be obtained and there may be loss from principal amount.
At the end of maturity, the account will be closed automatically after the accrual of interest, the balance will be transferred to the current account.
The account can be opened through ICBC Turkey branches.

ICBC Turkey is a member of ICBC Group.