Reductions applied on interests paid to deposit
accounts and participation accounts have been restructured by the President’s
Resolution Annex numbered 53 and dated 30.08.2018 (“Resolution”). The reduction
rates applied on interest yields of Turkish Lira denominated deposit accounts
and dividends paid by the participation banks in return of participation accounts
are decreased while such rates are increased for foreign exchange deposit and
participation accounts.
With this Resolution, disposition in terms of Turkish
Lira has been aimed to be increased and promoted. New reduction rates have been
amended as follows;
A. Reductions from interests applied on foreign
exchange deposit accounts and dividends paid by participation banks to foreign
exchange participation accounts have been,
(i) increased from 18 % to 20 % for drawing and current
call accounts and term deposit accounts of 6 months (including the 6th
month),
(ii) increased from 15 % to 16 % for term deposit
accounts of 1 year (including such year),
(iii) remained at 13 % for term deposit accounts of
more than 1 year.
B. Reductions from interest on deposits have been,
(i) decreased from 15 % to 5 % for drawing and current
call accounts and term deposit accounts of 6 months (including the 6th
month),
(ii) decreased from 12 % to 3 % for term deposit
accounts of 1 year (including such year),
(iii) decreased from 10 % to 0 % for term deposit
accounts of more than 1 year.
C. Reductions
from dividends paid by the participation banks in participation accounts have
been,
(i) decreased from 15% to 5 % for drawing and current
call accounts and term deposit accounts of 6 months (including the 6th
month),
(ii) decreased from 12 % to 3 % for term deposit
accounts of 1 year (including such year),
(iii) decreased from 10% to 0 % for term deposit
accounts of more than 1 year.
The
abovementioned amendments in such rates shall be applied on the interests and
dividends to be paid to drawing and private current accounts for 3 months as of
31.08.2018. Moreover such rates will also be applied on the interests and
dividends to be paid to term deposit accounts opened or renewed within three
months as of 31.08.2018.