Kuveyt Türk, which has brought 25 tons of gold to the economy so far, with the 'Gold Collection Days' application held in its branches since 2011, cooperated with ONSA Refinery, which includes Assos and Altınbaş jewelers, as part of the "Gold Saving Ecosystem Project", which was commissioned recently.
As part of the cooperation, Kuveyt Türk now offers a secure valuation service for the gold of customers through contracted jewelers all over Turkey, as well as branches. Customers who want to protect their savings against exchange rate fluctuations may convert their gold into TL and deposit them into the Conversion Supported TL Participation Account.
Turkey's leading participation finance institution, Kuveyt Türk has signed an important cooperation as part of the “Gold Saving Ecosystem Project” commissioned by the Ministry of Treasury and Finance in order to bring the gold under the pillow into the real economy. Joining forces with ONSA Refinery, which incorporating Assos and Altınbaş jewelers, Kuveyt Türk offers its customers an easy and reliable service to evaluate their gold savings in addition to branches, through the jewelers of ONSA Refinery.
In this context, gold bars and jewels of gold such as grams, quarters, half, cumhuriyet gold, bracelets and necklaces may be easily and safely converted into 24-carat pure gold and deposited into the account. Customers who want to protect their savings against exchange rate fluctuations may open a Conversion Supported TL Participation Account by converting their gold into TL.
“We joined forces with ONSA Refinery”
Commenting on the cooperation, Kuveyt Türk Executive Vice President of Retail and Private Banking Mehmet Oral said, "As Kuveyt Türk, with the Gold Collection Days we held for the first time in 2011, we provide services for our customers to bring their jewels of gold to our branches on certain days every month and to deposit them in their accounts with a purity of 995/1000 after valuation by experts. In addition, we continue to implement new collaborations and projects as part of the "Golden Savings Ecosystem Project" commissioned by our Ministry of Treasury and Finance. In this context, we joined forces with ONSA Refinery, which incorporating Assos and Altınbaş jewelers, one of the leading gold refineries of our country. In this way, we want to reach more of our customers and enable them to evaluate their gold in the most reliable way in accordance with the principles of interest-free finance.”
Gold is safe with Conversion Supported TL Participation Account
Customers have the opportunity to earn profits by depositing their gold in their current account or Jewels of Gold Participation Account. Gold accounts are under the guarantee of the Savings Deposit Insurance Fund (TMSF) up to 200 thousand TL for real persons. Customers who want to protect their savings against exchange rate fluctuations may convert their gold savings into TL and open a Conversion Supported TL Participation Account. Customers who open a Conversion Supported TL Participation Account may protect their savings against a sudden exchange rate difference.
In this system, where the withholding rate is zero, in addition to the dividend yield at the end of maturity, customers gain the advantage of protecting their savings against the difference between the gold rate on the starting date of maturity and the gold rate at the end of maturity. Also, customers may have the opportunity of additional income offered by the Central Bank.
Detailed information on Gold Banking and Gold Collection Days may be found in the "Gold Banking" section of Kuveyt Türk's website under the retail tab.