04.03.2022
Standing out with innovative products and services, Kuveyt Türk has announced the new 'Foreign Citizens Turkish Lira Participation Account' service, which may be opened by resident citizens and blue card holders by converting their US dollar, Euro and British pound accounts to Turkish lira.
Citizens of the Republic of Türkiye abroad or blue card holders not only get a profit share by protecting their savings against exchange rate differences, but also benefit from the additional income of the Central Bank, and contribute to the country's economy, with Kuveyt Türk's 'Yuvam TL Participation Account with Currency Protection'.
Turkey's leading participation finance institution Kuveyt Türk launched the Yuvam TL Participation Account product, which shall protect the savings of Türk citizens residing abroad and blue card holders against exchange rate fluctuations and contribute to the country's economy in accordance with participation finance principles.
With yuvam TL Participation Account, citizens of the Republic of Türkiye residing abroad and blue card holders over the age of 18 who send their deposits of US dollars, Euros and British pounds to Kuveyt Türk via swift or at no cost from Kuveyt Türk's subsidiary KT Bank AG in Germany shall have the opportunity to return supplements while protecting their savings against the exchange rate with a profit-sharing rate of 90-10. Offering 3, 6 or 12-month maturity options and standing out with the advantage of zero withholding tax, Yuvam TL Participation Account may be opened quickly and securely via Kuveyt Türk Mobile and internet branch. In addition, the Central Bank shall pay the customers an additional income calculated at the rate of 1 percent for 6-month maturity and 1.5 percent for 12-month maturity over the foreign currency amounts converted to Yuvam accounts. In the meantime, companies located abroad, in which Turkish citizens residing abroad or blue card holders are shareholders, will soon be able to open a Yuvam Participation Account and benefit from the opportunities offered.
“Our customers may transfer money at no cost with KT Bank AG”
Commenting on the subject, Kuveyt Türk’s General Manager Ufuk Uyan said, "Following the Foreign Residents Deposit and Participation System (YUVAM) Accounts for Citizens Residing Abroad, published by the CBRT, Kuveyt Türk took action and launched the "Kuveyt Türk Yuvam TL Participation Account" in accordance with the participation finance principles. Thus, we act as an intermediary for our citizens residing abroad and blue card holders to contribute to the national economy by evaluating their savings in TL. With this service, we not only enable our customers abroad to utilize their savings in the real economy and earn a profit share, but also offer the opportunity to protect their savings against the exchange rate. Our customers may also earn additional income by paying special additional income to the Yuvam account of the Central Bank. In addition, our customers may transfer their savings to Kuveyt Türk through our 100% subsidiary KT Bank AG in Germany, without paying any expense, and transfer them to Yuvam TL Participation Account. We invite our citizens residing abroad and blue card holders to make use of their savings in the Currency Protected Yuvam TL Participation Account based on interest-free finance principles.”