Your Deposits and Participation Funds Are Under TMSF Protection
At domestic branches, deposits and participation funds in TRY, foreign currency, and precious metals, excluding those belonging to official institutions, credit institutions, and financial institutions, are covered by insurance up to TRY 1,200,000 per person at each credit institution.
Deposits And Participation Funds Excluded from Insurance Coverage
Deposits and participation funds opened at foreign branches of credit institutions; deposits and participation funds at credit institutions performing offshore banking activities in Turkey and abroad; and excessive interest rates exceeding the average interest rates of the five highest-volume deposit banks (as declared to the public and reported to the Central Bank), as well as excessive profit shares exceeding the average profit shares of the three highest-volume participation banks, are excluded from insurance coverage. The acceptance of deposits and participation funds from domestic residents by credit institutions on behalf of financial institutions established abroad is prohibited by Banking Law No. 5411.
Payments to Be Made by the Insurance Company
Payments under insurance coverage are made in Turkish Lira in the event that the operating license of the deposit or participation bank is revoked. When determining the amount to be paid, the principal and interest rediscounts for deposit accounts, unit account values for participation accounts, and balances for special current accounts are considered. The Turkish Lira equivalents of foreign currency and precious metal accounts are determined based on the Central Bank foreign exchange buying rates and the Borsa Istanbul Precious Metals and Diamond Market session closing prices on the date the operating license is revoked.
For More Information
The explanations above are for informational purposes; detailed regulations are contained in the "REGULATION ON THE PREMIUMS TO BE COLLECTED BY INSURED DEPOSITS AND PARTICIPATION FUNDS AND THE SAVINGS DEPOSIT INSURANCE FUND" published in the Official Gazette dated 27/08/2022 under number 31936.
www.tmsf.org.tr - bilgi@tmsf.org.tr