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1- Conversion Supported TL Participation Account

In Kuveyt Türk, your Dollars, Euros, British Pounds, and Gold are valued in TL without being affected by the exchange rate.
 
Our customers who convert gold, US dollars, British Pounds, or Euro deposits into the TL can evaluate their savings up to 12 months in the "Conversion Supported TL Participation Account" while also gaining a protection benefit from currency awareness.

 The features of the Conversion Supported TL Participation Account, which can be opened from our branches, Kuveyt Türk Mobile or Internet Branch, are as follows:
  • It can be opened by real* and legal** persons resident in the country.
  • Domestic based real persons can open a new conversion account up to the amount of Dollars, Euros, Sterling and gold in the account as of June 30, 2023; if there is a decrease in the account balance in the period after this date, they may open an account up to the minimum amount of the account.
  • Domestic based legal entities can open a new conversion account up to the amount of Dollars, Euros, Sterling as of June 30, 2023 and up to the amount of gold in the account as of December 31, 2023; if there is a decrease in the account balance in the period after this date, they may open an account up to the minimum amount of the account.
  • Accounts are opened in TL for maturities of 3, 6, and 12 *** months.
  • The profit-sharing ratio of the account is %95-5 . In accordance with the principles of Participation Banking, the rate of return is determined at maturity.
  • There is no lower limit for opening the account.
  • The withholding rate that will be applied specifically to the product will be zero percent (0%).
  • All payments related to the account are made in TL.
  • Whether there is an exchange difference allowance or not is calculated based on the foreign exchange / gold purchase rate announced hourly by the CBRT at the maturity start date, and the foreign exchange / gold purchase rate announced by the CBRT at 11:00 on the date the account is closed. When the exchange difference return calculated at the end of maturity and the profit share return of the account are compared;
    • If the exchange difference return is less than the profit share return, only the profit share will be paid at the end of the maturity.
    • If the exchange difference return is more than the profit share return, the profit share will be paid by our bank to the customer account. The difference between the exchange difference return and the profit share return will be transferred to our bank in TL by the CBRT to be reflected in the customer account.
  • Accounts can be renewed based on the buying rate of foreign currency or gold declared by the CBRT at 11:00. In the renewed accounts, the foreign exchange or gold purchase rate announced by the CBRT at 11:00 on the due date is considered to be the conversion rate.
  • The account cannot be withdrawn before the due date. In case of withdrawal before the due date, the account is closed and converted into a current account.
  • In case the account is closed before the due date;
    • In the event that the buying rate of foreign currency or gram gold declared by the CBRT is lower than the conversion rate at 11:00 on the date the account is closed, the account balance is updated based on the buying rate of foreign currency or gold declared by the Central Bank of the Republic of Türkiye at 11:00 on the date the account is closed. Profit share income cannot be obtained and the difference between the exchange rates is transferred by the bank to the relevant TL account of the CBRT. Therefore, in the case of closing before maturity, there may be a decrease in the principal balance due to the decrease in gold and exchange rates.
    • If the rate announced by the CBRT at 11:00 on the date the account is closed is higher than the conversion rate; since the CBRT will not pay for the exchange rate difference, no profit share and foreign exchange gain can be claimed for the account.
  • The balance of Dollars, Euros, Sterlings or Golds converted into Turkish Lira at the beginning of maturity can be converted into foreign currency between 11:00 and 12:00 at the exchange purchase rate and zero percent (0%) BITT rate announced by CBRT at 11:00 at the end of maturity.
  • The account can be opened 24/7, including out-of-hours and holidays. In the event of opening after business hours, the CBRT’s most recent 15:00 exchange rate will be used; in the event of opening on holiday, the CBRT’s 15:00 rate announced on the previous business day will be used.
  • Withdrawals from the account and account closure transactions can be performed between 11:00 - 17:00.
  • A new account can be opened without waiting for the maturity date.

 2- Exchange Rate Protected TL Participation Account

The features of the Exchange Rate Protected TL Participation Account, which can be opened from our branches, Kuveyt Türk Mobile or Internet Branch, are as follows:
  • It can be opened by real persons resident in the country.
  • The account can be opened in TL with maturities of 3, 6, 9, or 12 months.
  • The profit-sharing ratio is % 85-15 and the rate of return is determined at maturity in accordance with the principles of participation banking.
  • There is no lower limit for opening the account.
  • The withholding rate that will be applied specifically to the product will be zero percent (0%).
  • All payments related to the account are made in TL.
  • Whether there is an exchange difference allowance or not is calculated based on the foreign exchange purchase rate announced by the CBRT at 11:00 between the start and end dates of the maturity. When the exchange difference return calculated at the end of maturity and the profit share return of the account are compared;
    • If the exchange difference return is less than the profit share return, only the profit share will be paid at the end of the maturity.
    • If the exchange difference return is more than the profit share return, the profit share will be paid by our bank to the customer account. The difference between the exchange difference return and the profit share return will be transferred to our bank in TL by the CBRT to be reflected in the customer account.
  • The account cannot be withdrawn before the due date. In case of withdrawal before the due date, the account is closed and converted into a current account.
  • In case the account is closed before the due date;
    • If the USD buying rate announced by the CBRT at 11:00 on the date the account is closed is lower than the USD buying rate announced by the CBRT at 11:00 on the maturity date, the account balance is updated at the USD buying rate announced by the CBRT at 11:00 on the date the account is closed. Profit share income cannot be obtained and the difference between the exchange rates is transferred by the bank to the relevant TL account of the CBRT to be transferred to the Treasury. Therefore, in the case of closing before maturity, there may be a decrease in the principal balance due to a decrease in the exchange rate.
    • If the exchange rate announced by the Central Bank of the Republic of Türkiye at 11:00 on the date of closing the account is higher than the exchange rate based on the maturity date, the CBRT will not pay for the exchange rate difference, so the profit share and exchange rate difference return on the account cannot be requested.
  • The account can be opened 24/7, including out-of-hours and holidays.
  • Withdrawals from the account and account closure transactions can be performed during the day after the Central Bank announces the foreign exchange purchase rate at 11:00. For transactions to be made outside of business days, the foreign exchange purchase rate announced by the Central Bank at 11:00 on the last business day is used.
  • Conversion Supported TL Participation Accounts will be available until 31.12.2023, provided that they meet the criteria in the legislation.
  • A new account can be opened without waiting for the maturity date.

* Domestic resident real person: Refers to the real persons with legal domicile in Türkiye, including Turkish citizens who are workers, self-employed and private business owners abroad. 
** Domestic resident legal entity: Refers to legal entities that have a legal residence in Türkiye, excluding banks and other financial institutions determined by the Central Bank.
***Maturity date: If the end of maturity coincides with the weekend or public holidays, it will be determined as the first business day.
 

Where can I open a Conversion Supported and Exchange Rate Protected TL Participation Account?      

Select the term that suits you best and open your Conversion Supported and Exchange Rate Protected TL Participation Account at your nearest branch, Internet Banking, or Kuveyt Türk Mobile immediately! You can open your Conversion Supported and Exchange Rate Protected TL Participation Accounts by updating Kuveyt Türk Mobile.