INSURABLE DEPOSITS
Pursuant to article 4 of the “Regulation on Premiums to be Collected by Insurable Deposit and Participation Funds and Saving Deposits Insurance Fund” promulgated in the Official Gazette edition 26339 dated 07.11.2006:
However, even if it remains within the limit specified and determined under the Saving Deposits Insurance, a portion of the interests accrued over the deposit accounts as of the date of cancellation of the operating license of the deposit bank and to be paid by the Fund to the account holders which exceeds the amounts to be calculated over the average of interest rates applied by the first five deposit banks in the ranking of total deposits and over the maximum interest rates made public by this bank and declared to the Central Bank is not under insurance cover.
Deposits Not Subject to Insurance
The following deposit and participation funds are not subject to insurance.
a) Deposits and participation funds and other accounts belonging to the controlling shareholders or qualified shareholders of the relevant credit institution, the legal entities under their control, the mother, father, spouse and children under custody of the real person controlling shareholders.
b) The chairman and members of the board of directors or directors of the relevant credit institution, the general manager and his assistants, and the legal entities and partnerships that they control individually or jointly, and the deposit and participation funds and other accounts belonging to the mother, father, spouse and children under custody.
Payment of Deposit Funds to Insured: Payments required under insurance are made in Turkish Lira. Turkish Lira equivalent sums of accounts in foreign currency are determined over the foreign exchange buying rates declared by the Central Bank as of the date of cancellation of the operating license of the crediting institution. Turkish Lira equivalent sums of accounts in precious metals [ii] are determined over Istanbul Gold Exchange session closing price and over the foreign exchange buying rates declared by the Central Bank as of the date of cancellation of the operating license of the crediting institution.
DEPOSIT WITHHOLDING TAX RATES
By a decree published in the Official Gazette, the withholding tax rates applied on TL and FX deposit accounts opened after 01.01.2013 have been differentiated according to maturity.
Current deposit withholding tax rates applicable for accounts opened after September 30, 2020 are shown in the following table:
Full Taxpayer and Limited Taxpayer Natural Persons
| Term of Account | TL | YP |
|---|---|---|
| 1-180 Days (180 days included) | 5% | 20% |
| 181-365 Days (365 days included) | 3% | 20% |
| 366 days and more | 0 | 18% |