YUVAM ACCOUNT

Yuvam Account is a Turkish Lira account that encourages non-resident persons to bring their savings to Turkey. Non resident persons who want to use their savings in our country to protect their savings under all circumstances can also contribute to economic growth and the balance of payments. Yuvam Account is a TRY Time Deposit product, where non-resident persons can benefit from the incentive if they convert their US Dollar, Euro, British Pound and Swiss Franc FX deposit accounts at banks into YUVAM Accounts in TL.

You can visit https://yuvam.tcmb.gov.tr/ for detailed information about the product and its process on the CBRT website.

Features of the Account:

• Account can be opened from all TEB Branches in Turkey.
• Yuvam Hesap can be opened by non-resident persons and foreign real persons who meet the conditions for opening an account in banks, in exchange for FX in US dollars, Euros, British pounds and Swiss Francs.
• YUVAM accounts can only be opened with amounts that can be documented to have been transferred from abroad.
  
• The account would be in TRY and might have a maturity of 3, 6, 12 or 24 months.
• Account opening can be made between 10:00 and 16:30 and 17:30-23:30 on business days, and between 00:00-23:30 on weekends and public holidays.
• The conversion rate: The foreign exchange buying rate announced by the Central Bank at 10:00, 11:00, 12:00, 13:00, 14:00 and 15:00 as of the hour when FX deposit accounts are converted into Turkish lira.
• Maturity date rate: The foreign exchange buying rate declared at 11.00 by the Central Bank on the maturity date of YUVAM account.
• Additional proceeds: The additional proceed calculated according to the below maturities is to be paid by the Central Bank in TRY. The specified rates are yearly income rates.
• 3-month maturity: 1%
• 6-month maturity: 2%
• 12-month maturity: 3%
• 24-month maturity: 4%
• In case the exchange rate at the maturity date is lower than the conversion rate, the bank would pay to the account holder the principal amount, interest and additional proceeds.
• In case the exchange rate at the maturity date is higher than the conversion rate:

a) If the interest is greater than the change in exchange rate, the bank would pay to the account holder the principal amount, interest and additional proceeds.

b) If the interest is less than the change in exchange rate, the bank would pay the account holder the principal amount and interest + “change in exchange rate-interest” + the additional proceeds.

• For the calculation of the change in exchange rate, the change ratio between the conversion rate at the beginning of the maturity date and the FX buying rate at the end of the maturity date declared at 11.00 by the Central Bank shall be taken into account.
• Partial withdrawals cannot be made from the account. In case the money is withdrawn before the maturity date and the account is closed with the early closure information form, the account balance shall be transferred to the TL current account, and the right to interest and additional proceeds shall be eliminated. In case of withdrawal before maturity;

a) In case the foreign exchange buying rate declared by the CBT at 11.00 a.m. on the withdrawal date is higher than the conversion rate, no payment shall be made by the CBT regarding the change in exchange rate.

b) In case the foreign exchange buying rate declared by the CBT at 11.00 a.m. on the withdrawal date is lower than the conversion rate, the account balance is to be updated according to the foreign exchange buying rate declared by the CBT at 11.00 a.m. on the early closure date. In such a case, there will be a possibility of principal loss depending on change in exchange rate.

• No withholding tax will be applied for this product.
• For YUVAM accounts no revision might be made in the agreement such as change of interest, maturity etc.
• There is no upper or lower limit for account opening.
• The account can be renewed at the end of the maturity period upon the Customer's preference. If your account to be renewed upon your request, each renewal date represents the day that account is reopened. At the end of the maturity period, upon the request of the account holder, the account shall be renewed in the currency converted at the beginning of the maturity period and within using the exchange rate at the end of maturity period. Within the scope of the renewed account, the account holder shall continue to benefit from the support over the maturity date at the account opening, provided that the amount of the Turkish lira balance at the end of the maturity period and the corresponding foreign exchange amount at the most.
• In case no renewal is requested, all the balance in the account would automatically be transferred to your TL deposit account.
• Upon the request of account holder at the end of the maturity period, the foreign exchange amount at the beginning of the maturity period shall be sold to the account owner within using the exchange rate at the end of maturity period. The exchange rate at the end of maturity period shall be used in foreign exchange sales to the account holder, and the procedures and principles shall be determined by the CBT.

Annual Interest Rates: