Exchange Rate-protected Deposit Account

What is it?

It is a time deposit account which not only offers a return at a predetermined rate of interest to Turkish Lira deposits of our customers, but also protects the value of their savings against foreign currencies.

Features

This account may be opened once or more than once by all natural persons resident in Turkey (natural persons having a legal residential address in Turkey, also including the Turkish national workers, self-employed people and independent entrepreneurs working abroad).
Minimum rate of interest will be equal to the policy rate of interest announced by CBRT.
The account will be opened with maturities of 92, 181, 272 and 365 days, and if the end of maturity coincides with a holiday, the end of maturity will be applied as the next business day.
Account opening threshold is equal to TL 10,000.
Partial money cannot be withdrawn from this account throughout the maturity, or money cannot be deposited in this account at any time other than the date of maturity.
Withholding tax rate will be equal to Zero (0). However, withholding tax rate may vary in line with the regulations or decrees pertaining thereto.
All payments related to this account will be made in TL currency.
Account opening and closing transactions via ON Communication Centre may be executed between 11:00 and 15:30 hours in business days.
Beginning-of-maturity and end-of-maturity exchange rates to be used in calculations will be USD/TRY exchange buying rate announced by CBRT at 11:00 hours on account opening and closing dates.
At the end of maturity, the account will, after accrual of interests and after payment of Exchange Difference, if any, thereon following announcement of foreign exchange buying rate by CBRT at 11:00 hours at the date of maturity, be closed and transferred to the Customer’s demand deposit account.*
The account may be closed by the account holder before the date of maturity. However, if the account holder wishes to close the account before the date of maturity, the Bank does not pay any interest. Furthermore, the foreign exchange buying rate announced by the Central Bank of the Republic of Turkey at 11:00 hours on account opening date will be compared to the foreign exchange buying rate announced by CBRT at 11:00 hours on account closing date, and if the foreign exchange buying rate announced by CBRT at 11:00 hours on account closing date is lower, the account balance will be updated according to that exchange buying rate, and in this case, the account holder may incur a loss from principal sum deposited as of the beginning date of maturity.*

*Press Statement on Codes of Practice Relating to Exchange Rate-protected TL Time Deposit Accounts and Participation Accounts / 24.12.2021 --- T.R. Ministry of Treasury and Finance (hmb.gov.tr)

How Can I Use it?

Log-in on the ON Internet Branch now and easily open your account via Accounts step.
If you are not yet registered in ON, download our mobile application ON. At the step “I Want to be a Customer”, fill in the form, and after a video talk with our specialized customer representatives, be easily registered in ON! You can transmit your exchange rate-protected deposit account request to our specialized customer representatives during video talk.

Open Account

What are the Conditions for Opening an Exchange Rate-Protected Deposit Account?

This account, which real persons and legal entities can benefit from under different conditions, has basically similar conditions to the time deposit account. ON customers can have an exchange rate protected TL time deposit account if they meet the minimum account opening limit of 10,000 TL. An exchange rate protected deposit account can be opened one or more times by real persons residing in Turkey. The minimum interest rate will be the CBRT policy interest rate. The lower limit for opening an account is 10,000 TL.

Closing the Account Before Maturity

If the account is closed before maturity, it is not possible to benefit from exchange rate protection support. In the best scenario, the account is closed by withdrawing the amount deposited into the account at opening. So, is there a situation where less than the deposited amount can be withdrawn? Yes, there is such a possibility. This happens if the exchange rate when you open an account is higher than the exchange rate when you log out. For example; Let's assume that you opened an account with 10,000 TL and the dollar exchange rate was 10 TL when the account was opened. In this case, the dollar equivalent of your money is 1,000 dollars. When you exit before maturity, if the dollar exchange rate is 9 TL, the TL amount corresponding to 1,000 dollars is 9000 TL and this amount can be withdrawn.

How Do I Become an ON'ner?

As the ON team, we always work to offer the most up-to-date technologies and new banking products to our customers. In this regard, we completed the necessary technical and operational preparations for the exchange rate-protected TL time deposit account, one of the most up-to-date investment instruments, and offered it to the service of ON members. If you meet the necessary account opening conditions, you can open an exchange rate protected deposit account immediately.

If you are not yet our customer, follow the steps below to open an ON currency protected deposit account:

*Download our mobile application ON from application markets to your phone.

*Fill out the application form by clicking "I am not a customer".

*By following the instructions in the application, you can Scan your your National ID (TR) card with chip.

*Take a photo of your face with the front camera.

*Complete the process of becoming a customer via video call by connecting to our expert customer representative.

*Easily open your Exchange Rate Protected TL Deposit account from the Accounts step by logging into ON Internet Branch.

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