YUVAM Account

• Who Can Open a YUVAM Account?

-Turkish citizens over the age of 18 who have residence or work permit or right in a foreign country

-Turkish citizens over the age of 18 who have a foreign address as their residence in the address registration system

-Turkish Blue Card holders

-Real persons of foreign nationality who are eligible to open bank accounts

• Accounts with 3-6-12-month,maturity can be opened via our domestic branches.
• If the maturity date falls on a holiday, the first preceding business day shall be determined as the maturity date.
  
• The Policy Rate by the Central Bank of the Republic of Turkey (CBRT) shall apply as the minimum interest rate.
• No money withdrawal or depositing transaction is allowed until the end of maturity.
• Within the scope of YUVAM, the withholding tax rate will be 10% for 3 and 6-month maturities and 7.5% for 12-month maturities.
  
• In order to open a YUVAM account, savings in USD/EUR/GBP/CHF should be converted into TL.
• While converting foreign currency funds into TL, the latest exchange buying rate effective at the time of conversion as announced by the CBRT at 11:00, 12:00, 13:00, 14:00, and 15:00 hours on the relevant day shall be applicable.

• At the end of maturity, the exchange rate difference between the end of maturity and the account opening date is calculated, and the foreign currency gain is determined over the principal.

-If foreign currency gain is lower than interest yield, then the usual time deposit account procedure applies and the customer only receives interest yield calculated based on the interest rate applied to this account.

-If foreign currency gain is higher than interest yield, then the customer benefits from an additional exchange difference (interest yield - foreign currency gain) along with interest yield.

• The CBRT shall make an additional payment calculated at the rates of 1% for 3 months, 2% for 6 months, 3% for 12 months, respectively, for your YUVAM TL Time Deposit Account, besides the principal and additional exchange difference.
• While determining the yield, the CBRT foreign exchange buying rate (for customer's foreign currency funds in USD, EUR, GBP or CHF to be converted into Turkish Lira) announced at 11:00 hours on account opening date and the CBRT foreign exchange buying rate (for customer's foreign currency funds in USD, EUR, GBP or CHF to be converted into Turkish Lira) announced at 11:00 hours on maturity date are used to calculate exchange difference.
• Customers are free to close their accounts at any time they wish. In case of early withdrawal, the CBRT foreign exchange buying rate (for customer's foreign currency funds in USD, EUR, GBP or CHF to be converted into Turkish Lira) announced at 11:00 hours on account opening date and the CBRT foreign exchange buying rate (for customer's foreign currency funds in USD, EUR, GBP or CHF to be converted into Turkish Lira) announced at 11:00 hours on account closure date are compared. The lower rate is used to update the account balance. Customers may experience a loss in the principal they initially deposited if the said rate is lower at the time of account closure.
• You may visit consult nearest Garanti BBVA branch for detailed information.