Deposit Insurance Coverage
Deposit Insurance covers up to 100.000 Turkish Lira on behalf of depositors with savings deposit accounts, not subject to any commercial banking transactions, other than drafting checks, at domestic branches of banks operating in Turkey. Coverage includes funds and total interest rediscounts on savings deposit accounts in Turkish lira, foreign currency, and precious metals.
- Notwithstanding the limit of 100.000 Turkish Lira, Deposit Insurance excludes the following coverage:
Average interest rates applied to five deposit banks with the highest total deposits of accrued interest on the deposit accounts of depositors as applied by the deposit banks, effective on the date the Savings Deposit Insurance Fund, authorizing deposit banks to apply such interest, was abolished.
- Any proportion exceeding the amount calculated on the basis of the maximum interest rates, announced by the bank to the public and to the Central Bank of Turkey.
Deposits or Depositors Not Covered by Deposit Insurance
Deposit Insurance excludes coverage of these deposits or depositors:
- Deposits held by the primary partners of the bank, to include their immediate families
- Deposits held by the chairman and members of the board of directors, the general manager, deputy managers, to include their immediate families
- Deposits in overseas branches of Turkish banks
- Deposits opened in active offshore banks in Turkey
- Deposits of assets originating from illegal activity as defined in the Turkish Penal Code No. 5237, Article 282
Deposit Insurance Return of Funds
- The return of funds covered by Deposit Insurance are disbursed in Turkish lira.
- Turkish lira equivalents of accounts in foreign currencies are based on the exchange rates (buying) announced by the Central Bank of Turkey, effective on the date the authorization of the deposit bank was abolished.
- Turkish Lira equivalents of accounts in gold are based on the exchange rates announced by the Central Bank of Turkey and the session closing price of the Istanbul Gold Exchange, effective on the date the authorization of the deposit bank was abolished.
For more information:
www.tmsf.org.tr - email@example.com