The Ministry of Treasury and Finance announced the Currency Protected TL Deposit Account in 10 questions. All questions were answered in the question-answer format. explained. In the statement, which was published in the form of 10 questions and 10 answers, the Ministry of Treasury and Finance also revealed the earnings according to the scenarios with examples. The Ministry has announced the Currency Protected TL Deposit Account with all its details. Among the questions answered by the Ministry, who can open a Currency Protected Account (KKH)? Is there a specific date range in which Currency Protected Accounts can be opened?
Statement of the Ministry of Treasury and Finance:
Question 1: Who can open a Currency Protected Account (KKH)?
Answer: The account holder must be a “Turkish citizen who is a worker, self-employed and self-employed abroad or a natural person with a legal residence in Turkey”. *)Question 2: When will the exchange rate to be considered in account openings be announced? Within the scope of the KKH, the beneficiaries are requested to explain how the payments to be made in addition to the interest will be made.
Answer:
The exchange buying rates of USD/TRY, EUR/TRY and GBP/TRY announced by the Central Bank of the Republic of Turkey at 11 am will be used as the starting/ending rate for these accounts. At the end of the maturity, the full exchange support will be paid to the account holder on the same day. In the event that payments are required to be made to the banks arising from the exchange rate difference at the end of the maturity date, the requests regarding the amount to be paid by the banks will be submitted to the Central Bank of the Republic of Turkey. The portion to be paid by the Treasury will be transferred to the banks by the Central Bank of the Republic of Turkey on the same day.
Question 3: For customers who want to open a KKH account with banks before 11:00 which way should be followed?
Answer: Central Bank of the Republic of Turkey An account can be opened based on the USD/TRY, EUR/TRY and GBP/TRY foreign exchange buying rates to be announced at 11 am.
Question 4: The beneficiary Can I open an account in more than one bank within the scope of KKH? If he can open more than one account, can he make deposits in different maturities, amounts and currencies? If he closes the account he opened before the due date, can he open an account under the KCB again?
Answer: ) There is no obstacle for the beneficiary to open an account in more than one bank. KKH; different maturities (3, 6, 9, 12 months), amounts and currencies (USD/TRY, EUR/TRY and GBP/TRY).
Question 5: What are the criteria to be applied in case of opening/not opening a joint account and in case of opening?
Answer: Shareholders who want to open a joint account; It is foreseen that if he meets the necessary criteria to open an account with currency protection, he can open an account jointly.
Question 6: 3 months, 6 months, 9 months and 1 year Is it possible to determine the specified maturities as broken terms corresponding to this term?
Answer:
These accounts can be opened for 3 months, 6 months, 9 months and 1 year. In case the maturity date coincides with a day other than the business day; It is foreseen that the next business day will be accepted as the due date. Apart from this, no broken term application is foreseen.
Question 7: If the beneficiary closes the account before the due date, can an account be opened to the same person again?
Answer: If the beneficiary closes the account before the due date, it is foreseen that there will be no obstacle in front of reopening the account.
Question 8: It is thought that it would be useful to share sample scenarios for the aforementioned transactions.
Answer: The scenarios envisaged for a sample account to be opened for a 1-year deposit with an exchange rate of 10 TL, an annual KKH interest of 14% and a 100 TL deposit are as follows;
Scenario 1: If the exchange rate is 9 TL on the account closing date, the KKH beneficiary will receive 114 TL as principal + interest. In this case, no additional payment will be made by the CBRT.
2. Scenario: If the exchange rate is 10 TL on the account closing date, the KKH beneficiary will receive 114 TL as principal + interest. In this case, no additional payment will be made by the CBRT.
3. Scenario: If the exchange rate is 11 TL on the account closing date, the KCB beneficiary will receive 114 TL as principal + interest. In this case, no additional payment will be made by the CBRT.
4. Scenario: If the exchange rate is 12 TL on the account closing date, the KKH beneficiary will receive 120 TL as principal + interest + foreign exchange difference. The difference of 6 TL due to the exchange rate difference will be paid to the bank by the CBRT.
Question 9: Is there any limitation regarding the interest rate to be charged to the Currency Protected Account? ?
Answer: The interest rate that banks will apply to Currency Protected Accounts, Turkey It will not be below the one-week repo auction rate determined by the Central Bank of the Republic. The maximum interest rate to be applied by the banks can be determined at most 300 bp above the minimum interest rate. The maximum interest rate can be updated by the Ministry of Treasury and Finance and will be valid for accounts to be opened after the update date. These principles will be applied for Participation Banks within the framework of participation banking principles.
Question 10: Is there a specific date range in which Currency Protected Accounts can be opened?
Answer: Currency Protected Accounts; In the current situation, it should be opened or will be opened between 21/12/2021 and 31/12/2022.
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