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Central Bank interest rate increases also increase depositors’ interest yield. Continuing with the tightening of monetary policy, the Central Bank increased its one-week repurchase rate to 17 percent, simplifying interest rates. Depository banks also decided to change their interest rates. Interest on deposits reached up to 18 percent per annum. A person who deposits 100 thousand lire in the bank can obtain income of up to 1510 lire at the end of 32 days with current interest.
SET DEPOSIT DATES YOURSELF
Those who want to invest their cash in Turkish liras by depositing it, should take a stand for the Central Bank interest announcement dates. If there are expectations that the Central Bank will increase interest rates, setting the maturity date a few days after the Central Bank’s decision causes you to get higher interest the following month. For example, the deposit, which was set at 15 percent annual interest in November, increased to 18 percent in December. The 3 percent difference is reflected in the interest digit as a positive balance.
THE STOPAGE ADVANTAGE CONTINUES
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According to the decision published in the Official Gazette with the signature of President Recep Tayyip Erdogan, the 15 percent withholding on deposits based on maturity was reduced to 5 percent on short-term accounts. Thus, depending on the amount of the deposit, extra profit is obtained from the tax withholding. The withholding tax benefit will continue until the end of March.
WELCOME ATTENTION TO INTERESTS
To attract customers, banks can grant the deposit interest half or one point more than other banks in the first months. However, when the deposit is rolled over the following month, lower interest rates can be found than at other banks. To avoid this, you need to carefully examine the “Welcome Interest” campaigns. It will always be an advantage to choose the banks with the highest interest rates.
HERE ARE THE INTEREST GIVEN BY THE BANKS
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