Yuvam TL Participation Account

How to Open a Yuvam TL Participation Account?

Here are the ways to apply for the Yuvam TL Participation Account:

• If you are a Kuveyt Türk customer, easily open a Yuvam TL Participation Account through the Kuveyt Türk Mobile using your smartphone or tablet, no matter where you are. If you are not a Kuveyt Türk customer yet, visit our Become a Kuveyt Türk Customer page and check out the steps to become a customer.
• You may also use the Internet Branch to save time and energy.
• You may prefer visiting the nearest Kuveyt Türk branch.

Beneficiaries of Yuvam TL Participation Account

It is very easy to benefit from the Yuvam TL Participation Account, a special account for non-residents. Anyone who meets the criteria listed below can benefit from this account guaranteed by the CBRT:

• Those over 18 years of age
• Those who have the right or permit for foreign residence or employment
• Those who have a foreign residence in the Address Registration System in Türkiye
• Those who are residing abroad and holding a Blue Card, granted pursuant to Article 28 of the Turkish Citizenship Law No. 5901 dated 29/5/2009
• Those who are not Turkish citizens but are eligible to open an account in Turkish participation financial institutions
• Those who are an owner or shareholder of a company abroad established in accordance with the laws of that country and with its legal residence outside Türkiye

Details on Yuvam TL Participation Account

The details of the Yuvam TL Participation Account can be listed as follows:

• Savings in US dollars, euros, and British pounds can be converted to Turkish lira to open a Yuvam TL Participation Account.
• Conversion must be made at the time of account opening.
• The Yuvam TL Participation Account can be opened 24/7, including after working hours and holidays.
• If the account is opened after working hours, the exchange rate last announced by the CBRT will be effective. If the account is opened on a holiday, the rate announced at 15:00 on the previous business day will be effective.
• It is possible to choose term options such as 3, 6, 12, and 24 months when opening an account.

The details of the Yuvam TL Participation Account regarding the additional return, profit share rate, and withholding tax deduction are as follows:

• The Yuvam TL Participation Account offers additional return rates paid by the CBRT.
• Additional annual return rates of the Yuvam TL Participation Account start at 1% and can go up to 4% depending on the chosen term.
• The profit share rate of the Yuvam TL Participation Account is currently set at 85-15%.
• The withholding rate for Yuvam TL Participation Account is 10% for 3 months, 10% for 6 months, 7,5% for 12 months and 5% for 24 months.

The details regarding the exchange rate difference in the Yuvam TL Participation Account are as follows:

• The eligibility for exchange rate difference payment is determined by calculations based on the foreign currency/gold buying rate announced hourly by the CBRT on the term start date and the rates announced by the aforementioned institution at 11:00 on the term day.
• If the exchange rate at term is lower than the conversion rate, participation financial institutions shall pay profit share and additional return in addition to the principal to the account holder.
• If the exchange rate at term is higher than the conversion rate, one of the following applies:
  • If the profit share is higher than the exchange rate difference, the bank shall pay the principal, profit share, and additional return to the account holder.
  • If the profit share is lower than the exchange rate difference, the bank shall pay the difference between the exchange rate difference and profit share, in addition to the principal, profit share, and additional return to the account holder.

Details about the actions that can be made during the term are as follows:

• It is not possible to deposit money into the account before the term date.
• In the event of early withdrawal, the account is reversed, and the money is transferred to the current account.
• On the term date, the account can be renewed at the foreign exchange buying rate announced by the CBRT at 11:00. The rate announced at 11:00 is accepted as the conversion rate.
• In case of early withdrawal, the difference between the conversion rate and the exchange rate at 11:00 on the date of withdrawal is taken into consideration.
  • If the conversion rate is lower than the exchange rate announced at 11:00 on the date of withdrawal, the principal is transferred to the current account without deduction. However, no profit share is paid.
  • If the conversion rate is higher than the exchange rate announced at 11:00 on the date of withdrawal, the amount of the fall in the exchange rate is deducted from the principal, and the remaining amount is transferred to the current account. No profit share is paid in this case either.
• Savings converted into Turkish lira at account opening can be converted into foreign currency at Kuveyt Türk branches at the end of the term at the foreign exchange buying rate announced by the CBRT at 11:00 and 0% BITT rate.

Advantages of Yuvam TL Participation Account

The Yuvam TL Participation Account is one of the most ideal products for those who want to make use of their savings through a participation financial institution. This account also comes with many advantages. Some of them are as follows:

• Account holders may be entitled to principal, profit share, and additional return if they wait until the end of their terms.
• Unlike other accounts, the Yuvam TL Participation Account protects your savings against the exchange rate risk.
• Savings are reinvested in Türkiye's economy.

Choose the most suitable application option for you, and do not miss the opportunities offered by the Yuvam TL Participation Account!

Frequently Asked Questions