If you aim to protect your investments against currency fluctuations, you can easily achieve this goal with the Physical Gold Participation Account (FATSİ).
What is a Physical Gold Participation Account (FATSİ)?
Physical Gold Participation Account is an account that adds value to your physical gold with additional returns at rates varying according to maturity.
How to Open a Physical Gold Participation Account (FATSİ)?
- All real and legal persons residing in Turkey can apply for the opening of a Physical Gold Participation Account (FATSİ).
- Turkish citizens who are workers, self-employed, or self-employed abroad and have the right to legal residence in Turkey are considered resident real persons.
- Legal residents are legal entities with legal residence in Turkey, except for banks and other financial institutions designated by the CBRT.
- You can open the FATSİ Account with the gold you deposit through the box office, Gold Days, and contracted jewelers.
Physical Gold Participation Account (FATSİ) Features
- You can open your FATSİ account in TRY with maturities of 3, 6, or 12 months. The maturity date is determined as the next business day if it falls on a weekend or an official holiday.
- The profit-sharing rate for the Physical Gold Participation Account is %95-5. The rate of return is determined at maturity per participation banking principles.
- Details regarding the additional return policy specific to the Physical Gold Participation Account are as follows:
- The additional return is calculated annually on the gold amounts converted into FATSİ accounts.
- The calculated additional return is paid by the Central Bank of the Republic of Turkey in TRY in advance of account opening.
- You can benefit from the additional return advantage only once at account opening.
- The additional return is included in the principal. This detail makes the profit share calculation more advantageous than usual.
- The gold you deposit in your account is valued at gold fineness.
- You can open a FATSİ Account with the gold you deposit with our bank up to 5 business days in advance.
- There is no lower limit for account opening.
- Physical Gold Participation Account withholding tax rate is 0%.
- In addition to the upfront additional return, exchange rate difference and dividend payments related to the account are made in TRY.
- Exchange rate difference payments for your account are made according to the gram gold price published by the Central Bank of the Republic of Turkey (CBRT) hourly on the maturity and account closing dates.
- You can renew your account at the maturity date based on the 11.00 A.M. gram gold buying rate of the CBRT. This data is accepted as the conversion rate for renewed accounts.
- If you wish, you can partially withdraw money from your account on the maturity date. Your account will be renewed over the remaining amount.
- It is not possible to make a partial withdrawal from your account before maturity. If you decide to do so, the account will be closed and become a current account.
- The balance up to the amount of gold converted into TRY at the beginning of the maturity date can be converted into a Gold Account at Kuveyt Türk branches between 11.00 A.M. and 12.00 P.M. at the end of the maturity date. This transaction is settled based on the gold price announced by the Central Bank of the Republic of Turkey (CBRT) at 11.00 A.M. and a BITT rate of 0%.
- You can make account closure and withdrawal transactions between 11.00 A.M. and 5.00 P.M. on business days.
How to Open a Physical Gold Participation Account (FATSİ)?
You can visit the nearest Kuveyt Türk branch to open a Physical Gold Participation Account.
With a Physical Gold Participation Account, you can take advantage of higher earnings and additional returns!
Frequently Asked Questions about Physical Gold Participation Account (FATSİ)
What are the additional return rates on the Physical Gold Participation Account?
- 3-month term: 2%
- 6-month term: 3%
- 12-month term: 4%
What is the process after comparing the exchange rate difference and dividend returns calculated at maturity?
If the exchange rate difference return is less than the dividend return, only the dividend return is paid at maturity.
If the exchange rate difference return is higher than the dividend return, the dividend payment is made by Kuveyt Türk to the customer account. The payment of the difference between the two returns is transmitted to our bank in TRY by the CBRT to be reflected in the customer account.
What happens if the FATSİ Account is closed before the maturity date?
- If the gram gold buying rate announced by the CBRT at 11.00 A.M. on the date the account is closed is lower than the conversion rate, the account balance will be updated according to the 11.00 A.M. rate. In this case, no dividend return is paid, and the difference between the exchange rates is transferred to the relevant TRY account of the CBRT. As a matter of practice, a decrease in the principal balance may occur due to a decrease in the gold exchange rate.
- If the exchange rate announced by the Central Bank of the Republic of Turkey at 11.00 A.M. on the date the account is closed is higher than the conversion rate, no payment will be made for the exchange rate difference. Dividend and exchange rate difference returns cannot be claimed for the account.
- The additional return amount paid to you in advance at account opening is deducted from the balance.
- At account opening, a deduction is made in the amount of gold calculated with gold fineness. The calculation is made again over the minimum fineness value.
Can I open a new Physical Gold Participation Account without waiting for the maturity date?
You do not need to wait for the maturity date to open a new FATSİ Account.