All the news/developments about Garanti and the banking sector.All the news/developments about Garanti and the banking sector.

Announcement concerning savings deposit insurance.

At domestic branches:
Deposit accounts which are opened in the name of private individuals, and which are not involved in commercial transactions, and which are denominated in Turkish liras, foreign currencies, or precious metals are insured for up to TRL 50,000 per person per deposit bank.

Deposits that are not covered by this insurance:
Deposits which are opened in the foreign branches of deposit banks, deposits which are held at lending institutions that are engaged in offshore banking in Turkey or abroad, and deposits on which excessive interest is paid at rates that are higher than the maximum interest rates that have been publicly announced by the bank and reported to the Central Bank or at rates that are higher than the average of the interest rates paid out by the five banks with the highest total deposits are not insured.

The Banks Act (Statute 5411) prohibits deposit banks from accepting deposits from residents of Turkey on behalf of non-resident financial institutions.

Deposit insurance compensation payments:
Compensation payments governed by this insurance will be made in Turkish liras if a deposit bank’s operating license is revoked. When determining the amount to be paid as compensation, attention will be given to the total of the principal and rediscounted interest of savings deposit accounts. The Turkish lira countervalues of deposit accounts denominated in foreign currencies or gold will be determined on the basis of the Central Bank foreign exchange buying rate in effect or (in the case of gold-denominated accounts) on the basis of the İstanbul Gold Exchange session closing price in effect on the date that a deposit bank’s operating license is revoked.

The statements made above are for information purposes only. Regulatory details are provided in the provisions of the following regulations:
Regulations concerning deposit and participatory funds that are subject to insurance and concerning the premiums that are to be charged by the Savings Deposit Insurance Fund published in issue 26339 of Resmi Gazete on 7 November 2006.

For further information: -
Savings Deposit Insurance Fund
Büyükdere Cad. No: 143 Esentepe / İSTANBUL