Advantages of YUVAM Accounts
A YUVAM account is a Turkish lira account that encourages non-resident persons and their companies abroad to bring their savings to Türkiye by offering a Central Bank guarantee of protection against exchange rate volatility and also a guarantee of additional return.
Protection Against the Exchange Rate Risk
YUVAM accounts protect the value of your savings against the exchange rate risk. They offer a Central Bank guarantee of protection against exchange rate volatility.
Opportunity to Earn Additional Return
YUVAM accounts offer you an FX principal guarantee as well as additional return at maturity.
Contribution to the Country’s Economy
With YUVAM accounts, both you and our country win. Your savings at YUVAM accounts contribute to the country’s economy.
Flexibility in Practice
There is no upper or lower limit for opening a YUVAM account. In addition, you can open a YUVAM account at any time you want.
Legislation on YUVAM Accounts
*The calculator is intended for informational purposes only. We advise you to contact your bank for information about your actual return.
Frequently Asked Questions
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Non-resident persons meeting any of the following conditions can open a YUVAM account by applying to Turkish banks:
- • The right or permit for foreign residence or employment
- • Residence registered as a foreign residence in the Address Registration System in Türkiye
- • Non-Turkish citizens residing abroad and holding a Blue Card
- • Foreign natural and legal persons eligible to open an account in banks
In addition, companieswhose fund holders are non-resident persons, which are established in a foreign country according to the laws of that country and whose legal residence is outside Türkiye, can also open a YUVAM account.
YUVAM accounts can be opened at maturities of 3, 6, 12 and 24 months. The interest/profit share on YUVAM accounts with 24-month maturities are also payable in annual accrual terms.
Yes, participation banks are also included in the system. YUVAM accounts in participation banks will operate in accordance with the principles of participation banking.
You can apply to any bank operating in Türkiye that has joined the system.
If you do not already have an account at a bank operating in Türkiye, you can still open a YUVAM account online at Turkish banks through remote identification from anywhere in the world.
A YUVAM account protects the value of your savings against the exchange rate risk and offers you an FX principal guarantee as well as additional return at maturity.
YUVAM accounts will accrue additional returns payable by the CBRT at varying rates depending on the maturity, over the converted foreign currency amounts.
- • 1% annual return for 3-month maturity
- • 2% annual return for 6 month-maturity
- • 3% annual return for 12-monh maturity
- • 4% annual return for 24-month maturity%4
Suppose that a YUVAM account is opened for EUR 1,000 for a maturity of 12 months. The CBRT offers an additional return of 3% for 12-month maturity. In this case, at the end of maturity, the account holder will be guaranteed the TRY equivalent of EUR 1,030 at the exchange rate at maturity. The account holder will also receive the interest/profit share amount given by the bank. Moreover, if any exchange rate difference arises, this difference will also be covered by the CBRT. When the exchange rate is lower at maturity compared to the start of the term, the balance in FX terms will be higher.
Earnings from YUVAM accounts will not be subject to taxation in Türkiye.
The foreign exchange buying rate announced by the CBRT every hour between 10:00 and 15:00 (local time in Türkiye) will be used. The latest exchange rate announced will be considered for conversion. For example, from 15:00 to 15:59, the rate at 15:00 will be applicable.
Money can be withdrawn from YUVAM accounts before maturity. However, the return to be obtained at maturity will be forgone as in time deposit and profit share accounts. Thus, the CBRT will not pay the foreign exchange difference and the additional return in that case.
YUVAM accounts can be opened after 17:00 on weekdays and on holidays, including weekends, via digital channels at the foreign exchange buying rate announced by the CBRT at 15:00 on the last business day.
With no upper or lower limit, you can open as many YUVAM accounts as you wish, and you can renew your existing accounts at the maturities you choose.
There is no time limit. You can open a YUVAM account at any time you want.
YUVAM accounts are opened in domestic deposit and participation banks. Maturity-based interest/profit share is given to these accounts by the banks. The exchange rate difference and additional return you qualify for will be covered by the CBRT.
You can convert your accounts in US dollars, euros, pound sterling and Swiss francs into YUVAM accounts. You can convert US dollar, euro, pound sterling or Swiss franc equivalent of your savings in other currencies to YUVAM accounts as well.
You can open YUVAM accounts by transferring FX from abroad or depositing FX cash. Moreover, you can open YUVAM accounts for FX deposit accounts currently held at banks in Türkiye.
You will not pay a transfer fee for the foreign currency that you transfer from abroad via banks abroad or money transfer companies to open accounts in Türkiye. Please contact the bank at which you will open a YUVAM account.
Promotional materials explaining YUVAM accounts