Citizens closely follow the current deposit interest rates offered by banks to evaluate their savings.
Following the interest rate cut decision by the Central Bank of the Republic of Turkey, interest rate competition among banks has intensified. Banks that want to attract savers have started a special “welcome” campaign for term deposit accounts and entered a race to attract customers. So, how much profit can a person who deposits 1 million TL into a term deposit account earn in 32 days?
BANK INTEREST RATES ARE RISING
The term deposit interest rates offered by banks are on the radar of citizens who want to invest. Those who want to secure their savings with deposit accounts closely follow the rates offered by banks for different terms. Banks, especially those trying to gain new customers, have intensified the competition by increasing their welcome interest rates to 50 percent.
The Central Bank’s interest rate cut expectation being postponed to a later date and signals of a decline in inflation have prompted banks to take action to collect deposits. Banks that want to expand their deposit portfolios are launching attractive campaigns by offering high interest rates.
INTEREST RATES HAVE REACHED 50 PERCENT
The interest rates offered by banks generally vary according to the length of the term. For example, interest rates on deposit accounts with terms of 28 to 31 days range from 40-42 percent, while this rate can drop to around 40-41 percent for longer terms. However, “welcome” and “introduction” rates offered to attract new customers can go up to 50 percent.
HOW MUCH IS THE RETURN OF 1 MILLION LIRA ON A 32-DAY DEPOSIT?
So, how much profit can an investor with 1 million TL in cash make when they deposit this amount into a 32-day deposit account? If the interest rate is 40 percent, the 32-day return on 1 million TL will be 32,438 TL. However, if a bank that applies an introductory interest is chosen, the interest rate can go up to 45 percent, in which case the return reaches 36,483 TL. In cases where a 50 percent welcome interest rate is applied, the returns can increase even more. https://www.gercekgundem.com/
