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Deposit interest rates are on the rise: TRY deposit interest rates hit 45%

The measures taken by the Central Bank of the Republic of Türkiye (CBRT) and the prospect of no interest rate cut at the April Monetary Policy Committee meeting drew attention to the upward trend in deposit rates in the banking sector. Interest rates applied to high-volume investments, especially on deposits with 32-day maturity, reached 45-47%.

Deposit interest rates are on the rise: TRY deposit interest rates hit 45%

Last week, the interest rate for deposits with a maturity of 32 days was 42.5 %, while it was hovering around 29 % for hidden deposits of TRY 50 thousand. However, according to the current systems of banks yesterday, the 32-day term interest rate for TRY 50 thousand deposits rose to 44.5%. For higher volume deposits, this rate was 45%. On the other hand, there was no change in the interest rates on deposits with 46 and 92-day maturities and the rates remained at 41-42.5%. 

On the other hand, the announcement of a reduction in the withholding tax rates on TRY deposits and money market funds, which were increased in February, came to the agenda. With the February 1 regulation, the withholding tax rate was raised from 10% to 15% for accounts with maturities up to 6 months, from 7.5% to 12% for accounts up to a year, and from 5% to 10% for accounts longer than 1 year.

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