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.