The Cumulative Deposit Account is a time deposit account that allows regular deposits on a monthly or quarterly basis, with a minimum term of three years and a maximum term of ten years.

Cumulative Deposit Account Features

• You can open your Cumulative Deposit Account in TRY, USD and EUR.
• Cumulative Deposit Account can only be opened in the name of real persons.
• Cumulative Deposit Account cannot be opened as a joint account.
• You can give regular payment orders from your demand deposit account for monthly or quarterly periods according to your preference at account opening.
• The minimum account opening amount is 50,000.00 TRY and 10,000.00 USD/EUR. You can start earning interest at account opening by depositing a lump sum into your account.
• The minimum amount to be deposited into the account is 50.00 TRY, 25.00 USD/EUR for regular monthly payments and 150.00 TRY, 75.00 USD/EUR for regular quarterly payments.
• You can make your regular payments in different amounts, provided that you stay within the lower and upper limits
• The lower and upper limits for opening an account or depositing money into an account may be changed by our Bank as deemed appropriate.
• Within a monthly or quarterly period, you can make more than one payment so that the total amount does not exceed the upper limit set by our Bank. Once the payments made under the contract reach the minimum regular payment amount determined by our Bank, your regular payment for the relevant period will be deemed to be completed. Payments do not have to be made in a lump within the corresponding period.
• The interest accruals of the Cumulative Deposit Account will be realized at the end of each annual period (12 months) and the net interest amount calculated at the end of each annual period will be added to the principal. The ultimate interest payment will take place at the end of the maturity period. The tax deduction will be calculated over the current tax rates at the end of one-year periods.
• When opening a Cumulative Deposit Account, the interest rate to be applied for the first annual period (12 months) will be the interest rate announced by the Bank for the product on the account opening date. The interest rate to be applied to the account will be updated with the interest rate announced by the Bank for the same product at the end of each year.
• If you choose the monthly payment plan, if you fail to make payments of the minimum regular payment amount determined by our bank more than seven times within a one-year period, or if you choose the 3-month payment plan, if you fail to make payments of the minimum regular payment amount more than twice within a one-year period, your account will be closed without your instruction.
• If you wish to withdraw money from the Cumulative Deposit Account before maturity, your account will be closed, and any accrued interest and, if applicable, paid net interest amounts will be deducted from your account balance, with the remaining balance transferred to your demand deposit account.
• Upon maturity, your Cumulative Deposit Account will be automatically renewed with the same term and conditions, applying the current interest rate applicable for that product at that time, unless you provide contrary instructions.
• 10. In the event of a breach of the regular payment criteria specified in the article or the premature closure of the Cumulative Deposit Account, the Customer shall not be entitled to request the payment of accrued interest.

Advantages of the Cumulative Deposit Account

• Since interest accruals for the Cumulative Deposit Account occur at the end of each one-year period, you can benefit from lower tax rates applied to deposits of one year and longer.
• You can take advantage of making savings with small amounts on a monthly or quarterly basis.
• If you set up regular payment instructions for your Cumulative Deposit Account, balance transfers to your account will occur automatically on a monthly and quarterly basis without the need for additional transactions.
• Since the account opening minimum limits are lower compared to other deposit products, you can start saving with small amounts and earn profits with your Cumulative Deposit Account.
• You can make savings by depositing money into your account at the frequency and amount of your choice without waiting for the maturity date.