It refers to freezing a certain amount for a determined period with an interest rate that varies in accordance with time of the deposits. It is conditional to opening a current account.

These accounts are made available to:

-Mature qualified individuals over 18 years old.

-Residents or non-residents of any nationality.

-An individual is entitled to more than one deposit at the same branch by virtue of a formal contract drawn up for each separate deposit.

-More than one time deposit is permissible in other branches.

Documents required to be presented by residents and non-residents:

-Identification document (identity card or passport) for residents, passport for non-residents.

-Fiscal stamp of 100 Sp. Value in case of deposits for a period not exceeding three months. As for deposits that exceed three month, it is exempted from stamp fees.

-Filling in of (KYC) form required in the AML context.

-If two individuals decided to open a joint saving account, they are demanded to submit a written application for this end describing the type of the account (with or without interest), and the way of moving the account whether individually or collectively).

Private companies:

-Private companies are entitled to more than one time deposit at the same branch or at other branches.

-Individual institutions are entitled to open a deposit account with a certain property protection logo included in a special commercial register.

This type of accounts enjoys the following advantages:

-The bank doesn’t allow any suspended seizure effective when deemed necessary, on banking accounts.

-It adheres to the absolute banking secrecy.

-It is automatically renewable with no need to the depositor, if such stated in the deposit contract, to come in person.

-Fully exempted from taxes levied on inheritance.

-The ability to move the account by virtue of a banking proxy drawn up at the branch, or by virtue of a private or general proxy drawn up by a notary register.

-A loan in the form of a current account is facilitated guaranteed by a deposit. % 90 of the amount of the deposit are available for loaning.

Interests and means of calculating them:

Interests rates are applied to time deposits accounts in accordance with the here in under- mentioned rates on the basis of 365-days/per annum. Maturity date is determined as from the working day next to the depositing day; consequently, it is calculated on a daily basis and credited on maturity date. It could be credited to the current account or added to the amount of the deposit, as per stated in the deposit contract.

-It is automatically renewable with no need to the depositor, if such stated in the deposit contract, to come in person.

-These interests are subject to taxes levied, on maturity date, in accordance with the following:

 The levied taxes (paid to the ministry of finance) = the tax rate (% 7.5) * the amount of the interests.

Subsequently, the municipal (local administrational) taxes are deducted from the afore-mentioned tax as follows:

The local administrational tax (paid to the ministry of local administration) =%10 of the tax amount.

Consequently, the gross tax = (1+%10)* %7.5* of the interests amount=*%8.25 of the interests amounts.