Interest returns revealed! How much does 1 million TL earn?

Following the Central Bank's decision to cut interest rates by 250 basis points at the final meeting of 2024, deposit interest rates fell by up to 3 points. As investors focus on the CBRT meeting to be held in 10 days, they have also taken action for the latest opportunities. It was observed that deposit interest rates continue with figures exceeding 50 percent.

With inflation coming in at 44.38 percent last month, the CBRT had lowered the policy rate to 47.50 percent. While economists expect another 250 basis point cut this month, they anticipate that the reduction will also be reflected in deposit interest rates.

According to a report by Türkiye Gazetesi, 7 banks are offering deposit interest rates of 50 percent or higher for the week of January 13, 2025.

These banks and their interest rates are ranked as follows:

1-TEB Marifetli Hesap 53 percent

2-On Dijital 53 percent

3-Alternatif Bank VOV Hesap 52 percent

4-Odea Bank Oksijen Hesap 51 percent

5-ING Turuncu Hesap 51 percent

6-Fibabanka Kiraz Hesap 50.50 percent

7-Getir Finans 50 percent

HOW MUCH IS THE MONTHLY RETURN ON 500 THOUSAND AND 1 MILLION TL?

When calculating with the highest of these rates, which is 53 percent;

-The monthly net return on 100 thousand TL is 3 thousand 921 TL.

-The monthly net return on 250 thousand TL reaches 9 thousand 801 TL.

-The monthly net return on 500 thousand TL reaches 19 thousand 602 TL.

-The monthly net return on 1 million TL manifests as 39 thousand 204 TL.

On the other hand, according to the latest data released by the Central Bank, the total deposits of the banking sector stood at 19 trillion 144 billion lira for the week ending January 3. Of this, 11 trillion 746 billion lira consisted of TL-denominated deposits.

The figures showed that the share of TL in total deposits rose to the 61.36 percent level.

With the effect of high TL returns and the dissolution experienced in KKM (FX-protected deposit accounts), dollarization has declined to its lowest level in approximately the last 8 years.