Banks are competing with each other: How much is the monthly interest income on 1 million TL?
Following the consecutive interest rate hikes by the Central Bank, deposit and loan interest rates at banks have been updated. The monthly return on 1 million TL has now been determined.
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The Central Bank of the Republic of Türkiye Monetary Policy Committee raised the policy rate to 40 percent in its most recent meeting.
Following the interest rate decision, updates were made to deposits and loans.
So, how much does a person with 1 million TL in the bank currently earn? Certified Public Accountant and Economist Muhammet Bayram, speaking to Milliyet, explained the details that are being wondered about.
Bayram used the following expressions in his speech:
"Deposits have currently risen to the 50 percent level. However, banks must sell loans at a slightly higher rate than that in order to make a profit. Currently, the highest interest rate is at the 50 percent level.
Before the interest rate hike, a person with 1 million TL was earning around 45 thousand TL per month in 32 days. Currently, those with 1 million TL can earn up to 50 thousand TL from a 32-day term deposit. This ends the investment environment and causes people to cut back on their spending. Instead of buying a house or a car, people are keeping their money in deposits."