Deposit interest rates updated: How much is the monthly return on 500 thousand TL?

The Central Bank of the Republic of Türkiye (TCMB) lowered its policy rate by 100 basis points last week, bringing it to 39.5 percent. This decision led to a notable change in the deposit interest rates applied by banks.

Before the TCMB's interest rate cut, annual deposit interest rates were in the 48-50 percent range; following the new decision, these rates have fallen to the 35-48 percent level. Consequently, the earnings of depositors have been reshaped.

BANKS UPDATED THEIR INTEREST RATES

Following the Central Bank's interest rate cut, many private and public banks updated their 32-day term deposit interest rates. Depending on the interest rates offered by different banks for a 500,000 TL investment, the earnings to be obtained vary from bank to bank. Here are the current rates...

DEPOSIT INTEREST RATES BY BANK

Private banks generally offer higher interest rates compared to public banks. While Alternatif Bank topped the list with an interest rate of 48 percent, VakıfBank became the bank applying the lowest interest rate at 23 percent.

Investors looking to evaluate their 500,000 TL savings have to make decisions by considering the earnings that change according to interest rates.

BANKS' PROMOTIONAL E-DEPOSIT PRODUCTS ATTRACT ATTENTION

Experts state that deposit interest rates may fall further following the TCMB's interest rate cut decision. However, some private banks continue to offer higher interest rates by providing promotional e-deposit products to attract customers. These campaigns offer investors the opportunity to earn more in the short term.

Economic experts state that interest rates are currently in a volatile period and advise investors to turn to short-term deposit products. It is stated that in this way, they can be less affected by fluctuations in interest rates. Furthermore, it is emphasized that e-deposit products offered by banks in their mobile applications are generally more advantageous compared to traditional branch interest rates.

Although deposit returns have fallen following the Central Bank's interest rate cut, it is still possible for investors to obtain meaningful earnings on a monthly basis. Those who want to evaluate their 500,000 TL savings are advised to closely follow the interest rate differences and campaigns between banks.