What is the return on 1 million lira with current interest rates?

Following the Central Bank of the Republic of Turkey's (TCMB) policy rate hike in December, Turkish Lira deposit interest rates, which had exceeded 52 percent, began to decline in the new year. In some banks, interest rates for deposits with maturities of up to 3 months have fallen below 40 percent.

Here are the banks' interest rates...

BANKS LOWERED INTEREST RATES

While interest rates for TL deposits with maturities of up to 3 months closed the year at the 45-47 percent level, they fell to 41 percent with the new year. In some private banks, this rate has dropped below 40 percent, reaching levels of 36-37 percent. Last week, Reuters reported, citing banking sector sources, that banks had begun to lower deposit interest rates due to credit demand and high deposit interest rates.

Following the first week of the year, banks reduced standard TL deposit interest rates for maturities of up to 3 months by at least 4 points.

Here are the 6-month interest rates and returns for 1 million TL by bank:

Akbank Interest rate: 48 percent Net return: 230,886 TL Maturity payment: 1,230,886 TL

ING Interest rate: 23 percent Net return: 110,633 TL Maturity payment: 1,110,633 TL

Alternatif Bank Interest rate: 32 percent Net return: 153,924 TL Maturity payment: 1,153,924 TL

Denizbank Interest rate: 48 percent Net return: 230,886 TL Maturity payment: 1,230,886 TL

Yapı Kredi Interest rate: 44 percent Net return: 211,646 TL Maturity payment: 1,211,646 TL

Garanti BBVA Interest rate: 44 percent Net return: 211,646 TL Maturity payment: 1,211,646 TL

Fibabanka Interest rate: 40 percent Net return: 192,405 TL Maturity payment: 1,192,405 TL

Türkiye İş Bankası Interest rate: 33 percent Net return: 158,734 TL Maturity payment: 1,158,734 TL

Anadolubank Interest rate: 28 percent Net return: 134,683 TL Maturity payment: 1,134,683 TL

QNB Finansbank Interest rate: 33.5 percent Net return: 161,139 TL Maturity payment: 1,161,139 TL

Halkbank Interest rate: 26.5 percent Net return: 127,468 TL Maturity payment: 1,127,468 TL