Banks' deposit race accelerates: How much is the monthly return on 750,000 TL?

The Central Bank of the Republic of Türkiye (TCMB) lowered the policy rate from 50 percent to 47.5 percent at its final Monetary Policy Committee meeting of 2024.

Following the interest rate decision, banks began revising their term deposit rates to offer attractive opportunities to investors.

Deposit interest rates, which hovered in the 55-56 percent band last year, have shown a decline of 2-3 points in the new year.

While the number of banks offering interest rates above 50 percent has decreased, the highest interest rates and returns for 32-day term accounts of 750,000 TL are as follows:

TEB: Interest rate 53%; net gain 31,364.38 TL; amount at maturity 781,364.38 TL

ING: Interest rate 51%; net gain 30,181 TL; amount at maturity 780,181 TL

Akbank: Interest rate 46.5%; net gain 27,518 TL; amount at maturity 777,518 TL

QNB Finansbank: Interest rate 45.5%; net gain 26,926 TL; amount at maturity 776,926 TL

Garanti BBVA: Interest rate 44%; net gain 26,038 TL; amount at maturity 776,038 TL

Yapı Kredi: Interest rate 42.5%; net gain 25,151 TL; amount at maturity 775,151 TL

Türkiye İş Bankası: Interest rate 41%; net gain 24,263 TL; amount at maturity 774,263 TL