Those who want to invest their savings in short-term and low-risk investment instruments closely follow banks’ current deposit interest rates. After the Central Bank of the Republic of Turkey kept the policy interest rate constant at 37 percent, while high rates were maintained on the deposit side, the interest rate rose above 45 percent in some banks. With this table, it became a matter of curiosity again how much 1 million TL would earn in the 32-day period. So, how much is the monthly return of 1 million TL? Which bank gives the highest interest? Here is the current table…
CBRT KEPT THE INTEREST RATE FIXED, HIGH RATES ON DEPOSITS WERE MAINTAINED
The Central Bank of the Republic of Turkey left the one-week repo rate constant at 37 percent at the last Monetary Policy Committee meeting.
Following the decision, banks’ deposit interest rates continued to remain high. In the CBRT statement, it was emphasized that additional macroprudential steps could be taken if deemed necessary against fluctuations that may occur in the credit and deposit markets.
TRADERS’ EYE IS ON THE 32-DAY RETURN
The fact that deposit interest rates remain at high levels has again turned the attention of investors looking for short-term returns to TL deposits.
Especially those who have savings of 1 million TL or more are investigating which bank earns how much in the 32-day period. Due to rates varying from bank to bank, the net gain at the end of maturity also varies.
HOW MUCH DOES 1 MILLION TL PROFIT IN 32 DAYS?
According to calculations made based on an annual interest rate of 45 percent, the 32-day net return of 1 million TL is approximately 32 thousand 548 TL.
When the interest rate reaches 46 percent, the 32-day net profit rises to 33 thousand 271 TL. However, details such as withholding tax rate, campaign conditions, welcome interest and account type can change the net return.
