What do you know about the Yuvam Deposit Protection Program in Turkey?

We will explore in detail the Yuvam Deposit Protection Program in Turkey, how it applies and its benefits to depositors and the country's financial system and we'll take a look at how the program works, refunds, and the limitations and exclusions it applies to and we will also learn about the conditions that must be observed to benefit from deposit protection, and highlight the most important tips for depositors to ensure that their money is kept safe, so learn with us about this important program that enhances confidence and stability in the banking sector in Turkey.

Learn about the Yuvam Deposit Protection Program in Turkey

The Yuvam program to protect bank deposits in Turkey was devised and developed by a government initiative aimed at alleviating the fears of foreign investors and enhancing their confidence in the Turkish economy and the goal of the program is to counteract the turmoil that may affect the value of the Turkish lira and lead to fluctuating confidence in the local currency as a means of saving, prompting individuals and savers to exchange their savings for other foreign currencies.

The YUVAM protected deposit program has been welcomed by both Turks and foreigners due to the direct benefits it provides to depositors and the program aims to protect depositors’ money and ensure the continuation of the value of their capital deposited in Turkish lira in light of fluctuations in exchange rates, and provides them with the opportunity to benefit from the advantage of protection against fluctuations in the value of the lira in addition to obtaining a return on their investment at a general rate of about 3% annually.

The Yuvam Bank Deposit Protection Program in Turkey operates as a financial system approved by the Central Bank of Turkey, and aims to encourage the retention of deposits in Turkish lira without investors being exposed to the loss of the value of the lira and participants in the program receive a declared interest, along with the difference in the exchange rate between the time of deposit and withdrawal.

The Yuvam Bank Deposit Protection Program in Turkey is an economic initiative aimed at encouraging savings in Turkish lira and avoiding investors being affected by the decline in its value and the program allows subscribers to benefit from the declared interest, in addition to the difference in the exchange rate between the times of deposit and withdrawal, which encourages the promotion of investment in the Turkish lira and the stabilization of the economy.

Features of the Yuvam Deposit Protection Program in Turkey 

1. There is no minimum or maximum amount allowed to be deposited in the Yuvam Bank Deposit Protection Account in Turkey.
2. The account can be opened at any time and easily, with a clear mechanism for determining the exchange rate of the Turkish lira.
3. The Central Bank of Turkey guarantees savings protection and a special additional return for investors against exchange rate fluctuations.
4. The Yuvam account contributes to supporting the local economy by promoting investment in the Turkish lira.
5. A Yuvam account is granted additional return when the value of the amount deposited in the account becomes due.
6. The account holder is exempted from paying fees for transferring amounts within Turkey for foreign currency cash transfers.
7. Accounts can be opened in US dollars, euros, British pounds and Swiss francs in addition to the Yuvam account to protect bank deposits in Turkey, which provides great flexibility for investors in choosing the currencies they prefer to invest in.

How to open a Yuvam Deposit Protection account in Turkey?

Opening a participatory account in Turkish lira in the Yuvam program to protect bank deposits in Turkey allows anyone who has a bank account in a Turkish bank, without the need to visit the bank branch and you can now easily open the account through the banking applications on your smart phones.

In order to explain the steps in a simple way, we will explain how to open a Yuvam account to protect bank deposits in Turkey using the "Kuwait Turk" application.

First, enter the account list in the application and find the “YUVAM” participation account in Turkish lira as shown in the image.

After that, go to the next menu where the specific investment period for the process is specified, you can choose a period of three and six months, or a full year and after that, enter the name of the chosen account and read and agree to the text of the agreement.

Finally, select the amount you would like to have in this fund.

It should be noted that the steps and terms may differ between different banks and between banking applications, but in general, the process will be similar and simple in all banks participating in the program.

How to secure a Yuvam Deposit Protection Account in Turkey?

The Government of Turkey aims to enhance the advantages of the Yuvam Bank Deposit Protection Program in Turkey by launching a comprehensive website detailing it, and the site allows visitors to watch video clips and download detailed brochures explaining the details and legal information related to this innovative program and in addition, the site provides a calculation of the expected return on investment and provides comprehensive answers to inquiries and frequently asked questions related to the program.

The Yuvam Bank Deposit Protection Program in Turkey provides investors with the opportunity to invest their savings in Turkish lira in a Turkish bank and after that, the Central Bank provides Yuvam accounts with an additional return guarantee added to their investments, in addition to ensuring the protection of the exchange rate between the time of deposit and withdrawal and this program is an important initiative aimed at enhancing confidence in the Turkish economy and encouraging investment in the local currency.

Who are the categories allowed to open a Yuvam deposit protection account in Turkey?

1. Turkish citizens who have residence or work permits outside Turkey.
2. Turkish citizens who reside in Turkey and hold a foreign address.
3. Foreigners residing abroad holding a blue card granted to investors.
4. Ordinary and legal foreign persons who are entitled to open an account in a Turkish bank.
5. Owners of non-resident companies in Turkey who have established their companies in a foreign country in accordance with the laws of that country and whose legal headquarters are located outside Turkey.

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Do not forget that investing in real estate in Turkey is only a way to gain Turkish citizenship or real estate residence permit that allows you to stay in the country legally and then acquire many of the privileges that a Turkish citizen gets.

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