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Deposit Insurance

The deposit insurance partially or completely guarantees the compensation of the losses that would be suffered by the deposit and participation fund owners, by the government or an institution particularly established for this purpose in the event of the Banking Regulation and Supervision Agency revoking the official authorisations of the deposit and participation banks (credit institutions) that are authorized to collect savings deposits and participation fund insurances, deposit and participation funds. In Turkey, the authorisation and duty to insure deposits and participation funds belongs to the Savings Deposit Insurance Fund (TSMF), a public legal entity.

The deposits and participation funds of all domestic and foreign credit institutions that are authorised to accept deposits and participation funds and the Turkish branches of credit institutions that has their headquarters abroad are included in the insurance system. The savings deposits at the overseas branches of Turkish banks are excluded from the deposit protection.

The scope of the insurance is up to TRY 400,000 (four hundred thousand Turkish Liras) for:

  • The capitals and the interest rediscount sum for the savings deposit accounts,
  • Unit account values and private current accounts for participation funds accounts in Turkish Lira, FX and precious metals opened on behalf of real person at the domestic branches of a credit institution operating in Turkey, that are not the subject of commercial transactions besides exclusively drawing cheques.