According to the “Regulation on Deposits and Participation Funds Subject to Insurance and Premiums Collected by the Savings Deposit Insurance Fund”, published in the Official Journal #26339 dated 07.11.2006:
Principal plus the interest of the saving deposit accounts opened in Turkish Liras, foreign exchange currency or other accounts linked to precious metals in a domestic branch of a bank operating in Turkey, where commercial transactions are excluded with the exception of checking activities, are insured up to an amount of TL 50,000 per natural person.
Deposits made with branch offices of savings banks in third countries, deposits with credit institutions undertaking off-shore banking operations in Turkey or elsewhere, and any interest rates applied above the maximum interest rate announced and notified to the Central Bank by the institution or above the average of the rates applied by the top five savings banks, total deposits wise, are not covered by the insurance.
Any claims paid under the insurance will be in Turkish Liras, if the operating license of the savings bank is revoked. When determining the claim amount payable under insurance, the sum of the principal plus interest of the savings deposit accounts are regarded. The Turkish Lira equivalent of the foreign currency or gold deposits are determined based on the currency buying rate of the Central Bank of Turkey and the closing prices at the Istanbul Gold Exchange (for gold deposit accounts) on the license revocation date of the savings bank.
