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Everything You Want To Know

Türkiye Elektronik Fon Dağıtım Platformu (TEFAS) nedir?

Yatırım fonu katılma belgelerinin elektronik bir merkezi platformda fon kurucuları tarafından platformda yer alan dağıtım kuruluşları aracılığıyla satılmasına ve geri alınmasına imkan veren, takasın ve saklamasının Takasbank-MKK sistemi ile entegre bir şekilde tam otomasyona dayalı olarak gerçekleştirilmesine imkan sağlayan elektronik bir platformdur. TEFAS 9 Ocak 2015 tarihi itibariyle faaliyete geçmiştir.

Bankamız İnternet Şubesi'nde Diğer Kurum Fonları adımından TEFAS’a kayıtlı yatırım fonlarında alım-satım talimatı verebilirsiniz. İlgili yatırım fonlarına ilişkin alım-satım işlemleri TEFAS’ın işleyiş kuralları çerçevesinde gerçekleştirilmektedir. Bu kapsamda fon alım talimatı; TL tutar ve/veya adet (katılım payı) üzerinden verilebilecektir. Fon satım talimatı; TL tutar üzerinden verilemeyecek olup, adet üzerinden verilebilecektir.

TEFAS’da işlem gören yatırım fonlarının kurucusu Bankamız değildir. Alım-satım talimatı vermek istediğiniz platforma kayıtlı yatırım fonlarına ait iç tüzük ve izahnamelere www.kap.gov.tr; ayrıca Takasbank Fon Bilgilendirme Platformuna www.fonturkey.com.tr ve www.fundturkey.com.tr adreslerinden ulaşabilirsiniz.

What is a Mutual Fund?

Mutual fund is a trust that pools together the savings collected from the investors in a portfolio consisting of capital market instruments and precious metals traded on domestic and international exchanges, with the objective to manage the portfolio based on risk diversification and fiduciary ownership principles.

As stated in the internal regulations of the funds, the funds that continually invest at least 25% of the portfolio value, on the basis of monthly weighted averages, in the stocks of corporations established in Turkey including Public Economic Enterprises taken into the scope of privatization in accordance with the legislation are referred to as Type A funds, and the others are referred to as Type B funds. The type of the fund is indicated in the name of the fund.

What are the factors to be considered in mutual funds?

  • Mutual funds bear a certain level of risk based on the types of funds in the portfolio and their weights within the portfolio. Based on the developments in the markets and price movements, the fund prices may rise or fall. It must not be forgotten that high return potential means high risk. When selecting a fund, the investors must decide whether or not the management strategy and the risk level of the fund that they will invest in suit their investment and risk preferences.
  • The investors must get information regarding the basic information, management strategies and purchase-sale principles of the funds that they want to invest in.
  • Past performance of the mutual fund must be analyzed and compared to alternative investment instruments. However past earnings of the fund portfolio is not an indicator of future performance.
  • Daily price fluctuations should not affect the fund preferences of the investors. All mutual funds except liquid funds must be considered as medium and long term investment instruments.

What is the tax implementation on mutual funds?

Dear Customer,

As of 01.10.2006, in accordance with the Law on the Amendment of The Income Tax Law, the income obtained through fund participation certificates became subject to withholding tax in the taxation of mutual funds. As of 01.10.2006, a 10% withholding tax over the mutual fund purchase-sale income started to be collected on a transaction basis, and investor-based taxation started to be implemented.

For customers who have mutual funds in their portfolio before 01.10.2006, the closing price in effect on the last trading date of September will be taken into consideration as the purchase cost.

In the mutual fund sale transactions of the customer, the tax basis will be calculated with the First In First Out Method (FIFO), and a 10% withholding tax will be collected over the purchase-sale income obtained at the time the transaction is performed.

When compared with the tax implementation before 01.10.2006, with the ending of the taxation over the mutual fund portfolio and starting of customer-based taxation, there will not be any changes in the total tax amount that will be collected. Only, the date that the customer will be pay the tax will be postponed to the date on which the mutual fund will be sold back to the founder of the mutual fund.

With this implementation, from the mutual funds which continually invest at least 51% of the portfolio in stocks;

No income tax will be deducted over the income that our customers obtain upon selling the mutual funds below after holding them for at least 1 year. For the calculation of the 1-year holding period, the purchase date will be applicable.
  • INGBANK Type A Type Stock Fund (Stock-heavy Fund) (Fund11-Stock)
  • INGBANK Type A Type ISE 30 Index Fund (Fund24-Index)

The 10% withholding tax deducted from corporations can be offset against the corporate tax. For mutual funds that continually invest at least 51% of the portfolio in stocks traded on the ISE, no withholding tax is deducted over the income obtained through the sale of participation certificates held for more than 1 year. Since the purchase price will be used for assessment as long as corporations hold these kinds of participation certificates, they will have the opportunity to postpone the taxes on the fund income.

Yours Sincerely,

Will I pay a fee for EFT/Money Transfer transactions when I have ING Daily?

Throughout the duration that you have ING Daily, if you use Internet Banking, 0850 222 0 600 Telephone Banking and ATMs for your EFT/Money Transfer transactions, you won't pay any fees for these transactions. However, for EFT/Money Transfer transactions performed through our branches, you have to pay the prevailing fee.

What is Capital Protected Fund?

Capital Protected Funds, if held till maturity, aim to provide protection for the capital within the scope of the “best effort principle”.

It provides investors with the opportunity to take advantage of the variable yield of the alternative markets such as stock indexes, foreign currency, parity, gold and commodity markets without taking capital risk, and obtain returns under any circumstances. Unlike other standard mutual funds, capital protected funds are established for a specific term and offered to investors during the demand collection periods. They constitute an alternative for investors who want to take advantage of variable-yield investment instruments in the market without taking capital risk. If the investors hold the funds until maturity, in addition to capital protection, they can obtain returns from the value change in various investment products in proportion with their participation.

Sample DCD Transactions

EXAMPLE (1) FX Investor (over the gross rates) 

John Smith, considering investing his USD 500,000, estimates that the USD exchange rate, TL 1.5130 on February 12, 2010, would be TL 1.5550 or lower on March 16, 2010 (32-day term). Mr. Smith accepts to converting his investment to TL over the 1.5550 exchange rate on the following conditions, if the USD/TL exchange rate becomes TL 1.5550 or higher at the maturity date. 

The bank pays 7.20% (gross premium) for the contractual option with 2.30% gross interest for the deposit amount engaged for the duration of the option (32-day term), for a total gain from DCD of 9.50% (gross). 

Term: 32 days 

Options Premium: 7.20% gross annual 

Gross annual USD deposit rate blocked during the term: 9.10% gross annual 

DCD gain: 12.50% gross annual. 


(a) If the expectation actualizes 
If the spot (market) price at maturity <= 1.4800 (e.g., 1.4600),
(TL 1,000,000TL * 32 * 12.50)/36500 = TL 10,958 (gross) (deposit interest plus options premium) 

+ 1,000,000 TL 
= 1,010,958 TL (gross) 


(b) If the expectation fails 
If the spot (market) price at maturity <= 1.4800 (e.g., 1.4600), 

(TL 1,000,000 *32*12.50 /36500)= TL 10,958 (gross) (deposit interest plus options premium) 

+ 1,000,000 = TL 1,010,958 
TL 1,010,958 /1.48 = USD 683,080 (gross) (the customer sells TL 1,010,958 for USD 683,080) 

** USD 683,080*TL 1.4600TL = TL 997,296 (the customer shall have sustained a loss on his principal as the conversion to the USD at DCD maturity will be over the lower contractual price (i.e. TL 997,296-TL 1,000,000 = TL -2,703.) 

In both transactions: 
The calculations have been made over the gross interest rates, excluding the tax withholding, which, if included in the calculations, may alter the outcome in terms of gains/losses.
The narrower the margin between the spot price and the contractual price (strike price), the higher the interest rate (increased options premium). 
The narrower the margin between the spot price and the contractual price (strike price) is, the higher the odds that the expectation can fail.
The customer cannot access his/her funds until maturity.