Quarter-Gold Account
What Is the Quarter Account?
Our “Quarter Account” product, offered in collaboration with the General Directorate of the Mint and Stamp Printing House of the Republic of Turkey, enables our customers to deposit their physical gold with our bank and reclaim it in physical form at any time.
How to Open
A Quarter Account can be opened by collecting physical gold jewellery from our branches; alternatively, our customers may open one by purchasing quarter gold coins using their existing TRY, USD and EUR balances via branch, mobile and online channels. However, they will not be able to request these gold coins in physical form. In order to claim the gold physically, customers must have physically deposited jewellery gold, such as quarter, half and full pieces, into their account as of 01.03.2022.
The physical gold deposited by our customers with our bank is sent to the Mint. During this period, a hold is placed on the account.
Following analysis by the Mint, if the gold meets the specified standards, the hold on the account is lifted.
Should the gold appraisal reveal that any gold does not meet the criteria set by the Mint, such gold will be returned to the branch where it was physically deposited. The hold on all gold will remain in place until our customer collects the gold that failed the appraisal from our branch; once the return process is complete, the hold on the account will be lifted.
Process Stages
- Gold items received from the customer—such as quarter, half, full, two-and-a-half and five-unit pieces—are sent to the Mint and inspected by the Mint.
- Provided no issues are identified during the inspection, the customer’s account balance is credited.
- If any issues are identified during the inspection (such as faulty or counterfeit items), the faulty gold jewellery received from the customer is returned to them, and no balance is credited to the customer’s account.
- For a balance to be credited to the account, the gold items deemed faulty must be collected from the branch.
- Gold is accepted at our branches every day of the week. All gold collected through our branches during the week is sent in bulk to the Mint every Monday, at which point the analysis process begins. The analysis process may take up to 20 working days to complete.
This is a type of precious metals account in which the 22-carat quarter gold coin, produced by the Mint, is defined as the unit of value. As the quarter gold coin is defined as the unit of value, the account is referred to as a ‘Quarter Account’. Gold in the form of half, full, two-and-a-half and five-unit gold jewellery coins is also suitable for this account.
Example:
When a half gold coin is deposited into a Quarter Account, it is treated as 2 quarter gold coins; when a full gold coin is deposited, it is treated as 4 quarter gold coins.
If you are not yet an Emlak Katılım customer, you can become one remotely via a video call. Our customers can open a ‘Çeyrek’ account 24/7 at our branches or via our mobile or online banking services; they can also buy and sell quarter gold coins in TL, USD and EUR.
You can deposit your gold – in the form of quarter, half, full, two-and-a-half and five-unit coins – into a Quarter Account by bringing it to our branches. You can redeem your gold as newly minted gold from our branches at any time.
The Quarter Account is a beneficial account for both our customers and our country. It ensures that gold kept under the mattress is channelled into the economy. It protects your gold from the risk of theft and loss. It eliminates costs such as those for a safe deposit box and insurance.
- The ability to deposit physical gold jewellery (quarter, half, full, two-and-a-half and five) that you hold in your possession into the Quarter Account and to withdraw it physically at any time
- The ability to transfer quarter gold coins between Real Estate Participation Accounts
- The ability for your gold to be used as collateral in banking transactions deemed appropriate by our bank
- The ability to deposit and withdraw from the account without any loss in value
- The ability to carry out transactions without paying fees or commissions
Our customers are provided only with newly minted gold that has not yet entered circulation. The customer submits a written request to the branch to reclaim all or part of the balance in their account in physical form; delivery is made at the relevant branch within the working day specified in accordance with the customer’s request. Depending on the type of gold deposited by the customer and stock availability, gold can be withdrawn in the form of quarter, half, full, two-and-a-half and five-unit gold coins.
What is the Earning Quarter Account?
Our customers can earn a profit share on their existing savings by transferring the balance of their Quarter Account (current account) to the Quarter Gold Participation Account. This account is known as the ‘Profitable Quarter Account’. Our customers will receive profit-sharing payments, calculated in grams of gold, based on the profit-sharing ratio determined by our bank, corresponding to the physical gold they have deposited into the relevant account. These profit-sharing payments will be automatically transferred to the customer’s current gold account via the system.
Product Features
- Our customers will be able to open a ‘Profitable Quarter Gold Account’ using the quarter gold coins they have deposited with our bank via our online and mobile banking channels, as well as those they have acquired through the system.
- The 1-month term Quarter Gold Participation Account can be opened with a minimum of 50 quarter gold coins. (All jewellery gold is valid, provided it is in multiples of a quarter gold coin.)
- The 3-month, 6-month and 1-year Quarter Gold Participation Accounts can be opened with a minimum of 10 quarter gold coins. (All jewellery gold is valid, provided it is in multiples of a quarter gold coin.)
- Should the customer wish to withdraw quarter gold coins (in terms of number) from the account before the maturity date, the relevant account will be automatically closed.
- At the end of the term, our customer will be able to add the quarter gold coins they hold, whether in physical or book-entry form, to the same account.
- The Quarter Gold Participation Account will be calculated on a gram basis by converting 1 quarter gold coin to a fineness of 995, and the return on the participation account will be determined accordingly.
- 1 quarter gold coin (equivalent to 24 carats) = 1.61 g
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