Deposit Insurance (TMSF)

SDIF Coverage is a protection scheme that partially or fully compensates deposit and participation fund holders for potential losses in cases where a bank’s operating license is revoked by the Banking Regulation and Supervision Agency (BRSA).

The primary objective of the SDIF is to promote financial confidence by contributing to the stability of Türkiye’s economic system.

In the domestic branches of a participation bank operating in Turkey (excluding those belonging to public bodies, credit institutions and financial institutions), the following are covered by insurance: Turkish Lira, foreign currency and precious metals;

• The portion of participation account unit values and special current accounts up to 1,200,000 TL for each natural or legal person is covered by insurance.
• Furthermore, the principal amounts of deposit accounts held by our domestic or foreign customers residing abroad at domestic branches, together with the total of profit-sharing discounts relating to these accounts, as well as participation account unit values and special current accounts, are insured up to 1,200,000 TL.

The participation funds listed below are not subject to insurance.

• Accounts opened at the overseas branches of participation banks in Turkey.
• Accounts held by public bodies, credit institutions and financial institutions at the domestic branches of participation banks.
• Participation funds and other accounts belonging to the bank’s controlling shareholders or significant shareholders, legal entities under their control, and the parents, spouses and children under the legal guardianship of controlling shareholders who are natural persons.
• Participation funds and other accounts belonging to the bank’s chairman and members of the board of directors, the general manager and their deputies, as well as legal entities and partnerships under their control, and their parents, spouses and children under their guardianship.
• Participation funds and other accounts falling within the scope of assets derived from the offence set out in Article 282 of the Turkish Penal Code No. 5237.
• Participation funds held in credit institutions established exclusively to carry out offshore banking activities in Turkey.

Payments to be made under the insurance coverage are made in Turkish Lira.

• The Turkish Lira equivalent of foreign currency accounts is calculated based on the foreign exchange buying rates of the Central Bank of the Republic of Türkiye (CBRT) applicable on the date the relevant credit institution’s operating license is revoked. The equivalent value of accounts denominated in precious metals is determined based on the Istanbul Gold Exchange closing price and the CBRT foreign exchange buying rates applicable on the date the relevant credit institution’s operating license is revoked.
• When determining the amount payable under the insurance coverage, the unit account values of participation accounts and the balances of special current accounts are taken into consideration.

No premium payment or application is required to benefit from SDIF coverage. Within the scope specified above, our Bank provides SDIF coverage for the accounts of all eligible customers.