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Quarter Accounts

Türkiye Emlak Katılım Bankası A.Ş. internet sitesini ziyaretiniz esnasında kullanılabilecek çerezler ve benzeri teknolojiler hakkında bilgi vermek amacıyla işbu Çerez Politikası’nı hazırlanmıştır.

Quarter Accounts

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With our "Quarter Account" product, developed as a result of the cooperation between our Bank and the General Directorate of the Turkish State Mint and Stamp Printing House, our customers have the opportunity to deliver their physical gold to our bank and request it back physically whenever they wish.

A Quarter Account can be opened by delivering physical jewelry gold at our branches, and our customers can also open one by purchasing quarter gold with their existing TRY, USD, and EUR balances via branches, mobile, and internet channels. However, they will not be able to request these gold pieces physically. In order to be able to request gold physically, it is required that our customers have physically delivered jewelry gold such as quarter, half, and full gold to their account as of 01.03.2022.

The physical gold delivered to our bank by our customers is sent to the Mint. During this period, a block is placed on the account.

If the gold is found to be in accordance with the specified standards as a result of the analysis performed by the Mint, the block on the account is removed.

In the event that gold not meeting the criteria determined by the Mint is found as a result of the gold valuation, this gold will be returned to the branch where it was physically delivered. The block on all gold will continue until our customer receives their gold with negative valuation results from our branch, and the block on the account will be removed when the return process is completed.

QUARTER ACCOUNT AND EARNING QUARTER ACCOUNT THROUGH QUESTIONS

What is a Quarter Account?

It is a precious metal account type where the Quarter Gold produced by the Mint is defined as the unit value. Since quarter gold is defined as the unit value, the account is called a "Quarter Account." Gold in the form of half, full, two-and-a-half, and five-piece jewelry gold is also suitable for this account.

Example:

When a half gold is deposited into a Quarter Account, 2 quarter gold pieces are deposited; when a full gold is deposited, 4 quarter gold pieces are deposited.

How to open a Quarter Account?

If you are not an Emlak Katılım customer, you can become an Emlak Katılım customer remotely via video call. Our customers can open a Quarter Account 24/7 from our branches or via our mobile or internet branches; they can perform quarter gold buy-sell transactions with TL, USD, and EUR.

How does the Quarter Account process work?

You can deposit your quarter, half, full, two-and-a-half, and five-piece gold into the Quarter Account by bringing them to our branches. You can take your gold back from our branches as newly dated gold whenever you wish.

Stages of the Process:

 Quarter, half, full, two-and-a-half, and five-piece gold delivered by the customer is sent to the Mint and checked by the Mint.

 If there is no negative situation as a result of the check, the customer's account balance becomes active.

 If there is a negative situation (defective product, counterfeit product, etc.) as a result of the check, the defective jewelry gold received from the customer is returned to the customer, and no balance is formed in the customer's relevant account.

 In order for a balance to be formed in the account, the negatively evaluated gold must be received from the branch.

 Gold is accepted at our branches every day of the week. All gold collected during the week through our branches is sent to the Mint in batches every Monday and analysis processes are initiated. Completion of the analysis process may take up to 20 business days.

What are the advantages of opening a Quarter Account?

The Quarter Account is an advantageous account for both our customers and our country. It ensures that gold kept "under the mattress" is brought into the economy. It protects your gold from the risk of theft and loss. It eliminates costs such as safe deposit box rental and insurance costs.

 Depositing jewelry gold (quarter, half, full, two-and-a-half, and five-piece) physically held by you into the quarter account and being able to take it back physically whenever desired

 Ability to transfer quarter gold between Emlak Katılım accounts

 Ability for your gold to be used as collateral in banking transactions deemed appropriate by our bank

 Possibility to deposit and withdraw to the account without loss of value

 Ability to perform transactions without paying costs and commissions

How does the process of withdrawing the balance in the customer's account as physical gold take place?

Only new-dated, non-circulated gold is given to our customers. Our customer submits their request to physically withdraw all or part of the balance in their account to the branch in writing, and delivery is made at the relevant branch within the business day to be determined in line with the customer's request. Depending on the type delivered by our customer and stock availability, gold can be withdrawn as quarter, half, full, two-and-a-half, or five-piece gold.

What is the Earning Quarter Account?

Our customers can obtain profit share earnings from their existing savings by transferring their Quarter Account (current account) balances to the Quarter Gold Participation Account. The name of this account is called "Earning Quarter Account." Our customers will obtain profit share on a gram gold basis based on the profit sharing rate deemed appropriate by our bank corresponding to the physical gold they have deposited into the relevant account. The relevant profit share will be provided to be automatically transferred to our customer's current gram gold account systematically.

Product Features;

  •  Our customers will be able to open the Earning Quarter Account product with the quarter gold they have deposited into our bank via our internet and mobile branch channels and the quarter gold they have purchased from the system.
  •  A 1-month maturity Quarter Gold Participation Account can be opened with a minimum of 50 quarter gold pieces. (All jewelry gold is valid within the multiples of quarter gold.)
  •  A 3-month, 6-month, and 1-year maturity Quarter Gold Participation Account can be opened with a minimum of 10 quarter gold pieces. (All jewelry gold is valid within the multiples of quarter gold.)
  •  If the customer wants to reduce the amount of quarter gold (as a quantity) from the account before the maturity date, the relevant account will be automatically closed.
  •  At the end of the maturity, our customer will be able to add the quarter gold they possess physically and/or record-based to the same account.
  •  The Quarter Gold Participation Account will be calculated on a gram basis by converting 1 piece of quarter gold to a 995 purity grade, and the participation account return will be determined accordingly.
  •  1 piece of quarter gold (24-karat equivalent) = 1.61 g