How Is Deposit Interest Calculated?
In deposit interest calculations:
- For non-leap years, interest is calculated on the basis of 365 days.
- For leap years, interest is calculated on the basis of 366 days.
A leap year occurs every four years (e.g., 2012, 2016, 2020), in years that are divisible by four.
Interest Calculation Formula
(Principal × Interest Rate × Number of Days) / 36,500
(Principal × Interest Rate × Number of Days) / 36,600
A withholding tax on investment income is automatically deducted by the system from interest accrued on term-based deposit accounts, based on the rates in force.
The amount calculated using the method above represents the gross interest, before income tax is deducted.
At our Bank, the withholding tax on investment income (MSİGV) is determined in accordance with the Income Tax Law and Presidential Decrees, and may vary by product.
How Are Deposit Interest Rates Determined?
At İşbank, the interest rates applied to deposit accounts are determined within the framework of:
- The rules set by the relevant legal authorities,
- Free market conditions, and
- The decisions of the Central Bank of the Republic of Türkiye Monetary Policy Committee (T.C. Merkez Bankası).
How Is Deposit Interest Earned?
To earn deposit interest, you must not withdraw funds during the planned term, starting from the first day of the term. If you request a withdrawal during the term, the account must be closed.
As long as the account is not closed during the term:
- At maturity, interest is credited to the principal, and
- You may view the earned interest in your deposit account details via İşCep and Internet Branch.
Unless you instruct otherwise, term-based deposit accounts are automatically renewed at maturity for the same term, at the interest rates valid on the renewal date.
Maturity and Early Closure Rules
Your term-based deposit account earns interest throughout the term, and the earned interest is added to your account at maturity.
You may view the deposit interest in your account details via İşCep and Internet Branch. Unless you instruct otherwise, term-based deposit accounts are renewed at maturity for the same term, at the interest rates valid on that date.
To earn interest, the account must remain open for the full term. In other words, no interest is paid on accounts closed before maturity.