What is YUVAM Account, How to Open it? How Does YUVAM Account Work?

What is YUVAM Account? How to Open a YUVAM Account? How Does YUVAM Account Work?
What is YUVAM Account? How to Open a YUVAM Account? How Does YUVAM Account Work?

While there are millions of citizens of the Republic of Turkey living abroad, the savings of these citizens are mostly evaluated in the banks of the countries they are in. At this point, YUVAM account aims to encourage citizens living abroad to use their savings in Turkey.

What is a YUVAM account?

YUVAM account is a system that aims to encourage citizens living abroad to use their savings in Turkey.

How to open a YUVAM account?

Turkish citizens over the age of 18 can open a YUVAM account if they have a residence or work permit. In addition, people who are not Turkish citizens, but are resident abroad and have received a Blue Card, can also open a YUVAM account.

In this process, the savings in these countries are transferred to Turkey through a bank in that country and a YUVAM account is opened in a bank in Turkey. In addition, foreign currency deposit or participation accounts opened with savings in dollars, euros and sterling transferred from abroad can also be converted into YUVAM accounts.

According to the exchange rate that will occur in the YUVAM account at the end of the maturity period, Principal + Interest / Dividend or Principal + Interest / Dividend + Additional Income or Principal + Interest / Dividend + Foreign Exchange Difference + Additional Income is paid by the bank to the account holder.

While the account holders have saved more than the foreign currency yield on the maturity date, foreign currency can be bought again at the end of the maturity if they wish.

 How Does YUVAM Account Work?

The exchange rate difference in the YUVAM account is determined on the basis of the exchange rate prevailing at the account opening and maturity date. In the YUVAM account, an additional income of 6 percent in 1 months, 12 percent in 1,5 months, and 24 percent in 2 months is given to the account holder.

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