Turkish banks lift 1 million TL deposit rates as competition intensifies

Major Turkish banks have revised the interest rates for 1 million TL term deposits amid heightened competition for savers. Updated tables show net returns ranging from roughly 25,000 TL to over 32,000 TL after a 32‑day term, with the highest yields offered by banks such as Denizbank, ING and Garanti BBVA. The rates vary by institution, with gross percentages between 35 % and 44.5 % and net earnings reflecting mandatory balances in linked current accounts.

Financial experts caution investors to focus on the net amount that will be credited at maturity rather than headline gross rates, noting that some daily accounts may appear to offer higher percentages but can yield less after accounting for required minimum balances. The new figures provide savers seeking risk‑free returns an expanded set of options in an environment of persistent inflationary pressure.