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What is it ?
With the Currency Protected Physical Gold Participation Account (FATSI), the savings you keep in physical gold are transferred to your account through ATOM systems, transforming them into a profitable investment.
How it Works ?
- Firstly, a Currency Protected Physical Gold Participation Account (FATSI) must be opened at our bank.
- Account owners should visit authorized jewelers with their physical gold.
- The authorized jeweler must determine the value of the gold.
- The authorized jeweler should inform the account owners on the Turkish lira equivalent of the gold at the conversion price announced by the Central Bank of the Republic of Türkiye (CBRT) at the time of the transaction.
- If agreed, the physical gold is transferred to the bank account with the SMS confirmation code to be sent to the mobile phone.
Features
- FATSI Account is opened with gold deposited through ATOM.
- Open to domestic individuals (including Turkish citizens abroad, and self-employed individuals with legal residence in Turkey) and legal entities (excluding banks and other financial institutions designated by Banks and the Central Bank) with legal residence in Turkey.
- Accounts are established in TRY for 3, 6, and 12-month periods. FATSI transactions are currently conducted at our branches.
- FATSI Account can be opened for physical gold deposits up to 5 business days prior.
- Account renewal is possible at the end of the term, and a new FATSI account can be initiated without waiting for the term. The account holder can opt for partial withdrawals on the maturity date if desired.
- Withdrawals and account closures can be made between 11:00 AM and 5:00 PM on business days.
- In the case of partial withdrawal before maturity, the FATSI account is transformed into a current account.
- If the account is closed before the maturity date;
- If the gram gold purchase rate announced by the CBRT at 11:00 AM on the date of closing of the account is lower than the conversion exchange rate, the account balance is updated at the gram gold purchase rate announced by the Central Bank of the Republic of Türkiye at 11:00 AM on the date of closing of the account. No profit share return is possible, and any difference between rates is transferred to the relevant TRY account of the CBRT. Therefore, in case of early closure, a decrease in the principal balance may occur depending on the decrease in the gold rate.
- If the rate announced by the Central Bank of the Republic of Türkiye at 11:00 AM on the date of closing of the account is higher than the conversion exchange rate, the CBRT will not make any payment for the exchange rate difference and therefore no dividend or return on exchange rate difference can be claimed for the account.
- The additional return amount paid at account opening is deducted from the customer account.
- The amount will be recalculated based on the minimum gold fineness value by deducting from the amount of gold calculated with profitable gold fineness at the account opening.
Benefits
- One-time and upfront TRY incentive payment by the Central Bank of the Republic of Türkiye (CBRT) at varying rates depending on the term of the account:
- 6 Months Term: 1% (Annual)
- 12 Months Term: 2% (Annual)
- Profit share to be obtained due to FATSI being a participation account.
- Additional income in case of exchange rate differences (Whether there is an entitlement to exchange rate difference, it is calculated based on the gram gold purchase rate announced by CBRT hourly on the start and closing dates of the term).
- Tax Advantage (No withholding tax is applied).
