Turkey Introduces Interest on Safeguarding Accounts
🏦 Central Bank of Türkiye allows interest on safeguarding accounts
The Central Bank of the Republic of Türkiye (CBRT) has introduced important changes to the Regulation on Payment Services and Electronic Money Issuance, paving the way for interest to be earned on funds held in banks' safeguarding accounts. The new rules also clarify the timing of interest accrual on these accounts.
The amendment, published in the Official Gazette and now in force, revises the procedures and principles for managing funds held in payment and electronic money institutions' safeguarding accounts.
💰 Interest on safeguarding accounts
As a result of the changes, it is now possible to earn interest on funds held in safeguarding accounts. The term "interest accrual" has been officially added to payment accounts and electronic money safeguarding accounts under amendments to Articles 34 and 35 of the regulation.
According to the new rules, balances in safeguarding accounts — excluding foreign currency accounts — may be invested in interest-bearing accounts opened in banks.
Earning interest on these funds overnight at the bank where the electronic money safeguarding account is held will no longer be considered a violation of regulations. This allows account holders to generate additional income from their savings, increasing the attractiveness of such accounts.
📋 What this means for customers
- ✅ Safeguarding account funds can now generate interest income
- ✅ Fund management procedures become clearer and more secure
- ⚠️ Foreign currency accounts are not yet included in this mechanism
The new regulation makes safeguarding accounts a more profitable and secure way to store funds, in line with modern financial standards and Turkish legislation.
📊 Key takeaway
This regulatory update represents a significant step forward for payment and electronic money institutions in Turkey. By allowing interest accrual on safeguarding accounts, the Central Bank has created new opportunities for both businesses and individual account holders to maximize the value of their deposited funds while maintaining the security and protections these accounts provide.
Financial experts anticipate that this change will encourage greater use of electronic money services and payment institutions, as customers can now earn returns on balances that previously sat idle.
