Recent Developments
The Savings Deposit Insurance Fund (the “SDIF”) amended the Regulation on Deposits and Participation Funds Subject to Insurance and Premiums Collected by The Savings Deposit Insurance Fund (the “Amendment”).
The Amendment entered into force upon its publication in the Official Gazette No. 30899 dated September 25, 2019.
What’s New?
- Before the Amendment, the SDIF provided insurance for up to TRY 100,000 for deposit and participation accounts. The Amendment increased the SDIF insurance to TRY 150,000.
- Pursuant to the Amendment, SDIF disclosures regarding insured accounts will be exhibited in writing or displayed on digital platforms in branch offices.
Conclusion
The Amendment incentivizes the collection of deposits in banks by increasing the insurance ceiling for deposit and participation accounts.
