Turkey interest rate calculator: deposit interest after tax

Principal (TRY)The amount placed on time deposit

Annual gross interest rate (%)The gross annual rate the bank quotes

Term (days)Length of the deposit in whole days

Withholding tax rate (%)Set by term: 17.5% up to 182 days, 15% up to 365 days, 10% longer (October 2026); another rate can be typed

Net interest—

Gross interest—

Withholding tax—

Balance at maturity—

Net annual return (simple)—

The calculator uses simple interest on a 365-day year and assumes the withholding is deducted once from the gross interest at maturity. The withholding rate follows the term, with 6 months counted as 182 days and 1 year as 365 days. A bank's day count and rounding can change the result by a few kuruş.

How is deposit interest calculated in Turkey?

Banks in Turkey quote a gross annual rate for a lira time deposit (vadeli mevduat) and pay simple interest for the term; the interest is taxed at source through withholding (stopaj). The calculator applies:

Gross interest = principal × annual rate ÷ 100 × days ÷ 365

Withholding tax = gross interest × withholding rate ÷ 100

Net interest = gross interest − withholding tax

Balance at maturity = principal + net interest

Net annual return (simple) = net interest ÷ principal × 365 ÷ days × 100

The withholding field fills itself from the term; type another rate to override it, or clear the field to return to the rate for the term. The net annual return lets you compare deposits of different lengths; it does not assume that interest is reinvested.

Worked example

Withholding tax on lira deposits (October 2026)

The bank deducts the tax from the interest before paying it, and for individuals the deduction is final, so the interest is not declared on an annual tax return. The rates come from Presidential Decision 10041 (Resmî Gazete, 9 July 2025) for accounts opened or renewed from 9 July 2025:

An account opened before 9 July 2025 keeps its old rate until maturity. The rules count months while the calculator counts days, with 6 months as 182 days and 1 year as 365 days, so for terms of 182 to 184 days and 366 days it adds a note on how the calendar dates decide the rate. The 2026 guide of the Revenue Administration (GİB) applies the same withholding to resident and non-resident taxpayers; the Turkish lira deposit rates and withholding tax guide explains treaty claims and the history of the rates.

How the term changes the net return

At the same gross rate, a longer term pays more after tax because the withholding rate falls. With the example's TRY 100,000 at a hypothetical 40% gross:

In practice banks quote different gross rates for different terms, and rates on a renewed deposit are reset at each renewal, so compare actual offers at their own rates. A return also needs to beat inflation to preserve purchasing power; see Turkish lira inflation rate.

Which values to enter

• Principal: the amount placed on deposit.
• Annual gross interest rate: the gross yearly rate the bank quotes for that term and amount. An advertised rate may apply only to new funds or an introductory period; the Central Bank of the Republic of Türkiye (TCMB, also CBRT) publishes weekly weighted-average rates on new deposits by maturity for comparison.
• Term: the number of days from opening to maturity, for example 32 or 92.
• Withholding tax rate: filled in from the term; change it only for a special case, such as an account opened before 9 July 2025.

Lira and foreign-currency deposits at a bank branch in Turkey are insured by the Savings Deposit Insurance Fund (TMSF) up to TRY 1,200,000 per person per bank in 2026, whether the holder lives in Turkey or abroad.

Frequently asked questions

How much interest does TRY 100,000 earn in a Turkish bank?

It depends on the bank's rate and the term. At a hypothetical gross 40% a year for 32 days, the gross interest is TRY 3,506.85 and the net interest after 17.5% withholding is TRY 2,893.15.

What is the withholding tax on deposit interest in Turkey?

As of October 2026, 17.5% for lira demand deposits and terms up to six months, 15% up to one year and 10% for longer terms, for accounts opened or renewed from 9 July 2025. Foreign-currency deposit interest is taxed at 25%.

Do I need to declare deposit interest on a tax return in Turkey?

No, for individuals the withholding on deposit interest is final, so the interest is not declared on an annual return. Foreign residents should check how their home country taxes it.

Do non-residents pay withholding tax on Turkish deposit interest?

Yes. According to GİB, the same withholding applies to resident and non-resident taxpayers. A lower treaty rate requires a residence certificate from the home country's tax authority and a Turkish tax number.

Are bank deposits insured in Turkey?

Yes. TMSF insures deposits and participation funds up to TRY 1,200,000 per person at each bank in 2026, in lira, foreign currency or precious metals.

Sources

• Resmî Gazete: Presidential Decision 10041 on withholding rates, 9 July 2025 (Turkish) (opens in a new tab)
• GİB: 2026 guide to income under provisional Article 67 (Turkish) (opens in a new tab)
• Resmî Gazete, 28 June 2023: Presidential Decision 7332 on withholding rates (Turkish) (opens in a new tab)
• Income Tax Law No. 193 (Turkish) (opens in a new tab)
• TCMB: interest rates on deposits, weekly flow data (English) (opens in a new tab)
• TMSF: deposit insurance questions and answers (Turkish) (opens in a new tab)

This calculator is general information, not tax, legal or investment advice. Results depend on the values you enter; rates, ceilings and amounts in Turkey change often, so check the date of each figure and the official source, and ask a licensed adviser about your own situation. Sources, checks and corrections: see the editorial policy.