How is Interest Paid at bank in TRNC
Moderators: Soner, Dragon, PoshinDevon
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- Kibkommer
- Posts: 157
- Joined: Wed 04 Apr 2012 8:17 am
How is Interest Paid at bank in TRNC
If you get 10% on your T/Lira, and they take 20% on the interest gained.
So on say 50000T/L =5000 less 20% = 4000Nett
Question do they pay this monthly or only at the end of year one
Can anyone confirm please
So on say 50000T/L =5000 less 20% = 4000Nett
Question do they pay this monthly or only at the end of year one
Can anyone confirm please
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- Kibkommer
- Posts: 141
- Joined: Tue 01 May 2012 10:32 am
Re: How is Interest Paid at bank in TRNC
Depends on what account you have. You can have various timed accounts from 1 month to year or more and they pay different rates of interest depending. If you have a monthly savings account you will be paid monthly, 3 monthly paid 3 monthly etc. Hope that helps.
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- Kibkommer
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Re: How is Interest Paid at bank in TRNC
Thanks for that Zarafet
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- Kibkommer
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Re: How is Interest Paid at bank in TRNC
Dear Gemini,
The interest rate does depend on how much you have invested and how long you wish to invest for. Interest can also be drawn monthly or rolled over with the capital amount. It is worth checking out a few banks, as I have found my bank became more competitve when they realised I was shopping around...
Hope this helps. Carey
The interest rate does depend on how much you have invested and how long you wish to invest for. Interest can also be drawn monthly or rolled over with the capital amount. It is worth checking out a few banks, as I have found my bank became more competitve when they realised I was shopping around...
Hope this helps. Carey
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- Kibkommer
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Re: How is Interest Paid at bank in TRNC
Hi Carey
Good helpful info.
So far have shopped around and got offered 10% on £50K
Thanks
Good helpful info.
So far have shopped around and got offered 10% on £50K
Thanks
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- Kibkommer
- Posts: 141
- Joined: Tue 01 May 2012 10:32 am
Re: How is Interest Paid at bank in TRNC
Make sure you put that amount over several accounts. There is a 20,000 euro per account safety (or so they say), seems you can have as many accounts as you like within the same bank, but they only guarantee 20,000 euros per account.
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- Kibkommer
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Re: How is Interest Paid at bank in TRNC
Hi Zarafet
Thanks, couldn't remember the exact amount , but having several accounts in same bank is one solution
Thanks, couldn't remember the exact amount , but having several accounts in same bank is one solution
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- Kibkommer
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Re: How is Interest Paid at bank in TRNC
Dont forget to allow for the tax they deduct at source.
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- Kibkommer
- Posts: 157
- Joined: Wed 04 Apr 2012 8:17 am
Re: How is Interest Paid at bank in TRNC
Deniz 1
Already mentioned in my opening post
Already mentioned in my opening post
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- Kibkommer
- Posts: 233
- Joined: Wed 12 Sep 2012 6:05 pm
Re: How is Interest Paid at bank in TRNC
Hi new member just fact finding as seriously considering relocating to TRNC.
Can some-one give me information on this tax deduction at source on interest accrued on bank savings. Is there a starting point tax starts getting deducted or do they take the 20% from even small amounts of interest. If I do relocate I will wish deposit into a savings plan to boost my monthly income - so if they're going to deduct 20% I will bargain all the harder for a better % rate!!
Can some-one give me information on this tax deduction at source on interest accrued on bank savings. Is there a starting point tax starts getting deducted or do they take the 20% from even small amounts of interest. If I do relocate I will wish deposit into a savings plan to boost my monthly income - so if they're going to deduct 20% I will bargain all the harder for a better % rate!!
- Keithcaley
- Verified Member
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- Joined: Sat 21 Apr 2012 6:00 pm
Re: How is Interest Paid at bank in TRNC
I can only speak about my own bank - Creditwest.
The tax is only 10%, NOT 20%
It appears to be deducted from all interest earned, regardless of how much is in the account, or how much interest is paid.
The tax is only 10%, NOT 20%
It appears to be deducted from all interest earned, regardless of how much is in the account, or how much interest is paid.
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- Kibkommer
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Re: How is Interest Paid at bank in TRNC
Thanks Keithcaley Phew!! 10% Ok that's not too bad
- Philoz
- Kibkommer
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Re: How is Interest Paid at bank in TRNC
Yes,Keith Is correct-the tax is deducted at source normally when your investment matures,it is called 'stopaj' on your statement and is deducted at the rate of 10% .
e.g. If you had TL10000 invested for a year fixed @ 10%-the gross interest is TL1000, less 10% Tax= TL100= Nett amount TL900.
That is my understanding anyway.
e.g. If you had TL10000 invested for a year fixed @ 10%-the gross interest is TL1000, less 10% Tax= TL100= Nett amount TL900.
That is my understanding anyway.
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- Kibkommer
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Re: How is Interest Paid at bank in TRNC
Cheers Philoz for confirming & also for the breakdown - at the end of the day the % is loads better that the UK.
Now have to do some thinking:- whether to leave savings in my Egyptian a/c @ 13.5%, less money transfer costs to transfer from Egypt to TRNC, against the best deal I could get there for putting savings into a/c in TRNC less 10% Hmmm . Wishing you all well
Now have to do some thinking:- whether to leave savings in my Egyptian a/c @ 13.5%, less money transfer costs to transfer from Egypt to TRNC, against the best deal I could get there for putting savings into a/c in TRNC less 10% Hmmm . Wishing you all well
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- Kibkommer
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Re: How is Interest Paid at bank in TRNC
How it works
month 1 10,000ytl interest 83.33ytl tax 8.33 ytl net 75 ytl
month 2 10,075 ytl interest 83.95ytl tax 8.40 ytl net 75.55 ytl
month 3 10,075.55 ytl and so on
month 1 10,000ytl interest 83.33ytl tax 8.33 ytl net 75 ytl
month 2 10,075 ytl interest 83.95ytl tax 8.40 ytl net 75.55 ytl
month 3 10,075.55 ytl and so on
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- Kibkommer
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Re: How is Interest Paid at bank in TRNC
Don't forget the capital appreciation or depreciation as the exchange rate moves
The lira has depreciated over the last two years against sterling 2.20 ytl now 2.90 ytl
The lira has depreciated over the last two years against sterling 2.20 ytl now 2.90 ytl
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- Kibkommer
- Posts: 233
- Joined: Wed 12 Sep 2012 6:05 pm
Re: How is Interest Paid at bank in TRNC
Thank you Wanderer. Lots to think about that's for sure . The only way forward to get a real feel of TRNC is to do a 'recce' trip & once there I can check banks, property, location etc.
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- Kibkommer
- Posts: 233
- Joined: Wed 12 Sep 2012 6:05 pm
Re: How is Interest Paid at bank in TRNC
Thank you Wanderer. Lots to think about that's for sure . The only way forward to get a real feel of TRNC is to do a 'recce' trip & once there I can check banks, property, location etc.
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- Kibkommer
- Posts: 84
- Joined: Wed 09 May 2012 8:14 am
Re: How is Interest Paid at bank in TRNC
gross less 10% divided by number of days in month , remember some banks when topping up your account if more than two days past the monthly date of the original deposit will not pay any intrestest till the end of the second month , shop around and batter hard , its your money and you can still get over 10% dependant upon the amount you deposit .
merry xmas and good health to all for 2012
merry xmas and good health to all for 2012