Fixed Deposit Return and Interest Calculator
Enter your principal, annual interest rate and term to see gross and net interest and the withholding tax.
This tool gives an estimate only. It uses Turkey's TRY deposit withholding rates by term (17.5%, 15% or 10%). Bank rates and withholding rates can change, so check the final figures with your bank.
How Is Deposit Interest and Net Earnings Calculated?
The calculation has two steps: first the gross interest, then the withholding tax is deducted to get the net earnings. Banks publish annual rates, but the return is prorated by the number of days in the term.
What Is the Difference Between Gross and Net Interest?
Gross interest is what you earn before withholding tax and other deductions. Net interest is what you receive after the withholding tax (income tax withholding) is deducted.
Gross Interest = Principal × Annual Rate × (Term Days / 365)
Net Interest = Gross Interest × (1 − Withholding Rate)
Example: 1,000,000 TRY × 39.50% × (46 ÷ 365) = 49,780 TRY gross. 17.5% withholding gives 41,069 TRY net.
Current Withholding Tax Rates in Turkey
In Turkey, the withholding rate on TRY deposit interest depends on the term and is set by presidential decree. For accounts opened or renewed since Decree No. 10041 (Official Gazette, 9 July 2025), the rates are as below. The calculator fills in the rate from the term you enter; you can change it if your bank statement shows a different rate.
Demand and up to 6 months
17.5%
Over 6 months, up to 1 year
15%
Over 1 year
10%
The calculator treats 6 months as 183 days. If your term is close to a boundary, check the rate your bank applies and enter it in the “Withholding Tax” field. FX and gold accounts use different rates.
Interest Return by Term Length
Why Is the 32-Day Term the Most Popular? (Monthly Cycle)
The 32-day term is the closest match to a calendar month and fits monthly cash needs. Because it renews every month, it follows rate changes quickly. When rates are rising, staying short is an advantage; when they are falling, a longer term may make sense.
Monthly Liquidity
Access every 32 days
Rate Flexibility
Tracks the market
Drawback
Lower rate vs. long terms
Advantages of 92-Day, 181-Day and Longer Deposits
Banks usually offer higher interest rates on longer-term deposits. When rates are expected to fall, locking into a longer term can raise net returns. The table below shows gross and net returns on 1,000,000 TRY for different terms:
| Term | Annual Rate | Gross Interest (1M TRY) | Net Interest (term-based tax) |
|---|---|---|---|
| 32 days | 40% | ≈ 35,068 TRY | ≈ 28,932 TRY (17.5%) |
| 92 days | 42% | ≈ 105,863 TRY | ≈ 87,337 TRY (17.5%) |
| 181 days | 44% | ≈ 218,192 TRY | ≈ 180,008 TRY (17.5%) |
| 365 days | 45% | ≈ 450,000 TRY | ≈ 382,500 TRY (15%) |
* Approximate values. Actual return depends on the rate offered by your bank.
Things to Watch Out For When Investing in Deposits
Welcome (Introductory) Rate Pitfalls and Term Expiration
Banks offer above-market “welcome rates” to attract new customers. These campaigns usually apply only to the first term. At maturity, the account renews automatically at the standard board rate. If you miss this, the next period earns noticeably less.
The welcome rate applies only to the first term. Check your bank's auto-renewal terms before maturity.
Compound Interest from Renewing the Term
Adding the net return to the principal at maturity and renewing the account creates a compound interest effect. Each period earns interest on a slightly larger principal. The formula below gives the cumulative effect, for example of renewing 1,000,000 TRY at a 40% annual rate over 32-day periods:
Compound Total = Principal × (1 + Net Period Rate)ⁿ
n = number of renewals. Net Period Rate = Gross Rate × (1 − Withholding)
The calculator's “Compound Interest” option includes this effect. For long-term plans, choose “Compound Interest” as the interest type.