On Feb. 14, TUR TMSF updated on deposits, participation funds, trusts.
TUR TMSF issued statement on prescription-barred deposits, participation funds, trusts and receivables in accordance with article 62 of the Banking Law.
Overview
Deposits, participation funds, trusts, receivables in banks are subject to limitation if not sought within 10 years from last request date, transaction or instruction of owner.
Per article 8 of regulation regarding implementation of the said article, list of time-barred deposits, participation funds, trusts and receivables is published on banks’ own websites as of beginning of Feb. and on consolidated websites of SDIF and institutional associations (TUR BA and TUR Participation Banks Association) until end of May.
Lists of accounts not active since 2014 can be queried from Statute of Limitations section on homepage, websites of Institutional Unions and banks until the end of May.
Beneficiaries whose names appear on the list must apply to relevant bank branches or General Directorates by Jun. 14, 2025 to make transactions on their accounts.
Accounts with no transactions by said date: income to fund per statute of limitations.
Effectiveness
Statute of limitations will operate as of Jun. 14, 2025.
