Statutory interest calculator

How it is calculated

• Statutory interest (yasal faiz, Law 3095 art. 1) applies where interest is due by law and the contract sets no rate. Since 31 July 2026 it is 80% of the Central Bank’s rediscount rate on 31 December of the previous year; if the rate on 30 June differs by five points or more, 80% of that rate applies in the second half of the year. Before that, the rate was fixed by decree: 24% from 1 June 2024 and 9% from 1 January 2006.
• Default interest in non-commercial matters is the statutory rate unless the contract says otherwise (art. 2/1).
• Commercial default interest (art. 2/2) follows the Central Bank’s short-term advance rate: the rate on 31 December applies for the next year, and the 30 June rate for the second half if it differs by five points or more.
• Interest is simple, never compounded (art. 3): principal × rate × days ÷ 365, for each rate period. Days are counted from the start date up to, but not including, the end date.

What it leaves out

• A contractual interest rate, which takes precedence where agreed.
• Interest on severance pay, which follows the highest deposit rate instead (Law 1475 art. 14).
• Enforcement costs and court fees.