TOOL · 05
Default / Statutory Interest Calculator
Calculate statutory (default) interest under Law 3095, with periods split automatically; use a custom rate for commercial default or contractual interest. Your data never leaves your device.
Statutory / default interest under Law 3095: 9% until 31 May 2024, 24% from 1 June 2024. Periods are split automatically.
For information only; not legal advice. Day count is 365; compound interest is not applied (Art. 3).
FAQ
About interest calculation
What is the statutory interest rate in Turkey?
Under Law 3095, the statutory (legal) interest rate was 9% per year from 1 January 2006 to 31 May 2024. By Presidential Decision 8485 it was raised to 24% per year from 1 June 2024. The calculator splits the period automatically at that date.
How is commercial default interest calculated?
In commercial matters, the CBRT short-term advance rate as of 31 December of the previous year may be claimed as default interest if it is higher than the statutory rate (Art. 2/2 of Law 3095). Use the “Custom rate” option and enter the current CBRT advance rate.
Is compound interest applied?
No. Under Art. 3 of Law 3095, compound interest is not applied to statutory or default interest (exceptions in the Turkish Commercial Code are reserved). The calculator uses simple interest on a 365-day basis.