TC ZIRAAT Bankasi AS has been in existence since the early start of the nineteenth century. However, its operations did not start as a banking institution; but uniquely different.
During the early part of the 19th century, modern methods of trading and financing are sprouting within the borders of the Ottoman Empire. But, at that time, there was no available capital to establish a national bank and there were no existing national banks to handle banking needs of the people.
Actually, the most affected branch of people during that time was the farmers who were the major working class of the country.
A large group of farmers from the agricultural sector was having difficulty to make a living and was highly dependent on personal loans because there were no financial institutions where they can get structured loans.
Definitely, since these personal loans were provided by different tradesmen and professionals such as wholesalers, commissioners, exporters, village grocers, and professional moneylenders; the interests were extremely high.
Actually, these personal loans with high interests during that time were known as Usurer Loans. The interests that are computed daily can reach up to almost nine hundred percent annually that often made the farmers make Salam sale.
Salam sale is whereby the farmers sell their crops before its harvest only in order to pay off their personal loans. This practice made it more difficult for farmers to make a living.
During this time, the government thought of giving a solution to the plight of the farmers. Midhat Pasha, the governor of Nis created projects in different areas that gave rise to the organization of the farmers and help them finance their farming without the need of usurers.
Therefore, in 1863, the Homeland Funds through the leadership of Pasha was established. The funds for this organization are the money collected by farmers. This organization served as the first national banking of the country.
Homeland Funds had its ups and downs until the government centralized the funds administration and in 1883, it was converted to Benefit Funds. Reorganization and modernization of accounting system were done, and the full control of the organization was made under the central government.
The need for an entire modernization of the Benefit Funds prompted the establishment of Ziraat Bank in 1888. All the benefit shares were transferred to the bank and were counted as part of the bank’s capitalization.
The Different Services of TC ZIRAAT Bankasi AS
As a regular banking institution, the TC ZIRAAT Bankasi AS bank has the following retail services and products:
The different deposit products and services of the bank include Time Deposit Account, Cumulative Savings Account, and the Period Payment Deposit Account
TC Ziraat Bankasi AS offers investment funds, investments in gold, and bank papers investments.
The bank offers various types of loans such as Vehicle Loans, Home Loans, and Consumer Loans with very affordable interests.
For cards products, TC ZIRAAT Bankasi AS offers Bankkart for a secure way of carrying cash and credit cards such as Ziraat Visa Classic, Gold, and Platinum.
Payments products and services include Direct Debits, Charity Payments, Bill Payments, SSI Contributions, University Fee Payments, and payments for Tax, Traffic Fine, Duty and other payments.
Other services the bank offers include Foreign Transfers, Privilege Rental Service Package, and Fast Money Transfer.
Ziraat Bank also offers Insurance and Pensions, and Direct Banking facilities.