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Trade Credit, Rediscount & Financing

Bill Discount Estimate Using TCMB Rates

Discount a bill using the TCMB rediscount or advance rate and compare bank (outer) and true (inner) discount methods.

Version 3

Things to keep in mind:

  • The rate banks charge customers differs from the TCMB rate; commission, BSMV and fees are extra.
  • The TCMB rate alone does not determine the tax-accounting rediscount; assess tax and accounting rules separately for balance-sheet rediscount.
  • TCMB rates relate to bills of up to 3 months; for longer terms the result is approximate.

Calculator

Bill and Rate

TRY

Face value of the bill at maturity (TRY).

Calendar days from the discount date to maturity. TCMB rates relate to bills with up to 3 months (about 90 days) to maturity.

Which TCMB rate to use: rediscount rate or advance rate. The rate is taken automatically from the current TCMB value in the catalog.

After the first calculation, the result updates automatically when you change a value.

Result

Enter the values and press Calculate to see the result here.

About this tool

The Central Bank of the Republic of Türkiye (TCMB) publishes discount and advance interest rates for its rediscount and advance operations with banks. These rates serve as references for bill discounting and rediscount accounting. This tool calculates two discount methods side by side for the days remaining to maturity.

Outer (simple/bank) discount

  • Discount = Face × Rate × Days / 36,000
  • Net value = Face − Discount

Inner (true present value) discount

  • Present value = Face / (1 + Rate × Days / 36,000)
  • Discount = Face − Present value

The rate is an annual percentage applied on a 360-day year. At the same rate and term, inner discount always gives a smaller discount than outer discount; the gap widens with term and rate.

Example: TRY 100,000 bill, 90 days, rediscount rate 38.75%. Outer discount 100,000 × 38.75 × 90 / 36,000 = TRY 9,687.50, net TRY 90,312.50. Inner present value 100,000 / 1.096875 ≈ TRY 91,168.09, discount ≈ TRY 8,831.91.

The rate comes automatically from the catalog's current TCMB value and is updated when the official rate changes.

How to read the result

Outer discount is the practical method banks use for bill discounting and shows a slightly lower amount received; inner discount is the financially correct present value of the bill. Compare the net amount a bank offers with these two results to see how much extra cost (margin, commission, BSMV) you pay over the TCMB reference rate. To calculate the real cost with a rate you negotiated, use the cheque discounting and factoring cost tool.

How to use

  1. Enter the face value of the bill.
  2. Enter the days to maturity (TCMB rates relate to bills of up to 3 months).
  3. Choose the rediscount rate or the advance rate.
  4. Press Calculate and compare the outer and inner discount results.

Notes

Amounts are rounded HALF_UP to two decimals. A 360-day year is assumed (the 36,000 divisor). The rate is the catalog's current TCMB value; the discount rate your bank applies is usually higher.

Sources and rates

Rates used2 parameters

Rates are valid as of November 2, 2026.

Source

  1. [1]
    Türkiye Cumhuriyet Merkez Bankası, Reeskont ve Avans Faiz OranlarıOpen the official source

  • TCMB avans faiz oranı

    39.75%
    Effective from
    December 20, 2025
    Source
    Source [1]
    Last reviewed
    October 1, 2026

  • TCMB reeskont iskonto oranı

    38.75%
    Effective from
    December 20, 2025
    Source
    Source [1]
    Last reviewed
    October 1, 2026

Frequently asked questions

4 questions

  1. Both are TCMB rates for banks. The rediscount rate applies when banks rediscount bills from their portfolio with TCMB; the advance rate applies to advances TCMB gives against securities. The advance rate is usually higher.

Next step

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