Educational Deposit to be Available at Otbasy Bank
9 January 2024
In accordance with the order of the Deputy Chairman of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, JSC "Otbasy Bank" (a subsidiary of the "Baiterek" holding) has been granted a license with the inclusion of additional types of operations:
This means that Otbasy Bank will become a participant in the state educational savings system (SESS) and from February 1, 2024, Kazakhstanis will be able to open an educational savings deposit "AQYL" at the bank.
The purpose of this deposit is to accumulate funds for one's own education or the education of their children. This deposit can be used to pay for education in Kazakhstan or abroad.
The educational savings deposit "AQYL" can be opened for a minimum term of 3 or 5 years. If the deposit is opened for a minimum term of three years, the deposit rate will be 12% per annum.
If the deposit is opened for a minimum term of five years, the deposit rate will be 9.5%.
The bank's accrued rewards will be capitalized monthly.
Upon the expiration of the deposit term, it is automatically extended.
The rate of reward for newly concluded contracts on the educational savings deposit will be revised depending on changes in the base rate of the National Bank of the Republic of Kazakhstan and the current yield of financial instruments in the market.
-The state educational savings system is a unique project that helps to save for education. In Kazakhstan, it has been operating for 10 years. There are currently more than 14,000 active educational savings deposits "AQYL", previously opened in other banks. From February 1, it will also be possible to open a deposit and start saving for one's own education or the education of their children at Otbasy Bank. The state will also help Kazakhstanis in this matter, by awarding a premium. For all categories of depositors, it will be 5%. However, deposits opened for orphaned children, children without parental care, children with disabilities, children from large families, and from families with an average per capita income below the food basket will receive a state premium of 7%,"- explained Lyazzat Ibragimova, Chairperson of the Board of Otbasy Bank.
According to the law on the state educational savings system (SESS), the maximum amount of the premium, accrued annually on the deposit, should not exceed more than 100 MCI (369,200 tenge for 2024).
The state premium is accrued with a minimum savings term of 1 year, meaning the deposit must have been in place for one year to receive the state premium.
The size of the mandatory initial contribution when opening a deposit is equal to three monthly calculation indicators. In 2024, the size of the MCI is 3,692 tenge. Thus, when opening a deposit, it will be necessary to immediately contribute 11,076 tenge.
A depositor can have no more than one active educational deposit.
The educational savings deposit "AQYL" is protected from claims by the state and third parties and is also insured by the Kazakhstan Deposit Insurance Fund. Upon receiving a grant, the savings deposit can be closed and the entire amount of savings, including the state premium, can be withdrawn.
Also included in the license of Otbasy Bank is another type of operation: opening and maintaining current accounts for individuals, intended for crediting targeted savings payments for the purpose of improving living conditions and/or paying for education. In this case, it refers to Otbasy Bank's participation in the "National Fund - for Children" project. From February 2024, citizens who have reached 18 years in the current year will be able to use the funds received through the platform enpf-otbasy.kz. Participants in the program will be able to send their savings online for the following purposes:
JSC "Housing Construction Savings Bank "Otbasy Bank"" is the only bank in the country implementing the system of housing construction savings. The bank is a member of the European Federation of Building Societies (EFBS) and the International Union for Housing Finance. The sole shareholder of JSC "Otbasy Bank" is JSC "National Managing Holding "Baiterek"."
- acceptance of deposits, opening, and maintaining bank accounts for individuals to participate in the state educational savings system;
- trust operations of money management on behalf of and at the direction of the trustor within the framework of the state educational savings system.
This means that Otbasy Bank will become a participant in the state educational savings system (SESS) and from February 1, 2024, Kazakhstanis will be able to open an educational savings deposit "AQYL" at the bank.
The purpose of this deposit is to accumulate funds for one's own education or the education of their children. This deposit can be used to pay for education in Kazakhstan or abroad.
The educational savings deposit "AQYL" can be opened for a minimum term of 3 or 5 years. If the deposit is opened for a minimum term of three years, the deposit rate will be 12% per annum.
If the deposit is opened for a minimum term of five years, the deposit rate will be 9.5%.
The bank's accrued rewards will be capitalized monthly.
Upon the expiration of the deposit term, it is automatically extended.
The rate of reward for newly concluded contracts on the educational savings deposit will be revised depending on changes in the base rate of the National Bank of the Republic of Kazakhstan and the current yield of financial instruments in the market.
-The state educational savings system is a unique project that helps to save for education. In Kazakhstan, it has been operating for 10 years. There are currently more than 14,000 active educational savings deposits "AQYL", previously opened in other banks. From February 1, it will also be possible to open a deposit and start saving for one's own education or the education of their children at Otbasy Bank. The state will also help Kazakhstanis in this matter, by awarding a premium. For all categories of depositors, it will be 5%. However, deposits opened for orphaned children, children without parental care, children with disabilities, children from large families, and from families with an average per capita income below the food basket will receive a state premium of 7%,"- explained Lyazzat Ibragimova, Chairperson of the Board of Otbasy Bank.
According to the law on the state educational savings system (SESS), the maximum amount of the premium, accrued annually on the deposit, should not exceed more than 100 MCI (369,200 tenge for 2024).
The state premium is accrued with a minimum savings term of 1 year, meaning the deposit must have been in place for one year to receive the state premium.
The size of the mandatory initial contribution when opening a deposit is equal to three monthly calculation indicators. In 2024, the size of the MCI is 3,692 tenge. Thus, when opening a deposit, it will be necessary to immediately contribute 11,076 tenge.
A depositor can have no more than one active educational deposit.
The educational savings deposit "AQYL" is protected from claims by the state and third parties and is also insured by the Kazakhstan Deposit Insurance Fund. Upon receiving a grant, the savings deposit can be closed and the entire amount of savings, including the state premium, can be withdrawn.
Also included in the license of Otbasy Bank is another type of operation: opening and maintaining current accounts for individuals, intended for crediting targeted savings payments for the purpose of improving living conditions and/or paying for education. In this case, it refers to Otbasy Bank's participation in the "National Fund - for Children" project. From February 2024, citizens who have reached 18 years in the current year will be able to use the funds received through the platform enpf-otbasy.kz. Participants in the program will be able to send their savings online for the following purposes:
- repurchasing housing with the possibility of using own funds;
- full or partial early repayment of a mortgage loan;
- making an initial contribution for obtaining a mortgage loan, including carrying out repairs;
- topping up a deposit at Otbasy Bank;
- replenishing the educational deposit "AQYL";
- paying for education in Kazakhstan;
- paying for education in other countries;
- repaying an education loan.
JSC "Housing Construction Savings Bank "Otbasy Bank"" is the only bank in the country implementing the system of housing construction savings. The bank is a member of the European Federation of Building Societies (EFBS) and the International Union for Housing Finance. The sole shareholder of JSC "Otbasy Bank" is JSC "National Managing Holding "Baiterek"."
