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State educational deposits system may be launched in Kazakhstan in 2012

21 февраля 2012, 17:30
State educational deposits system may be launched in Kazakhstan in 2012, Tengrinews.kz reports citing Kazakhstan Ministry of Education and Science.

“The system’s mechanism and draft law are being prepared in Kazakhstan. The draft law is expected to be introduced to Kazakhstan Parliament. The government is working with second-tier banks to establish a cooperation under this system,” the authority stated. The plan is that the system will start operating in 2012 after adoption of the law.

According to Kazakhstan Education Ministry's estimates, the system will be used by 17 thousand people during its first year. The difference and the advantage of educational deposits from regular deposits is that a state premium will be accrued to the savings in addition to the regular bank's interest under this system. The interests will make up to 5 percent and 7 percent for vulnerable social groups, but not more than 161.8 thousand tenge ($1,093).

“As the bank’s interest policy is regulated by internal bank’s documents and Kazakhstan Deposits Guarantee Fund may only recommend the interest rates for deposits, terms of the educational deposits and interests rate may differ from bank to bank,” the Ministry noted.

The minimum amount of the initial payment will be set at 4,854 tenge ($30.7). The frequency of installments adding up to the deposits will be selected by the client and stated in the contract to be signed with the bank participating in the state educational deposits system. The installments may be made monthly, quarterly or annually.

According to Kazakhstan Education Ministry, opening of the account is possible right after the birth of the child. The maximum deposit time will be 20 years. Besides, the client will have a right to apply to the bank for an educational loan on special terms.

“The educational loan to the depositor will be 100-percent guaranteed by an organization authorized by the state in case the deposited amount is at least 50 percent of the sum required for payment for the education,” the Ministry stated.

By Sabina Serikova

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