The "AQYL" educational accumulation deposit comprises a depositor's money on an account opened with the Bank, including contributions made by the depositor, as well as the capitalized Bank interests and State premium.
This deposit shall be opened in the name of the depositor, who is going to pay tuition fees (for the post-secondary, higher and post-graduate (a Master's course) program to a Kazakhstani or foreign educational institution). The "AQYL" deposit may be opened solely at a Bank branch. Please carry a personal identification document or birth certificate of the child (if the deposit is to be opened in the name of a minor child).
The minimum amount required to open the "AQYL" deposit shall be 3 Monthly Calculation Indices as of the deposit opening date.
There are no restrictions as to replenishment of the "AQYL" deposit.
The "AQYL" deposit may be opened for 3 years, with the option of renewing.
The "AQYL" deposit is covered by the individual deposit guarantee scheme for the amount of up to 10 million Tenge.
To close the "AQYL" deposit, the depositor is required to come to a branch of the Bank. If the "AQYL" deposit is closed by the initiative of the depositor/ legal representative, the state premium will not be retained, but the bank interests shall be preserved.
The state premium may be retained in the following cases:
- if a cash balance is available on the deposit after the tuition fees are paid for the entire education period;
- if an educational grant is awarded;
- if the depositor dies, is deemed missing, incapable by the court or is declared deceased or unable to continue his/her education due to the depositor's health condition
The state premium shall be accrued in the amount of 5% and 7% p.a. of the educational accumulation deposit, but not more than 100 MCIs.
In the amount of 7% p.a. shall be accrued on deposits opened in favor of depositors of a priority category:
1) orphaned children and legally free children, including those of full age, but until they are 23 years old;
2) disabled people;
3) children from long families with four or more children;
4) children from families with low income;
1) upon expiration of 20 years;
2) upon expiration of the deposit agreement;
3) from the date of the depositor's death; when the depositor is deemed incapable or missing by the court, or is declared deceased.
2) If the depositor is awarded an educational grant, he/she shall be entitled to:
- continue to accumulate the funds on the education deposit;
- transfer the money to an education deposit opened/ to be opened in favor of the third person being a citizen of the Republic of Kazakhstan;
- receive the education deposit funds together with the capitalized interests of the participant bank and state premium accrued.
-use the education accumulation deposit funds to pay for the educational services with the view of achieving other levels of education.
The tuition fees shall be paid from the "AQYL" deposit according to the depositor's request after submission of a copy of the educational service agreement signed with the education institution.