Dear clients!
We are pleased to announce that starting from July 9, 2015, JSC Nurbank is launching a new product — the 'Educational Savings Deposit', developed under the Law of the Republic of Kazakhstan 'On the State Educational Savings System' dated January 14, 2013 No. 67-V (hereinafter – GONS).
Distinctive features of the 'Educational Savings' deposit:
- high yield for the client, reaching up to 17%, achieved through bank remuneration and a state bonus;
- the state bonus, as a type of income, is not taxable;
- deposit security is guaranteed by the Kazakhstan Deposit Insurance Fund up to 10 million tenge;
- according to the Law, the operator has the right to propose an increase in the state bonus considering the inflation rate growth in the country;
- within the program, the depositor has the right to apply for an educational loan on preferential terms — under a 100% guarantee by JSC 'Financial Center' if the savings amount is not less than 50% of the total amount required for tuition payment;
- savings cannot be used for personal purposes, except for education. The funds cannot be withdrawn by the depositor except in particular cases, such as if the depositor cannot continue education due to health issues or is declared legally incompetent by the court.
If the depositor receives an educational grant, they are entitled to:
- receive the educational savings deposit funds with the bank's capitalized interest and the state's accrued bonus;
- continue accumulating funds in the educational savings deposit for payment of educational services to attain other educational levels;
- transfer the savings to a third-party deposit.
It should be noted that this system has been successfully tested and implemented in Europe, East Asia, and America, where the state encourages such investments by providing tax incentives and various subsidies. Kazakhstan is the first and only country that has implemented this program within the CIS.
To date, more than 11 thousand people in Kazakhstan have used deposits under the GONS program! This program will enable many Kazakhstanis to receive a commercial education.
The State Educational Savings System operates through second-tier banks. Depositors can choose the bank that offers the most optimal conditions in their opinion.
Basic conditions of the 'Educational Savings Deposit':
- the minimum deposit amount is 3 MCI (in 2015, this is 5,946 tenge);
- the bank's remuneration rate for the deposit is set at 10% per annum;
- in addition to bank remuneration, a state bonus is accrued on deposits. The state's bonus ranges from 5% to 7% per annum, depending on the category of citizen. An increased bonus is paid to citizens from socially vulnerable groups, such as orphans, children from large and low-income families, and disabled children. Throughout the entire term, the accumulated amount of money will accrue bank remuneration and a state bonus.
Example of accumulation on the 'Educational Savings Deposit'
| Deposit term |
5 years
|
10 years
|
|
Bank interest
|
10%
|
10%
|
|
State bonus
|
7%
|
7%
|
|
Monthly payment
|
13,915
|
8,333
|
|
Total savings amount
|
1,524,742
|
2,363,115
|
|
Amount of bank remuneration
|
455,083
|
1,006,209
|
|
Amount of state bonus
|
234,759
|
681,546
|
