In Kazakhstan, tools for financial protection of children are gradually developing, which parents can use if they wish. One such optimal solution is the AQYL deposit offered by domestic banks, particularly Nurbank.
In early childhood, a child does not require large expenses, but over the years, investments increase — primarily for obtaining higher education. This prompts parents to think about financial foundations today, as education in a good educational institution in Kazakhstan is expensive — from several hundred thousand to millions of tenge.
Kazakhs are often aided by a unique educational deposit AQYL, implemented within the State Educational Accumulation System. It allows citizens to save money for their own education and their children's education. The big advantage is that the bank usually sets a high interest rate. For example, Nurbank offers a base rate of 9% per annum on deposits, and the state adds 5-7% — interest is charged on both the depositor's accumulated funds and the bank's interest.
Thus, the yield on the AQYL deposit is over 14%, making it one of the most profitable in the country, and with state support, it can reduce educational costs by approximately an average of 30-70%. The accumulated funds can be spent on paying for secondary and higher education both in Kazakhstan and abroad, with no restrictions on types and places of education, including educational and language courses.
Payment for education is made exclusively by cashless transfer of funds to the educational institution's account, partial withdrawal from the deposit is not provided. If the child receives a grant in the future or decides not to pursue education after school, they can use the money from the deposit at their discretion, not just for education — in this case, the funds invested by the parents will be returned to them, but government contributions must be returned to the government. Note that Kazakhs can open AQYL deposits in 16 branches of Nurbank across Kazakhstan today. It is most popular among residents of Almaty, Nur-Sultan, Karaganda, and Atyrau.
