Kazakh citizens open over 16,000 educational deposits

With concern for the future - Kazakh citizens have opened more than 16,000 deposits totaling 22.3 billion tenge (US$52.2 million) within the state education savings scheme ‘AQYL’. The state thus helps parents to significantly reduce the cost of a child’s education and reduce the burden on the family budget. This was reported by the press service of the Kazakh Ministry of Education and Science. Another advantage of the deposit is the bank remuneration up to 9%, as well as a state bonus, which is awarded annually. In addition, it is insured by the Kazakhstan Deposit Insurance Fund, plus the deposit cannot be seized. In case the child receives a grant, the money can then either be withdrawn or transferred to the educational deposit of a third party, or continue to be saved, for example, to pay for the master’s degree. Savings can be used both to pay for tuition in universities in Kazakhstan and abroad.

Translation by Assem Zhanmukhanova

Editing by Saule Mukhamejanova