Frequently Asked Questions
AQYL
How to open an "AQYL" deposit?
The "AQYL" educational accumulation deposit comprises a depositor's money on an account opened with the Bank, including contributions made by the depositor or givers, 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 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).
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I am not a resident of the Republic of Kazakhstan. May I open an "AQYL" deposit?
The "AQYL" deposit may be opened only by citizens of the Republic of Kazakhstan.
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How many "AQYL" deposits may be opened per client?
It is allowed to open one "AQYL" deposit per client.
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What is the interest rate? What is the currency the "AQYL" deposit may be opened in?
The "AQYL" deposit may be opened solely in the national currency, Tenge. The interest rate is up to 8.3%.
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What is the minimum amount required to open an "AQYL" deposit?
The minimum amount required to open the "AQYL" deposit shall be 3 Monthly Calculation Indices as of the deposit opening date.
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Is there any restriction as to topping up of the "AQYL" deposit?
There are no restrictions as to replenishment of the "AQYL" deposit.
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For what period may the "AQYL" deposit be opened?
The "AQYL" deposit may be opened for 3 years, with the option of renewing.
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If my "AQYL" deposit is under attachment, will interests still be accrued on the deposit?
It is not allowed to temporarily tie up the property, impose any restrictions to transactions or other operations with the property, to attach or foreclose any money available on the "AQYL" deposit.
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Is the "AQYL" deposit guaranteed?
The "AQYL" deposit is covered by the individual deposit guarantee scheme for the amount of up to 10 million Tenge.
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What should be done to prolong/ extend an "AQYL" deposit?
The "AQYL" deposit may be prolonged by the same period and subject to the same conditions and interest rates as are in effect as of the prolongation date.
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Is a partial cash withdrawal allowed from the "AQYL" deposit?
No partial withdrawals are allowed from the "AQYL" deposits, except for a targeted fund withdrawal by means of a wire transfer to an education institution's account.
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How to close the "AQYL" deposit prematurely? What are terms and conditions of the termination?
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
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What is the size of the state premium to be accrued on the "AQYL" deposit?
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;
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When shall the state premiums be terminated on the "AQYL" deposit?
The state premiums shall be terminated on the "AQYL" deposit:
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.
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Who and how may dispose of the "AQYL" education deposit?
The funds available on the "AQYL" deposit may be disposed of by: 1) The depositor or his/her legal representative shall be entitled to transfer all the money on the education deposit from one participant bank to the other not more frequently than once a year.
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.
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After the tuition fees are paid for the entire education period, how may the balance on the "AQYL" deposit be disposed thereafter?
After the tuition fees are paid from the "AQYL" deposit for the entire education period, the depositor or his/her legal representative may withdraw the balance together with the state premium accrued.
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What documents are required to pay the tuition fees from the "AQYL" deposit?
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.
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