All children, citizens of Kazakhstan, born in 2006 and later, are charged 50% of the investment income of the National Fund of the Republic of Kazakhstan annually from 2024 to the age of 18. At the same time, income is averaged over the eighteen years preceding the reporting year. The amounts accrued to the children in previous years continue to be invested as part of the assets of the National Fund. As a result, they receive additional investment income.
Until children reach the age of 18, target requirements are accrued without the right to early withdrawal. In the year when children reach the age of 18, the target requirements are credited to the target savings account in the UAPF and after reaching the age of 18, adults receive the right to use the savings for two purposes - to improve housing conditions and to pay for education.
In this material, we will review the “National Fund for Children” program.
The project is being implemented as follows:
The National Bank of the Republic of Kazakhstan (the NB of the RK) will send a report containing information on the total amount of purpose requirements to the UAPF on an annual basis, pay out an average investment income and the amount of investment income accrued on the earlier generated purpose requirements of the participants of purpose requirements.
The UAPF will generate an e-roster of the purpose requirements participants (minor children the citizens of the Republic of Kazakhstan) based on the information from the State natural persons database on an annual basis (as of the end of the reporting year).
Per annum in January, the UAPF will calculate the amount of purpose requirements per child the participants of purpose requirements for the reporting year period and enter the data into the information system based on the information received from the National Bank of the Republic of Kazakhstan and number of the purpose requirements participants.
The program regular reports will be posted on the official website of the UAPF enpf.kz.
In the year children have attained the age of majority, purpose savings are transferred to their purpose savings accounts (PSA) in US dollars, cease to be reinvested and are intended for housing and education.
In order to receive payments of targeted savings in order to improve housing conditions and (or) pay for education, the recipient of targeted savings or his legal representative (in case of incapacity (limited legal capacity) of the recipient of targeted savings) should contact the authorized operator with whom the UAPF has concluded an appropriate agreement via the authorized operator's Internet resource/mobile application:
According to the program, if a citizen does not wish to use the funds for permitted purposes, the funds will be kept in the account for 10 years. After this period, the money will be transferred to the recipient's individual retirement account to account for voluntary pension contributions.
More information about the “National Fund for Children” project can be found on the special page “ Otbasy Bank”.
The recipient of purpose savings is entitled to receive thereof on the date of purpose savings credited to the internal savings account, not on the date of the majority attained.
An application for payoff of purpose savings and documents confirming the intended use of payments of purpose savings in order to improve housing conditions and (or) pay for education are provided by the recipient to authorized operators - second-tier banks, the National Postal Operator, which opens and maintains bank accounts for crediting payments of purpose savings.
The payoff of purpose savings from the UAPF to the authorized operator are proceeded in US dollars.
The recipients will be able to check the proceeds credited to the purpose savings accounts in February.
The program participants are citizens of the Republic of Kazakhstan who have not attained the age of eighteen years.
Natural persons with revoked citizenship of the Republic of Kazakhstan, as well as citizens of the Republic of Kazakhstan who attained the age of 18 years and over 18 years old, are entitled to receive the purpose savings. Children with a residence permit are also not provided for receiving the money.
In the event of the death of a child who is participant or recipient of the purpose requirements, such purpose requirements shall be inherited in the manner established by laws of the Republic of Kazakhstan.
An heir or heirs shall apply for a payoff of purpose requirements once the purpose requirements are credited to the UAPF account.
Unclaimed amounts of target savings of deceased participants of target claims, recipients of target savings are recorded in target savings accounts and inherited in accordance with the procedure established by the civil legislation of the Republic of Kazakhstan.
After 10 years after the recipient reaches the age of eighteen, the funds available in the account will be transferred to an individual retirement account to account for voluntary pension contributions. They will be available in accordance with the legislation of the Republic of Kazakhstan.
Parents need to check the correctness of each minor child’s data:
If the child has none of the following:
Parents will be able to check the receipt of money from the National Fund to children's accounts in February 2025: