State educational accumulation system
Instruction on SEAS
(State educational accumulation system)
1. In what an essence of the Law on SEAS?
The SEAS essence lie in the fact that all citizens of the Republic of Kazakhstan can open a long-term deposit under own name or name of the child, which you can use for the payment on education in the future. Also not only bank commission, but also the annual state premium charged on this deposit.
2. What is the role of financial center in SEAS?
The financial center is the organization, created at the Ministry of Education and science of RK, which provides functioning of SEAS and realizes coordination of activity of this system, i.e.:
- concludes the agreement about cooperation with participating bank, and with educational institution;
- registers and maintains the accounting of each signed contract of deposit;
- performs all calculations on the state award and charges the funds to the banks;
- performs repayment of the state awards in the budget in the cases of provided by the law.
3. Where will be possible to open the deposit?
The deposit will be open in banks of the second level. Detailed information about banks, in which will be possible to open the educational accumulative deposits, will be published in the mass media and on our site, after the conclusion of cooperation agreements with participating banks. At the moment the partner banks are “BTA Bank” JSC, “Temirbank” JSC, “Halyk Bank” JSC, “Tsesnabank” JSC.
4. In which cases the refusal is provided in the registration of the contract of the deposit?
Refusal in the registration of the depositor is held in case the depositor already has the educational accumulative deposit, which is earlier registered in financial center.
5. What is necessary for opening of the deposit?
To open the deposit, it is necessary to provide necessary documents on oneself (identity card) and on the child (the birth certificate, IIN) in the bank. The bank manager during the conclusion of contract of the deposit can calculate the recommended periodicity of payment and size of additional deposits for accumulation of the necessary sum, which is required for the payment for education. The payment of the state award won't depend on periodicity of transaction of the deposit; it will be annually made on the actually accumulative balance of the educational accumulative deposit.
6. Which minimum initial deposit should be?
“BTA Bank” JSC, “Temirbank” JSC, “Tsesnabank” JSC - 3 MCI (5556 tg.).
"Halyk bank” JSC - 15 000 tenge.
"Halyk bank of Kazakstan” JSC - 15 000 tenge.
7. Which terms of accumulation?
The minimum term of accumulation is 3 years, the maximum term isn't provided, but the state award is charged no more than 20 years.
8. In which size the award is charged?
- The state award is charged of 5% per annum on the sum of educational accumulative deposit, but no more than 100 MCI.
- The raised award of the state is charged of 7% per annum on the deposits, opened in favor of the depositors are referred to the priority category:
1) orphan children and children without parental support including who reached majority status, but no more than 23-year age;
2) disabled people;
3) children from the large families, having four and more jointly living minor children, including the children, who are educated on full-time courses in the organizations of secondary, technical and professional, postsecondary, higher and postgraduate (master's degree programme) education, after their attainment of majority until the graduation of educational institutions, but no more than before attainment of 23-year age;
4) children from families with the average income are lower than the cost of consumer basket.
9. Is the award capitalized?
The award of the state annually joins to the actual sum of the deposit, i.e. it is capitalized.
10. In which cases the charge of the award stops?
The charge of the state award stops:
1) after 20 years;
2) after period of validity of the contract of deposit;
3) or from the date of death of the depositor; after the depositor is recognize legally incapable by the court, declare missing or dead.
11. Why the maximum size of the paid state award is 100 MCI?
The maximum permitted limit of the paid award of the state in 100 MRP fixed by the law. I.e. today the maximum size of the charged annual award of the state is 185 200 tenges. Such award of the state will be charged at the deposit of 3 704 000 tenges.
This measure is directed on the decrease of the speculative component on educational deposits since the payment of the state award on the large deposits is limited by the above figures.
12. In which cases the charged award of the state is subject to the return in the budget?
1) At the canceling by the initiative of the depositor of the contract of the deposit or use of the deposit not on the purpose;
2) expirations of three calendar years from the date of deduction of the investor from the education organization;
3) fact detection of the payment of the state award at the term of accumulation is less than the term, established by the Law about SEAS, i.e. 3 years;
4) losses of the citizenship of the Republic of Kazakhstan by the depositors.
13. How is the state award charged?
The charge of the state award is charged annually on actually accumulative sum rest of the deposit as of January 1 at the minimum term of accumulation in one year.
14. Order to the educational accumulative deposit
1) depositor or his lawful representative has the right to transfer money of the educational deposit completely from one participating bank in other participating bank no more than 1 time in a year.
2) depositor has the right in case of receiving the educational grant:
- to continue accumulation of means for payment of education of other education levels;
- to transfer funds on the educational deposit, opened in favor of the third party, who is the citizen of the Republic of Kazakhstan;
- to receive means of the educational deposit with the capitalized remuneration of participating bank and the accumulative award of the state.
15. What will be with the account balance on the deposit?
After payment for the entire period of education the depositor or his lawful representative has the right to withdraw this sum with the accumulative award of the state.
16. How to be at the entrance in foreign higher education institution?
If the depositor enters in the foreign educational institution, he has the right to pay for the education from the accumulative means with the award of the state and bank remuneration at the presentation of confirmative documents about enrolment of the depositor in the foreign organization of education. But the charge of the state award stops from the moment of means transfer in the foreign organization of education.
17. How to avoid the depreciation of deposits?
The main advantage of this deposit is an annual capitalization of means with bank remuneration and award of the state. Besides, the Ministry of Education and Science of the Republic of Kazakhstan will be annually made offers on the increasing in the size of the state award taking into account the rate of inflation.
18. What is the rate of remuneration of banks?
The rate of remuneration of banks is 7-10% depending on the bank and term of the deposit. I.e. the general annual remuneration can reach 17% taking into account the state award.
19. Are the deposits guaranteed on SEAS?
Today the guaranteeing deposits of the private individuals placed in banks of the second level of the Republic of Kazakhstan is made by “Kazakhstan Fund of Guaranteeing Deposits” JSC, who in case of compulsory liquidation of bank with guarantee compensates money to depositors (with restriction 5 000 000 tg.). It should be noted, that the state award and bank remuneration is capitalized, i.e. increases to the main deposit. It is known that guarantee of the deposits is made only in the main deposit, thus, the educational deposits are completely protected.
20. Will the grace period provided and what will be happen with means on the deposit in cases when the student decides to interrupt the education for a valid reason for the year?
The grace period is provided in the law, i.e. the award of the state will be kept until three calendar years from the date of deduction from the education organization of the depositor.