Bank VTB (Kazakhstan) Became a Participant of State Educational Accumulation System

Bank VTB (Kazakhstan) and Financial Center JSC of the Ministry of Education and Science of the Republic of Kazakhstan signed a Cooperation Agreement related to the State Educational Accumulation System which provides an opportunity for each resident of Kazakhstan to open in his/her own name or in the name of his/her child an accumulation deposit account which can be used in future to pay for vocational-technical and higher education in Kazakhstan or abroad.

- Importance of education in the contemporary world is unquestionable. Education is a key to successful future of our children. In May 2017 the bank started taking deposits from customers who wished to accumulate money for education and obtain additional bonus from the state. Bank’s reward plus annual state bonus 7% are accrued to “Educational” deposits, - Deputy Chairman of the Management Board of Bank VTB (Kazakhstan) Nikolay Suganyaka said. – “Educational” deposit is a unique opportunity to start systematically saving money, and the minimum contribution to open the deposit account is 3 minimum calculation indices - KZT 6,807.

For orphan children, children without parental support, disabled children and children from large and low-income families the reward is 7%. The state bonus is accrued annually for the entire deposit amount, including the bank’s reward. However, the accrued bonus cannot exceed 100 minimum calculation indices a year. In 2017 the minimum calculation index is KZT 2,269. “Educational” deposit account can be opened for a period from 3 to 20 years depending on the customer’s request. Early withdrawal of funds can be made only if the funds are directly transferred to the educational institution account. However, the deposit account holder can top up his/her deposit at any time.

- Owing to the changes in the legislation of the Republic of Kazakhstan educational accumulation deposits are the only deposits which are fully protected from garnishment and seizures by third parties. In addition to this, the state bonus as a type of income is not subject to tax, - the President of Financial Center JSC of the Ministry of Education and Science of the Republic of Kazakhstan Askar Ibraimov stated. – As of the moment over 17,000 people are registered in the State Educational Accumulation System who opened educational deposits for the amount of over KZT 11.5 billion. During four years the amount of paid state bonus reached KZT 897 million.

Please, feel free to obtain additional information from our Press Service:

Arina Pirogova

Subsidiary VTB Bank Joint Stock Company (Kazakhstan)

Tel.: 8 (727) 330 59 20 вн. 59 20

e-mail: A.Pirogova@vtb-bank.kz

web: www.vtb-bank.kz

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