VTB (Kazakhstan) increased the rate for education deposits to 15%
VTB (Kazakhstan) has raised the interest rate for special-purpose education deposits by 6.2 percentage points. Deposit at 15% per annum can be opened in any bank branch in 17 country cities. It also provides an annual state premium of up to 7% per annum on the deposit balance.
The "Educational - AQYL" deposit can be made by the republic's residents for themselves or their children in the national currency. Funds from the deposit are earmarked – they can be used to pay for education in educational institutions of Kazakhstan and abroad. The minimum amount under the savings product is from three minimum calculation indexes for up to 20 years.
In addition to the bank's rate, the deposit includes a premium from the state. It is 5% per annum for main customers and 7% for privileged depositors. The premium is accrued annually on the actual deposit balance as of January 1. The accumulation period for the premium must be one year. Partial withdrawal on deposit is not provided, except for transferring funds for education.
"Quality education is the best investment in our development and the younger generation's future. We launched a deposit for education about six years ago. Today, 100 per cent of such deposits are opened by parents in their child's name. With increased returns through the bank rate and remuneration from the government, parents can accumulate the necessary base for enrolment and further education by contributing a comfortable amount. In addition, we have significantly simplified the procedure for opening a deposit in the name of a child – it requires the presence of only one parent," said Maria Blbulyan, Director of the Retail Business Department of VTB Bank in Kazakhstan.
The deposit is insured by "Kazakhstan Deposit Guarantee Fund". The bank's toll-free number for consultation is 5050.