To implement the President’s September 1, 2023 Address “Economic Course of a Fair Kazakhstan”, Kazakhstan introduced the “Keleshek” system. It builds on the existing state education savings platform (since 2013, over 77,000 deposits and insurance contracts have been opened).
Key Features
- At age 5, every child receives a starting capital:
- 60 MCI (≈221,520 KZT) for all children
- 120 MCI (≈443,040 KZT) for orphans
- Annual state bonuses: 5% for all children, 7% for socially vulnerable groups.
- Parents must make annual minimum contributions: 12 MCI for vulnerable children, 24 MCI for others.
Operation
- Accounts can be opened in participating banks and insurance companies (e.g., Otbasy Bank, Halyk Bank, Jusan, Nurbank, VTB, Bank RBK, Bereke Bank, Kazpost, plus 5 insurers).
- Deposits are guaranteed by Kazakhstan’s Deposit Insurance Fund; insurance by the Guarantee Fund of Insurance Payments.
- Banks are required to provide minimum interest rates (at least 2% for deposits under 1 year, 3% for deposits over 1 year below the National Bank’s base rate).
Use of Funds
- After graduation, savings can be used for college or university in Kazakhstan or abroad.
- If a student receives a grant, funds may be redirected for other educational needs, housing, or withdrawn with proof of education.
- The program complements the “National Fund for Children” initiative, combining state bonuses, investment income, and parental contributions.
Goal: To encourage parental participation in building children’s educational savings, strengthen financial literacy, and provide long-term opportunities for quality education and improved housing conditions.
