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bcc journal
3 December 2024
Updated: 26 May 2025

How to Earn from Deposits: Choosing the Right Savings Option

People looking to generate passive income often wonder how to invest with minimal risk and effort. Investing in securities requires financial literacy, so it’s not a one-size-fits-all solution.

There is a simpler but no less effective tool — a bank deposit. How does it work? A client deposits money into a bank account; the bank uses these funds for its own financial operations, and in return, the client earns interest. The funds are used for lending and purchasing securities. This tool is available to both individuals and legal entities (IEs and LLPs).
But what’s the difference between deposits, savings accounts, and term accounts? And how can you profit from them?

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What’s the Difference Between a Deposit, a Bank Account, and a Savings Account?

In broad terms, “deposit” and “savings” are often used interchangeably — both refer to assets placed in a bank in exchange for interest. But technically, there are distinctions:

A bank account refers strictly to money. A deposit, in a wider sense, can also include valuables — securities, artwork, precious metals. When the deposit is in cash, it’s referred to as a monetary deposit.

Savings accounts and deposits differ in interest rates and term length. You can open a savings account with zero balance, whereas deposits typically require a minimum amount. Funds in a savings account can be withdrawn anytime, but many term deposits don’t allow early withdrawal.

Types of Deposits for Individuals and Legal Entities

One common type is the savings deposit, which offers higher interest rates. However, there are important conditions. First, these are non-revocable, meaning the client cannot withdraw funds early. Second, it suits clients willing to invest large sums for a long period. Many of these deposits are replenishable, allowing the total amount to grow. The longer the term, the higher the interest rate — most clients choose a 1-year term. Many deposits can be extended upon maturity — this is called deposit rollover.

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Categories of Deposits

1. Term Deposits
These allow partial or full withdrawal before maturity, but interest will be lost in case of early termination. Term deposits typically offer higher rates and are good for planned savings with a financial cushion. Most are replenishable. Terms start from 1 month.

For individuals, Bank CenterCredit offers the Champion deposit — available for 13 or 24 months in KZT, RUB, USD, or EUR. The minimum amount for EUR is just 10 EUR, making it accessible to various income groups. These deposits are also eligible for renewal.

2. Non-Term Deposits
These allow clients to deposit and withdraw funds freely, subject to a minimum balance. Interest rates are lower but offset by liquidity.

3. Short-Term Deposits
These are designed for businesses. The term may be as short as one night or a few days (e.g., weekends or holidays). They are ideal for temporarily idle funds and offer quick returns. Minimum deposit: 10 million KZT; maximum: up to billions.

Businesses can place surplus funds into Bank CenterCredit’s Overnight deposit. Funds are placed at 17:00 and returned the next morning with interest. Available in KZT and RUB. Interest in KZT reaches up to 13.5%, and clients with the Ultra package receive an additional 0.5%.

So which deposit is the most profitable in Kazakhstan? It depends on your financial goals.

  • Non-term deposits are flexible and suited for individuals or small businesses needing liquidity.

  • Savings deposits are ideal for long-term investments with high returns.

  • Short-term business deposits allow for fast profit from large idle funds.

Are There Risks? 

Deposit agreements in Kazakhstan guarantee return of funds. The Kazakhstan Deposit Guarantee Fund (KDGF) provides additional protection for individuals and IEs:

  • Coverage for savings deposits: up to 20 million KZT

  • Other deposits: up to 10 million KZT

  • Foreign currency deposits: up to 5 million KZT

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Do You Have to Pay Tax on Deposits in Kazakhstan?

 

Yes — but it depends on your status.

For corporate clients (legal entities, IEs, LLPs):
The income earned from bank deposits is subject to a 20% corporate income tax, which is withheld by the bank. No need to pay it manually.

For individuals:
Interest income from Kazakhstani banks is not taxed if the depositor is a resident.
However, income from foreign bank deposits is subject to a 10% individual income tax (IIT).
If the individual is a non-resident, IIT is 15%, and 20% for residents of countries with preferential tax regimes.

Deposits can be opened at a bank branch. Some deposits are available online — for both individuals and businesses. Online access allows 24/7 monitoring, convenient top-ups, and renewals.


This article has been translated from its original language using neural network-based translation technology.

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