AQYL educational deposit

AQYL is an education savings deposit, which can be opened by a citizen of Kazakhstan in his (her) own name or in the name of a child. Funds on this deposit can be used to pay for vocational and higher education both in Kazakhstan and abroad

Online at bcc.kz

Download and register in the bcc.kz app.

On the main page select New account or product -> Open deposit -> AQYL

Citizens of the Republic of Kazakhstan in their own name or in the name of a child.

The depositor may have no more than one current deposit agreement registered with the Unified Register of Education Savings Deposit Agreements.

Top-ups are available:

1. online via the bcc.kz app in the Transfers Between Own Accounts section. Money is credited instantly.

2. via Kassa24, Bank CenterCredit’s cash-in ATMs and self-service terminals. To do this, you need to enter the depositor’s IIN and last four digits of the account number. Money is to be credited within 15 minutes, the maximum amount is KZT 500,000 (40 bills) per 1 terminal.

3. in cash through a cash desk at our Bank branch. In this case, top-up can be made by a third party.

The deposit interest is calculated as per the below formula:

Deposit Amount X Number of Days for deposit interest accrual in a month X Nominal Interest Rate / 365 Days.

Yes, Bank CenterCredit is a member of the mandatory collective retail deposit guaranteeing (insurance) system of the Republic of Kazakhstan.

Pursuant to the Law of the Republic of Kazakhstan, the amount of insurance coverage payable to depositors for domestic currency deposits is as follows:

● KZT 10,000,000 — for term deposits

● KZT 20,000,000 — for savings deposits

● up to KZT 5,000,000 — for foreign currency deposits

The state award at the rate of 5% and 7% per annum is accrued on an annual basis on the actual accumulated balance as at 1 January, with a minimum period of savings -1 year, not more than 100 MCI. The state award is capitalized to the principal amount of the deposit. The maximum term of the state award accrual is 20 years.

7% per annum is added to the deposits opened in favor of depositors assigned to the priority category:

1) orphans and children left without parental care, including those who have reached the age of majority, but until they are 23 years old;

2) disabled persons;

3) children from large families with four or more children;

4) children from low-income families. 

7% per annum is added to the deposits opened in favor of other categories of population. 

Tuition fees from the AQYL deposit are paid at a bank branch upon the account holder’s written request and submission of supporting documents:

Payment for education in Kazakhstan:
Educational services agreement
Payment document

Payment for foreign education:
Educational services agreement
Payment document
Official proof of enrollment in a foreign institution (with the translation signed and stamped by notary if issued in a foreign language)

After submitting the official proof of enrollment in a foreign institution (the payment can be made in full or in installments) and upon the first payment, the deposit is excluded from the state award payment. The deposit will be closed automatically, and any remaining balance will be transferred to the current account linked to the deposit

Partial withdrawal from AQYL deposit is not provided, except for cases of targeted withdrawal of funds by non-cash transfer to the account of the educational institution. The transaction is executed only at the Bank branches.

It is not allowed to establish temporary restrictions on disposal of property, restrictions on the transactions and other operations with property, seizure of money held in AQYL.

1) upon expiration of 20 years;

2) upon expiration of the deposit agreement;

3) from the date of the death of the depositor; on the recognition by the court of the depositor as incompetent; unknown absent, or declared dead.

1) termination of the deposit agreement at the initiative of the depositor or discharge of obligations under the deposit agreement due to expiration date without observing the intended purpose;

2) expiration of 3 (three) calendar years from the date of expulsion of the depositor from the education institution, if during these three years the depositor has not resumed studies in the expelled education institution or has not enrolled in another education institution;

3) detection of the state award payment with the term of savings less than 1 year; 

4) loss of Kazakhstani citizenship  by the depositor;

5) detection of the overcharged state award.

ESC is added to the deposit of the depositor who is 5 years old in the current calendar year in the amount of 60 MIC, 120 MIC for orphans:

1) children who have reached 5 years old from January 1 to June 30 of the current calendar year (inclusive) - until August 31 of the current calendar year;

2) children who turned 5 years old from July 1 to December 31 of the current calendar year (inclusive) and children who turned 5 years old in the current calendar year but were not credited with the educational start-up capital - until February 28 of the year following the reporting calendar year.

The ESC may not be readded per depositor.

The ESC shall be retained on the deposit upon annual payment of the minimum deposit amount.

The minimum deposit amount shall be added to the deposit annually from the date of ESC adding and until the depositor reaches the age of 18 or is enrolled in the participating education institution or foreign education institution.

The amount of the annual minimum deposit for depositors assigned to the priority category is:

      1) for children with disabilities and children from families with average income below minimum food basket - not less than 12 MIC;

      2) for children from large families with four or more dependent children, including full-time students of general education or vocational programs in organizations of general secondary, technical and professional, post-secondary, higher and postgraduate education (master's degree), after they reach the age of majority until the time of graduation from the participating education institutions, but not more than until they reach the age of twenty-three - for all deposits or insurance contracts of children of the same family, not less than 12 MIC. 

      Depositors who are orphans or abandoned children are exempted from making the annual minimum deposit.

      For children who do not belong to the priority categories specified in parts one and two of this paragraph - not less than 24 MIC.

The accrued ESC is refunded in the following cases :

1) detection of non-payment of the annual minimum deposit amount by the depositor;

2) loss of Kazakhstani citizenship by the depositor or beneficiary;

3) termination of the deposit agreement at the initiative of the depositor or discharge of obligations under the deposit agreement due to expiration date without observing the intended purpose.

Online at bcc.kz.

For individuals under 18 years of age, the deposit can only be closed at a bank branch.

Without retaining the state award:

•at the initiative of the depositor/legal representative;

•upon expiry of 3 calendar years from the date of depositor's expulsion;

• the state  award is paid, provided that the term of savings is shorter than the term established by the Law;

• loss of Kazakhstani citizenship  by the depositor;

• the state award is overcharged.

While retaining the state award:

• in case of the remaining balance on the deposit after payment for educational services for the entire study period;

• in case of awarding an educational grant;

•in case of death, recognition by the court as missing, incapable or declared dead or inability to continue education due to the depositor’s health condition.