Article 10. Remuneration of the bank participating in the Law On the State Educational Accumulative System

Home / RLA / Article 10. Remuneration of the bank participating in the Law On the State Educational Accumulative System

 1. The participating bank pays the depositor remuneration for the amount of the deposit with a monthly capitalization in the amount determined by the deposit agreement.

2. The remuneration of the participating bank is accrued during the term of the deposit agreement and is added to the main amount of the educational funded contribution (capitalized).

3. The minimum effective remuneration rate of the participating bank should not be:

1) below the base rate established by the National Bank of the Republic of Kazakhstan, reduced by two hundred basis points as of the date of conclusion or extension of the deposit agreement, – for a deposit agreement concluded for a period of up to one year inclusive;

2) below the base rate established by the National Bank of the Republic of Kazakhstan, reduced by three hundred basis points as of the date of conclusion or extension of the deposit agreement, – for a deposit agreement concluded for a period of more than one year.

The Law of the Republic of Kazakhstan dated January 14, 2013 No. 67-V.

This Law regulates public relations in the sphere of functioning of the State Educational Accumulative System, as well as the conditions, forms and content of its state stimulation.

President

Republic of Kazakhstan

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