Article 11. Disposal of the educational accumulative contribution The Law On the State Educational Accumulative System

Home / RLA / Article 11. Disposal of the educational accumulative contribution The Law On the State Educational Accumulative System

1. Within the framework of the State educational accumulative System, a depositor or, in accordance with the procedure and cases established by the civil legislation of the Republic of Kazakhstan, his legal representative has the right to transfer the money of an educational accumulative deposit from one participating bank to another participating bank or from a participating bank to a participating insurance organization in full no more than once a year..

2. If an educational grant is awarded to a depositor who does not have initial educational capital, or if the depositor has technical and professional, post-secondary, higher and (or) postgraduate education, confirmed by a relevant educational document, the depositor or, in accordance with the procedure and cases established by the civil legislation of the Republic of Kazakhstan, his legal representative has the right:

1) continue accumulating funds on the educational funded contribution;

2) transfer the funds of an educational accumulative contribution to an educational accumulative contribution or an insurance contract in favor of a third party who is a citizen of the Republic of Kazakhstan;

3) allocate the funds of the educational savings contribution to pay for educational services in order to obtain other technical and professional, post-secondary, higher and (or) postgraduate education;

4) receive funds from an educational funded contribution with the capitalized remuneration of the participating bank and the accrued premium from the state.

5) use the funds of the educational funded contribution to improve housing conditions in accordance with the legislation of the Republic of Kazakhstan.

At the same time, the funds of the educational accumulative contribution formed by the payments of targeted savings from the unified accumulative pension fund in order to pay for education in accordance with the laws of the Republic of Kazakhstan (if any), the depositor has the right:

1) transfer to your bank account opened in second-tier banks from the National Postal Operator that open and maintain bank accounts for crediting payments of target savings from the unified accumulative pension fund in order to improve housing conditions and (or) pay for education, for further transfer in US dollars at the exchange rate at the time of transfer to the depositor's target savings account opened in the unified accumulative pension fund in accordance with the Law of the Republic of Kazakhstan "On the Rights of the Child in the Republic of Kazakhstan";

2) transfer in national currency to your bank account opened in second-tier banks with the National Postal Operator that open and maintain bank accounts for crediting payments of target savings from the unified accumulative pension fund in order to improve housing conditions and (or) pay for education, in accordance with the Law of the Republic of Kazakhstan "On the Rights of the Child in the Republic of Kazakhstan";

3) to pay for educational services in order to obtain other technical and professional, post-secondary, higher and (or) postgraduate education;

4) continue accumulating funds on the educational funded contribution.

2-1. A depositor with initial educational capital, if he is awarded an educational grant or has technical and professional, post-secondary, higher and (or) postgraduate education, confirmed by a relevant educational document, or in the manner and cases established by the civil legislation of the Republic of Kazakhstan, his legal representative has the right to receive funds from an educational funded contribution, taking into account capitalized remuneration of the participating bank, accrued state bonuses and initial educational capital, subject to the submission of a document on education, as well as to manage the educational savings contribution in accordance with paragraphs 1), 2), 3) and 5) of Part one and paragraphs 1), 2), 3) and 4) of part two of paragraph 2 of this Article.

3. Upon admission of a contributor to a participating educational organization on a contractual basis, educational services are paid to the participating educational organization in installments (for each academic period or academic year) or in full at a time (for the entire period of study) at the request of the contributor or in accordance with the procedure and cases established by the civil legislation of the Republic of Kazakhstan.

4. In the event of death, recognition by the court as legally incompetent, missing or declared dead, or the inability of the depositor to continue his studies due to his health condition, an educational funded contribution:

1) is directed by the depositor or in the manner and cases established by the civil legislation of the Republic of Kazakhstan, his legal representative or his heirs to an educational funded contribution or insurance contract in favor of a third party who is a citizen of the Republic of Kazakhstan;

2) is paid to the depositor or, in the manner and cases established by the civil legislation of the Republic of Kazakhstan, to his legal representative or his heirs under the terms of termination of the deposit agreement with the preservation of the state premium, initial educational capital (if any).

5. If there is a balance of funds on the educational funded contribution after paying for educational services for the entire period of study, the depositor or, in accordance with the procedure and cases established by the civil legislation of the Republic of Kazakhstan, his legal representative has the right to withdraw this amount with the accrued state premium.

6. The depositor or, in accordance with the procedure and cases established by the civil legislation of the Republic of Kazakhstan, his legal representative has the right to transfer the amount of accumulated funds with the accrued state premium and initial educational capital (if any) to the contribution of a third person who is a citizen of the Republic of Kazakhstan, registered in the unified register of educational savings deposit agreements, in accordance with the rules accrual, use, and return of the initial educational capital.

7. Upon admission of a depositor to a foreign educational organization on a contractual basis, at the request of the depositor or in the manner and cases established by the civil legislation of the Republic of Kazakhstan, his legal representative, tuition fees from the depositor's accumulated funds are paid by the participating bank in installments (for each academic period or academic year) or in full at a time (for the entire period of study) taking into account the capitalized remuneration of the participating bank, accrued state bonuses and initial educational capital (if any) upon presentation of supporting documents on the depositor's enrollment in a foreign educational organization. At the same time, subsequently, from the moment of transfer of funds to a foreign educational organization, the accrual of the state premium ceases.

If a depositor is enrolled in a foreign educational organization for a grant, the depositor or in the manner and cases established by the civil legislation of the Republic of Kazakhstan, his legal representative has the right to receive funds from an educational accumulative contribution, taking into account the capitalized remuneration of the participating bank, accrued state bonuses and initial educational capital (if any), subject to the submission of a document on education of a foreign educational organization recognized in the Republic of Kazakhstan in accordance with the legislation of the Republic of Kazakhstan, and also to dispose of the educational funded contribution in accordance with subitems 1), 2), 3) and 5) of part one and subitems 1), 2), 3) and 4) of part two of paragraph 2 of this Article.

8. Temporary restrictions on the disposal of property, restrictions on transactions and other transactions with property, seizure or foreclosure of money held in bank accounts under a deposit agreement are not allowed.

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.

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Republic of Kazakhstan

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