Funds from the targeted savings account can only be used for improving housing conditions or for education expenses.
According to the "National Fund - for Children" program, 50% of the foreign currency portion of the investment income of the National Fund of the Republic of Kazakhstan is distributed annually among children who are citizens of Kazakhstan and were born in 2006 or later.
The ENPF, in accordance with Kazakhstani legislation, guarantees the confidentiality of the targeted savings account (TSA) holders, including information about balances and transactions on their TSAs. Therefore, citizens who reach adulthood or turn 18 in 2025 must independently obtain information about their TSAs through their personal account on the ENPF's online resources or the electronic government portal.
It has been reported that in 2023, each TSA recipient received $100.52, and for 2024, they will receive $129.38. For children who received their first funds from the National Fund in 2023, excluding those born in 2006, an investment income of $3.04 has been credited this year. As a result, the targeted savings for a child born in 2006 amount to $100.52, while for a child born in 2007, it is $232.94.
To start using the targeted savings (TSA), one must contact their authorized operator (AO) through the online resource, which opens a bank account in US dollars in the name of the TSA recipient and submits an online application for the TSA disbursement. Then, the AO, within 2 working days after reviewing and approving the disbursement application, sends an electronic notification to the ENPF about the registered disbursement application.
Subsequently, the ENPF transfers the amount of TSA disbursements specified in the application to the AO within 5 working days from the date of receiving the electronic notification from the AO, for subsequent crediting to the TSA recipient's bank account in US dollars, opened by the AO, or notifies of a refusal with a reason.
The TSA recipient must submit documents confirming the targeted use of the TSA disbursements to the AO within 45 working days from the date the TSA amount is credited to their bank account.
The AO checks the documents within 10 working days from the date of submission by the TSA recipient and disburses the TSA amounts according to their intended purpose.
If the documents confirming the targeted use of the TSA are not provided within 45 working days, the TSA disbursement amount held by the AO is returned to the ENPF.
We remind you that TSAs are disbursed in US dollars and are kept in the ENPF for 10 years. If the citizen does not use these funds within this period, they will be transferred to their individual pension account to account for voluntary pension contributions in the ENPF, which is automatically opened in their name, converted into tenge at the official exchange rate of the National Bank of the Republic of Kazakhstan on the date of transfer. The withdrawal of funds from the voluntary pension account will be carried out in accordance with the legislation of the Republic of Kazakhstan.