Kazakhstanis who placed their excess pension savings in housing deposits no longer need to fear that these funds will be automatically returned to the Unified Accumulative Pension Fund (UAPF) after six years — the relevant rule has been abolished, reports infohub.kz.
Previously, a rule required citizens who withdrew excess pension savings and placed them in housing deposits at Otbasy Bank to purchase housing within six years. If no real estate was purchased during that time, the savings were returned to their UAPF account.
However, as Otbasy Bank stated, this condition has been abolished. "Now there is no need to return the money to the UAPF. In accordance with the amendments, the funds will remain in your deposit at Otbasy Bank even after six years," the bank said on its official Telegram channel "OTBASY NEWS – Отбасы банк жаңалықтары".
Thus, Kazakhstanis should not worry that their savings will be automatically returned to the UAPF simply because the six-year period has expired. At the same time, the bank recommended that citizens not postpone buying their own home and, if possible, use their savings as a down payment for a mortgage.
It is worth noting that withdrawing excess pension savings from housing deposits is still not allowed, and if the deposit is closed, the funds will be returned to the UAPF. In some cases, the state bonus that was accrued to the Kazakhstani will also be forfeited.