In Kazakhstan, newborns will start receiving bank accounts for deposits.

According to a new program introduced in Kazakhstan, every newborn child will automatically have a bank account opened in their name, to which funds will be deposited annually from the national fund generated from natural resources. These funds can be utilized by the child upon reaching adulthood for education or purchasing housing.

Periodic deposits into the account will occur every January 1 until the child turns 18. It is noteworthy that these funds are tax-exempt and will be disbursed in dollars.

The funds in the bank account will be preserved after the child reaches adulthood for a period of 5–10 years, and if they remain unused, they will be transferred to a pension account. Additionally, these funds can be passed on as inheritance.

This program, which will provide financial support to newborns, marks a new phase in the development of social protection and family support in Kazakhstan. The initiative to launch such a program was proposed by the President of Kazakhstan, Kassym-Jomart Tokayev, in September 2022, emphasizing that “every family should receive a tangible benefit from the utilization of the nation’s wealth.”