Inquiring about retiring benefits on a "touchless" account in Kazakhstan?
Swipe the Scene: Kazakhstani's 'Untouchable' Accounts - All You Need to Know
Having multiple payment cards with every bank in Kazakhstan might seem appealing, but there's a common drawback: your hard-earned cash ain't safe from the long reach of debt collectors. Fortunately, there's a way out - the "untouchable" account. This account is untouchable when it comes to seizures, and it's primarily designed for social benefits, such as:
- state allowances;
- social benefits from the State Social Insurance Fund (SSIF);
- alimony;
- compensation for health-related issues, or emergency situations.
But hold up, it ain't all sunshine and rainbows. Not all types of income can be squirreled away in these accounts. Your salary, scholarships, and even pensions can't be funneled into an 'untouchable' account.
In case you fancy the idea of shifting your stash into a secret account, think again. Banks keep an eye on where the dough's coming from, so hiding your savings from bailiffs is as easy as trying to hide a rhino in a phone booth.
As for the opening process, all you need is a valid ID and a bank application, declaring the purpose of the account (i.e., the income type you're depositing).
For alimony recipients, a copy of the court order or notarized agreement is required, while those receiving housing assistance need a certificate of receipt.
Now, here's a twist. An 'untouchable' account comes with perks, like being free to open and maintain, and banks can't turn you down, even if you're strapped with debt. Once you've got that account lined up, you can withdraw, transfer, or use the funds for purchases using a card. Just don't forget, if funds do get withdrawn, it's best to get in touch with the bank ASAP.
Let's not forget that everyone makes mistakes, even the owner of an 'untouchable' account. In the unlikely event that funds get withdrawn, jump on it like a shark on a seal — contact the bank pronto to clarify and gather documents confirming the account's status or the protected nature of the funds.
Lastly, don't think that being in debt means the banks and collectors can bulldoze you over. Your rights are as solid as Mount Kazakhstan, even if you don't have an 'untouchable' account. Ever heard the saying, "Harassment ain't cool, even if you owe a shoe store"? That's the law talking.
Curious about more? Dive into the digitized world of Kazakhstan's pension and social security systems or unravel the mystery of how much of a deceased relative's pension savings can be withdrawn without paying their debts. Keep it locked with us!
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[1] "Overview of Pension System in Kazakhstan: National Experiences," The World Bank, accessed October 29, 2022: https://www.worldbank.org/en/country/kazakhstan/publication/overview-of-pension-system-in-kazakhstan-national-experiences[5] "Pension Funds," Central Bank of the Republic of Kazakhstan, accessed October 29, 2022: https://www.nbf.kz/en/pension-funds/
An 'untouchable' account, although primarily designated for specific types of income, such as social benefits and alimony, is not applicable for personal finance items like pensions. Managing to hide savings from debt collectors using this account can be as challenging as hiding a rhino in a phone booth. Nevertheless, having an 'untouchable' account comes with benefits, including being free to open and maintain, and it's possible to withdraw, transfer, or use the funds for purchases once it's set up.
