If you have turned 18 years old between May 2015 and December 2016, a savings plan has been opened for you too.
Savings amount
NIS 50 are deposited in the savings for each month of child allowance payment for that child, from May 2015 until the month of his or her 18 birthday.
For instance, If a child allowance has been paid for you during the entire period (20 months), NIS 1000 were deposited for you (NIS 50 for each one of the 20 months).
Your account will also be credited with a savings subvention of NIS 500, and if you do not withdraw savings money until age 21, another subvention of NIS 500 will be deposited at age 21.
How savings are administered?
Savings are administered in the bank or provident fund of your choice.
If you did not choose a savings entity by June 1, 2017, a plan will be opened on your behalf in the bank where child allowances are paid for you, under fixed interest an not linked rate plan track, renewed every month. Should the bank in which child allowances are paid not be listed among the banks selected by the Ministry of Finance, then savings plan will be opened randomly in one the selected banks.
Savings management fees are paid by the National Insurance Institute until you turn 21. Afterwards, those management fees will be charged from your savings account.
For more information about savings money, click here.