The National Insurance Institute is at your side during your life, from birth to advanced age, granting you a variety of social rights adapted to changing life situations.
The National Insurance Institute is responsible for the social security of Israeli residents.
Its primary mission is to ensure means of subsistence for those unable to earn their living.
The National Insurance Institute collects insurance contributions from all residents according to their social background and status, and pays benefits to those entitled. Hence, the income of economically established groups is transferred to weak and vulnerable groups and, thereby, the National Insurance Institute contributes to a more equitable distribution of national income and the reduction of dimensions of poverty. Further information...
For each child entitled to child allowance, NIS 57 are deposited each month until he or she turns 18, in addition to the child allowance paid for him or her.
The money is credited the 20th of each month (the same date child allowance is paid), on the savings account opened in the child's name in a provident fund or a bank, according to your choice.
As parents, you can add to this basic savings for each child another NIS 57 per month, paid from child allowance, and thereby doubling the amount of savings for a total of NIS 114 per month.
To calculate the total amount savings up to age 18 - click here
For your information, the provident fund or the bank managing your child savings will send you every year, up to the 1st of March, a report regarding the status of your child's savings. You will also be able to follow review savings on the internet site of the managing body.
When the child turns 18, a subvention of NIS 568 will be credited to the savings.
Besides, if the child does not withdraw any of the savings money until the age of 21, another subvention of NIS 568 will be deposited at age 21.
Savings management fees are paid by the National Insurance Institute until the child reaches age 21. After his or her 21st birthday, management fees will be deducted from the savings account.
as of Jan 01, 2024