The National Insurance has opened a personal savings plan for each one of your children who is eligible for a
child allowance until they reach the age of 18, managed by a providence fund or a bank, according to your choice.
The savings plan is a right to all children in Israel, which enables them to start their adult life with an initial amount of money that will open new opportunities before them.
By this plan, the National Insurance shall deposit in the savings plan NIS 57 (as of Jan 01, 2024) monthly, in addition to the child allowance which is still being paid for your children. Parents will be able to add up to NIS 57 (as of Jan 01, 2024) per month from the child allowance, thus doubling the deposit sum to NIS 114 (as of Jan 01, 2024) per month.
Each year, the body that manages the savings (a bank or a providence fund) will send you, up to the 1st of March, a report of deposits and returns for each one of your children.
Inquiries regarding the sum of accrued savings, withdrawal dates and more, are to be addressed to the provident fund or the bank which manages the savings.