Congratulations!
Now, after the birth, you have to choose if you wish to open for your newborn child a savings plan in a provident fund or a bank, select an investment profile, as well as decide whether or not to double the amount of savings.
You can choose how savings will be managed within 6 months since the date of birth,
To open a savings plan for your child, click here
- Please note, should you don't make any choice, saving money would be managed under the default savings profile:
In the provident fund which has been selected for the child born before, and if you chose a bank - in a provident fund with accrued risk investment track.
In case you did not make a selection for previous child, or the newborn is the first child in the family, savings money will be deposited for investment in a provident fund, under higher risk investment track.
How much money is deposited under the plan?
The National Insurance Institute deposits in the savings plan NIS 57 (as of Jan 01, 2024), the 20th of each month (the date of child allowance payment).
In addition, you can decide to deposit another NIS 57 (as of Jan 01, 2024) out of the child allowance you are paid. By that means, the amount of savings for your child will raise to NIS 114 (as of Jan 01, 2024) per month, and be able to guarantee that, 18 years later, a substantial amount of money will be at his or her disposal.
To calculate the overall amount that will be saved for your child, 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.