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.
Grants
When the child turns 18, a grant 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.
Children born from 1.1.2017 - will not
receive the grant at the age of 18, but will get a grant of NIS 284 at age 3, another one of NIS 284 at the age of bar/bat mitzvah (13 for boys and 12 for
girls), and if the child does not withdraw any of the savings money until the age of 21, he or she will receive a last grant amounting to NIS 568 .
Management fees
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