wHy wE sHouLd sAvE in SSPN?

Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) introduced a savings scheme which puts emphasis on ‘Savings Towards Higher Education’. Besides ensuring annual dividend returns, the SSPN also provides special financial incentives in the form of Matching Grants especially for low income depositors. In addition, insurance coverage and payment of death compensation is provided free of charge to all eligible depositors.

How to Open a SSPN Account

To open an account, the application form must be submitted to PTPTN counter and any collection agent along with the following documents:

• A copy of the depositor’s MyKad/Military/Police Identity Card;
• A copy of the child’s MyKid/Birth Certificate/MyKad; and
• Certification of adoption (if the SSPN account is meant for an adopted child).

For a family whose household income does not exceed RM2,000 per month, the latest income statement of the family must be submitted along with the application form and a copy of the spouse’s MyKad/Military/Police Identity Card.

The minimum total deposit for purposes of opening an account and increase of deposit is RM20 for each nominated beneficiary’s account. Deposit increase can be made as soon as the membership card is received.

Eligibility to apply for PTPTN education financing

• For household income exceed RM2,000 per month, a minimum deposit of RM3,000 is required
• For household income does not exceed RM2,000 per month, a minimum deposit of RM500 is required.

Benefits:

• Tax relief on savings up to RM3,000 per year
• Free insurance coverage up to RM50,000 (dollar to dollar) for depositors who have an accumulated deposit of a minimum of RM1,000 (Eligibility for insurance/death compensation is only for depositors between 18 and 65 years, whereas death compensation is awarded only to beneficiaries aged 1 to 28 years)
• Matching grant with a maximum endowment of RM10,000 per family (A family whose household income does not exceed RM2,000 per month is eligible for a matching grant when the child is accepted into a higher learning institution)
• Deposit as low as RM20 at any time deemed necessary and government guarantee on savings
• Competitive dividend rate and tax exemption on dividend

Saving Method

• Salary deduction for the staff of government and private sector
• Salary deduction through Biro Perkhidmatan Angkasa
• Auto debit – Bank Pertanian Malaysia and Maybank
• Standing instruction – Bank Simpanan Nasional; or
• Online transaction through e-SSPN – especially for those who have savings accounts in Bank Islam Malaysia Berhad, CIMB Bank, Hong Leong Bank, Public Bank Berhad and Maybank.

Account Statement

• The account statement is prepared and posted to the address of the depositor twice annually
• No savings book is given
• All beneficiaries will be given SSPN membership cards

Withdrawal

Withdrawal of savings can only be done after one (1) year of saving in the SSPN. The withdrawal of 10% of the balance in the account or RM500 (whichever is lower) once annually is allowed (after one year of becoming member). Withdrawal of up to 100% of the balance of the account is allowed if the beneficiary fulfills one of the following criteria:

• Is accepted to any government recognised IPT;
• Withdraws voluntarily from the education system or is terminated for specific reasons;
• Chronic illness with no hope of recovery with doctor’s certification;
• Permanent disability; or
• Death

Deposit Collection Agents:
The opening of an SSPN account can be done at the PTPTN headquarters and at all deposit collection agents throughout Malaysia.
List of agent:

• CIMB Bank Berhad
• Bank Pertanian Malaysia (BPM)
• Bank Kerjasama Rakyat (BKR)
• Bank Simpanan Nasional (BSN)
• Bank Islam Malaysia Berhad (BIMB)

Contact PTPTN:

Tel No: 03 – 2093 9889

Fax No: 03 – 2098 6589

E-mail: simpanan@ptptn.gov.my