What Is The National Education Savings Scheme (SSPN-i) By PTPTN ?

Having taken a PTPTN loan myself a decade ago for my tertiary education, I really appreciate the fact that we could continue our education with ease without any hiccups thanks to the Malaysian government. It's with great interest then when I heard about the National Education Savings Scheme (SSPN-i) by PTPTN. Today's post would be to share on the features and benefits as well as their on-going contest. Read on below. 

Features and Benefits of the National Education Savings Scheme (SSPN-i) By PTPTN

What is SSPN-i ?

The government had set up the PTPTN more than 13 years ago to provide educational loans to students pursuing their studies in the local institutions of higher learning. In turn, the PTPTN designed the SSPN-i or National Education Savings Scheme to enable parents to save in order to qualify their children for the study loan.

The National Education Savings Scheme that provides a smart way for Malaysians to save money for their children’s education and lower their annual income tax payments at the same time. It was designed by the National Higher Education Fund Corporation (also known as PTPTN or Perbadanan Tabung Pendidikan Tinggi Nasional) to help parents and guardians save money for their child’s higher education.

SSPN-i and what it does for you
SSPN-i and what it does for you

RM6,000 Tax Relief

Tax relief, who doesn't want it? No doubt SSPN-i which can bring up to RM6,000 tax relief is one of the major consideration when taking up the National Education Savings Scheme, especially for tax payers who fall in the highest income tax bracket.

From the income tax saving perspective, if you are in the highest income tax bracket of 26%, and you deposit RM6,000 into the SSPN-i account for your children, you will enjoy a tax relief of up to RM6,000 x 26% = RM1,560. On top of that, SSPN-i will give tax exempted dividend of about 4% every year.

Head on to their official website at http://www.ptptn.gov.my/web/guest/simpanan to know more
Head on to their official website at https://www.ptptn.gov.my/perkhidmatan-menu/perkhidmatan-sspni-menu to know more

Matching grant of up to RM10,000 if your family income is RM4,000 and below

Families with a monthly income (basic salary) not exceeding RM4,000 per month are eligible to be considered for matching grants when the child is accepted into and registered with a higher education institute recognised by the government. 

This scheme is particularly helpful for low income families who might be entitled to a matching grant of up to RM10,000. The amount of grant provided is determined by the savings amount and period so it is advisable to start a SSPN-i account for your kids as soon as possible and save as much as you can.

SSPN-i Card is provided once registered
SSPN-i Card is provided once registered

Real Life Case Scenario

SSPN-i certainly appeals to Malaysians who are aware of its benefits. For example, a quick check on the internet found this piece of news. Entrepreneur Mohd Suhaimy Abu Bakar via his blog www.mohdsuhaimy.com, said that despite SSPN-i dividends not being as high as those of other savings schemes, it acts as 'Plan B' for the education fund of his children.

Mohd Suhaimy who opened SSPN-i accounts for his children in 2008 counted the ease of liquidation, tax rebates up to RM3,000 and insurance coverage of RM50,000 for each of the depositors, among the chief benefits. SSPN-i savings are guaranteed by the government, have on-line checking facilities and present an opportunity to obtain a RM10,000 grant for university candidates of poor families.

Win BIG with SSPN-i !
Win BIG with SSPN-i !

Simpan & Menang Contest with SSPN-i !

PTPTN continues to offer attractive prizes for depositors of its SSPN-i. A total of 115 prizes will be given away throughout this year, including a BMW 320i Sports Edition, Honda and Proton cars, motorcycles and electronic gadgets.

Depositors will have a chance to win the grand prize of a BMW 320i Sport Edition through the Simpanan X-tra Bonanza promotion by opening a new account or topping up with a minimum of RM6,000 within the promotion period from now until Sept 30 and retaining it until Dec 31, before the prize draw in January 2016.

To be eligible for the Simpanan Bonanza and Simpanan Vaganza promotion prize draws, depositors are required to either open a new account or top up a minimum of RM1,000 and RM500 respectively.

  Simpanan Vaganza Contest with awesome prized to be won
Simpanan Vaganza Contest with awesome prized to be won

The prize draws for Simpanan Bonanza in August, October and December requires the depositor to fulfil the predetermined two-month periods (April 1 to May 31, June 1 to July 31 and Aug 1 to Sept 30) as well as the following two months. As for the Simpanan Vaganza promotion, the two-month promotion and retaining period runs from May 1 to June 30, July 1 to Aug 31 and Sept 1 to Oct 31.

Go Online at www.ptptn.gov.my for complete information
Go Online at www.ptptn.gov.my for complete information

In a nutshell, SSPN-i account holders will enjoy privileges such as a competitive dividend, eligibility for PTPTN loan application, guarantee by the government, free Takaful coverage, matching grants up to RM10,000 per family and tax relief up to RM6,000. So what are you waiting for? With the on-going contest, and so many other benefits, head on to their website at http://www.ptptn.gov.my/web/guest/simpanan today itself! 


suituapui said...

Or get an education insurance. Good to save for the kids' education in the future. You got for your two boys?

I do know many will just apply for the PTPTN loan and then refuse to pay back - might as well not be educated, this kind of people. It's the taxpayers' hard-earned money that they are owing...

cindyrina said...

good for children education saving. I came from family who don't even have cash for children education.PTPTN loan???? mmmmm...not really know about this last time. I end up work and finance my own study. Seriously, it really painful for me.

Aliza Sara said...

I know exactly who to pass this information to. Thanks for sharing. Didn't know this existed till i read it here. very good information to spread to people who are having trouble with saving.

Jacqueline Khoo said...

Thanks for this useful information, never know that by SSPN-i can save $$ & also can win so many prize :P

cre8tone said...

SSPN is good.. can still deduct income tax while saving.. hehe~

Sylvia Lye 美娇娘 said...

Good share, at least we have more info about it.

Miriam said...

Wow so educational and informative. Thank God I didn't have to pay back my PTPTN loans but this SSPN is really good for those who wants to save more.


renaelyng said...

Nowadays, with the economy like this, people are very much encouraged to save and spend less. Thank you for the write up, at least this gives us another option on where to deposit our money into :)

Selina Wing said...

OMG! I don't know this! I also used ptptn loan b4. Cool they introduced new educational SSPN-i account for the kids who will have future to study?? It is good idea... :P


Nicholas Ng said...

I'm lucky I don't have to use PTPTN. Hope people who need it get it the most.

Wai Yee aka Rane said...

Thank you for sharing this. I must simpan and menang for my kids' future education too.


Isabel said...

woah first prize BMW?! haha.. There will be lotso f people rushing to join this

Sin Yee said...

I have to pay back PTPTN. And I have a SSPN account, but never actually use it.

Salma Othman said...

sspn is good, ptptn is bad.so saving is better than borrowing.

Unknown said...

I think my parents deposited money into my SSPN account when I started the loan last year. So I guess I'm eligible to join thr contest then huh haha
Thanks for the write up! :D

Mek Onie said...

This !!!!! Bos onie punya wife menang first prize okay last year RM100K . fuhhh!

Sharon Lee said...

Wow!! The prize is really awesome and interesting. I have pay back my PTPTN loan last 2 years and not sure whether my SSPN account still exist or not. Hehe

Leona Lim said...

wah didn't know about this...got contest some more...really creative these days.

zzz said...

Good sharing!

Alan Lim said...

Thanks for sharing. New information to me. It is similar to education insurance saving plan.

Fong Jun Jie said...

Lol, this post come 6 years too late for me!

Wendy Pua said...

insurance cum with contest is really cool idea!
May tell my relatives that got kids!


sspn-i.com said...

Good news to all, opening of new SSPN-i Plus can be done via online at SSPN-i.com. If you do so before 31/05/2016 you shall be entitled for lucky draw to win Honda HRV, BMW 320i or even apartment worth RM500 thousands.