The National Education Savings Scheme (Simpan SSPN), which is operated by the National Higher Education Fund Corporation (PTPTN), has received deposits totaling RM15.94 billion and has a total of 6.11 million accounts as of Sept 30. This demonstrates that Simpan SSPN, introduced in 2004, continues to be a popular choice among parents in Malaysia for saving for their children’s education. According to PTPTN chairman Datuk Norliza Abdul Rahim, Simpan SSPN offers several advantages and benefits including income tax assessment relief of up to RM8,000 per year, takaful protection for depositors, matching grants of up to RM10,000 for eligible families, competitive dividend rates, and government-guaranteed and shariah-compliant savings.
Norliza shared these insights during the closing ceremony of the Simpan SSPN Savings Month (BMS) 2023 program and World Savings Day celebration in Kuala Lumpur. The event was also attended by PTPTN chief executive Dasuki Abdul Majid and the PTPTN management board. Simpan SSPN has proven to be a competitive product over the years, meeting the financial needs and preferences of parents in Malaysia.
Simpan SSPN has become the preferred choice for parents due to its numerous benefits and features. One key advantage is the income tax assessment relief of up to RM8,000 per year, providing parents with added financial relief. Additionally, the scheme offers takaful protection, ensuring that depositors’ savings are safeguarded. Another significant benefit is the matching grants of up to RM10,000 for eligible families, further encouraging parents to save for their children’s education.
Furthermore, Simpan SSPN offers competitive dividend rates, attracting parents with the potential for increased returns on their savings. Moreover, the scheme is government-guaranteed, enhancing depositor confidence in the safety of their funds. Simpan SSPN is also designed to adhere to shariah-compliant principles, making it an appealing option for those seeking Islamic financial solutions.
The success of Simpan SSPN is evident in the large number of deposits received and accounts opened. By accumulating RM15.94 billion in deposits and managing 6.11 million accounts, the scheme has established itself as a reliable and trusted savings platform. Its longstanding history since 2004 further demonstrates its effectiveness in helping parents save for their children’s education.
In conclusion, Simpan SSPN operated by PTPTN has achieved significant milestones, with a high number of deposits and accounts. The scheme’s popularity among parents in Malaysia can be attributed to its attractive features, which include income tax assessment relief, takaful protection, matching grants, competitive dividend rates, government guarantee, and shariah compliance. Simpan SSPN continues to play a crucial role in promoting education savings and supporting parents in securing a bright future for their children.
