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Complete Skim Simpanan Pendidikan Nasional (SSPN) PTPTN Guide

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PTPTN SSPN
Skim Simpanan Pendidikan National (SSPN)
The National Education Savings Scheme (SSPN) is a savings scheme or instrument specifically designed by the National Higher Education Fund Corporation (PTPTN) for higher education financing purposes. The National Education Savings Scheme (SSPN) is designed especially by PTPTN to enable parents/guardians to save for the purpose of the higher education of their children.

Beginning 1 January 2012, students applying for PTPTN education loans must have an SSPN account with minimum savings of RM20.00.

Benefits
  1. Eligibility to apply for PTPTN education loan;
  2. Tax exemption on current year net savings of up to RM3,000.00 per year;
  3. Free Takaful coverage for depositors with savings of RM1,000 and above*;
  4. Provision of matching grant of up to RM10,000.00 for an eligible family**;
  5. Deposit of as low as RM20.00 at any time and guaranteed by the government;and
  6. Competitive dividend rates and exempted from income tax.
* Takaful coverage in the form of death benefit is eligible only for depositors aged 18 to 65 years, while beneficiaries aged 1 to 28 years are eligible to receive death benefit in the event of their death. However, this is subject to the stipulated terms and conditions.

** Families with a monthly income (basic salary) not exceeding RM2,000.00 are eligible for the matching grant when their children are accepted and enrolled in institutes of higher learning by making an application and attaching the complete supporting documents.

Matching Grant
Matching Grant is a financial incentive given only to a family whose household income does not exceed RM2,000 per month. The amount of Matching Grant (up to RM10,000) will depend on the duration and amount of savings. The longer the duration of savings and the greater the amount of money saved, the greater the amount of Matching Grant given.

Matching Grant Prerequisites:-
  1. Family household income does not exceed RM2,000 per month;
  2. The beneficiary has been offered and has registered to study in a higher learning institution endorsed by the government; and
  3. At the time of application, the beneficiary must below than 29 years old.
Commencing 15th January 2010, Matching Grant eligibility will be determined base on the family household income at the time of closing the account(s). The latest certified income statement as well as a copy of the spouse’s MyKad/Military/Police Identity Card must be submitted along with the withdrawal application form.

As for the accounts opened prior to 15th January 2010, Matching Grant eligibility will be determined base on the family household income at the time of opening the account(s). A certified income statement as well as a copy of the spouse’s MyKad/Military/Police Identity Card must be submitted along with the opening of account application form.

Insurance Coverage
Benefits:
  1.  Premiums paid by PTPTN;
  2.  Coverage on RM to RM basis and RM100,000 (trust Takaful)
  3.  Death compensation for depositor (RM2,000) and beneficiary (RM500)
Pre-requisites:
  1. Depositors must be between the age of 18 until 65 years old;
  2. Beneficiaries must be between the age of 1 day until 28 years old;
  3. A minimum accumulated balance of RM1,000 at all times.
Note:
General Takaful - meant for account(s) opened by the parents/ guardian.
Trust Takaful - meant for account(s) opened through orphan house.

Takaful is subject to PTPTN Group Takaful Protection

Opening an Account
An SSPN account may be opened at PTPTN service counters at the One-Stop Centre in KL Sentral and all SSPN agent branches nationwide along with the following documents:
  1. A copy of the applicant’s MyKad/Military/Police Identity Card;
  2. A copy of the child’s Birth Certificate/MyKid/MyKad; and
  3. Certificate of adoption (if the SSPN account is meant for an adopted child).
A minimum deposit of RM20 is required, to open an account or for subsequent deposit. Subsequent deposit can be made as soon as the depositor receives the membership card or any other form of SSPN account verification.

Note: For Year 2012, account opening can be done only at Maybank or Bank Islam due to system upgrade issues.

SSPN Accounts Categories
There are 3 categories of accounts:

Category 1:
Account(s) opened by the parents/guardian OR any Malaysian FOR any Malaysian whose age does not exceed 18 years old and it can be maintained until the age of 29 years;

Category 2:
Malaysians whose age is 18 years old and above, have the option of either opening the account on their own OR being opened by their parents/guardian; and

Category 3:
Malaysians whose age is 29 years old and above, have to open the account on their own.

Tax Exemption
Tax exemption on SSPN savings:

Account(s) being opened by the parents or legal guardian/adopted parents for the benefit of the child, will be given tax exemption up to RM3,000 per year based upon current year nett deposit;

Parents who had chosen to do separate assessment and had opened a separate account for the same child, will be given tax exemption up to RM3,000 per year;Parents who had chosen to do a joint assessment and had opened a separate account for the same child, will be given tax exemption up to RM3,000 per year; and

Individual who had opened the account on their own will not be given any exemption.

SSPN Savings Service Facilities
  •     Additional SSPN deposit may be made via myBayar. For further information, please visit www.malaysia.gov.my;
  •     SSPN account statements and tax exemption statements may be checked or printed at www.ptptn.gov.my;
  •     PTPTN service counters at the One-Stop Centre, KL Sentral;
  •     Savings facility via SSPN salary deduction method; and
  •     Savings facilities at 6 agents (banks) with more than 1,500 agent branches throughout Malaysia: 
    • Maybank
    • Bank Simpanan Nasional
    • Agrobank
    • CIMB Bank
    • Bank Islam
    • Bank Rakyat
*e-SSPN via the PTPTN website also provides savings facilities for Hong Leong Bank and Public Bank customers

Closing SSPN Account
Read our detail guide on how to close your SSPN account when you are admitted into university.

Contacts
Any inquiries, please contact the PTPTN Hotline at  03-2080 4455.

Link: http://www.ptptn.gov.my

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