Many people have heard of Skim Simpanan Pendidikan Nasional or SSPN, but few really know what it is about. Undoubtedly, most people know SSPN as the governments way of encouraging us to set up a piggy bank for our kid’s future education. But prepare to be surprised! Even though it is focused on building enough fund for your children’s education in the future, you too can benefit from SSPN. Find out how right here!
What is SSPN?
Skim Simpanan Nasional or better known as SSPN is a savings scheme designed by PTPTN for the purpose of higher education. In a nutshell, SSPN works like the typical savings account, but MINUS the ability to withdraw your money willy-nilly at any time. This SSPN savings scheme is perfect for new parents who wish to save for their children’s future tertiary education, be it in colleges or universities. What makes SSPN a good option as a future savings scheme is that it provides some pretty attractive incentives aside from mere savings : SSPN also comes with insurance coverage, matching grants for low income families, annual dividends, and the most attractive benefit, tax relief on your net savings in a particular year.
SSPN-i : A new and improved SSPN, with “i” standing for Islamic. (you don’t need to be a Muslim to apply though)
Who HAS to Open a SSPN-i Account
Those who wish to apply for a PTPTN loan must have an SSPN-i account with a minimum balance of RM20. However, do check with PTPTN before opening an account because they tend to change this particular rule every now and then.
Who CAN Open a SSPN-i Account
Any Malaysian is eligible to have a SSPN-i account. The best candidate for SSPN-i accounts are people with children or dependents, we will explain this in more detail below.