What do parents do with the red packets their children receive during the Lunar New Year? In addition to saving in a children’s bank account, parents can also consider opening an SSPN savings account with the National Tertiary Education Fund (PTPTN) for their children.
In conjunction with the Lunar New Year, SSPN is also launching the “Gong Xi Ang Pow” lucky draw! The total prize amount is about RM100,000, including TV sets, gas cookers, bicycles and cash prizes! The promotion period starts from January 15, 2022 to February 15, 2022! For every RM50 saved, you will get a chance to win the lucky draw! Parents who haven’t opened an account yet should act fast!
SSPN accounts are divided into SSPN Prime and SSPN Plus, parents can open both SSPN Prime and SSPN Plus accounts for their children. Parents can open both SSPN Prime and SSPN Plus accounts for their children. Parents can make monthly deposits in SSPN Plus and enjoy insurance coverage, while SSPN Prime accounts can deposit additional savings!
SSPN Prime
a. Like a regular bank savings account, there are no restrictions on deposits.
b. Savings are 100% guaranteed by the government.
c. Attractive dividend payout (about 4% per year on average)
e. Tax rebate of up to RM8000.
SSPN Plus
a. Up to RM10,000 tax deduction. (RM8000 for savings and RM3000 for life insurance)
b. Eligible to apply for Higher Education Fund loan, children who want to borrow PTPTN in the future for college must open SSPN savings account!
c. 24 small insurance coverage around the world, 36 kinds of serious diseases are covered, no medical examination is required.
d. Hospitalization benefits.
e. Attractive dividend payout (about 4% per year on average)
f. 100% government guarantee on deposits.
g. Death Benefit
h. Participation in the Cabutan Wow lucky draw
SSPN Plus allows parents to develop the habit of saving regularly so that they can reach their goals more easily. Parents can choose to make regular monthly savings of RM30 / RM50 / RM100 / RM200 / RM300 / RM500 according to their ability.
The SSPN Plus is designed to protect parents in the event of death, permanent disability or incapacity due to 36 serious illnesses while the child is growing up, the child will still have the insurance benefits, hospitalization allowance and family death benefit for future living and education expenses. Parents can close the account at any time and withdraw the money from the SSPN or wait for 3 years to withdraw part of the money.
Account Opening Requirements
Parents can open an account for their children between the ages of birth and 29 years old as long as they are between the ages of 18 and 64 and are Malaysian citizens. It is the parents’ responsibility to give their children the best education possible, and if they do not go to university or receive an award, the savings can be used for the child’s business or for their own retirement.
How do I open an account?
In the age of e-finance, parents can open an account for their children online, which is very convenient and saves time!
To open an account: http://bit.ly/sspniplusonline_ptptn_gov_my
For more information: https://mylink.la/sspnplus
Face book: https://www.facebook.com/OFFICIALSSPN
