National Savings Plan for Education (SSPN) is a government savings scheme designed to encourage people to save, and SSPN depositors are entitled to many benefits such as interest on their deposits, insurance cover, personal income tax rebates, death benefits, medical cover and more.
The SSPN announces the latest dividend payment details every year in February and the interest will be credited to the saver’s account once the dividend is announced. Users can check how much interest they have received in total.
SSPN has been paying 4% interest for the past few years, but this year it is only paying 3%, SSPN is a low risk investment and people can simply deposit their money in SSPN and receive interest every other year.
If you would like to calculate the interest you will earn on your SSPN deposit, you can visit https://www.ptptn.gov.my/KalkulatorDividen/Utama. After entering the interest rate, monthly deposit and withdrawal amount, the system will calculate the total amount of interest you will earn for you.
SSPN will calculate the interest rate based on the minimum deposit made by the user by the 6th of each month and all withdrawal transactions will affect the calculation of the interest rate.
SSPN is divided into two plans, Simpan SSPN Prime and Simpan SSPN Plus.
1. Simpan SSPN Prime
Simpan SSPN Prime is a savings plan that allows depositors to make deposits and withdrawals at their own discretion, and one of the benefits of Simpan SSPN Prime is that you can make deposits according to your financial means. If you are short of cash this month, you can choose not to make a deposit for the time being.
2. Simpan SSPN Plus
As for Simpan SSPN Plus, it is a plan that includes insurance and requires regular monthly deposits, a portion of which will be used as insurance premium. It is not advisable to deposit with Simpan SSPN Plus as a specific amount of money will need to be deposited each month and part of it will be used to pay for the insurance premium.
