National Education Savings Plan (SSPN) is a government-run savings plan designed to encourage people to save, and SSPN depositors are entitled to many benefits such as deposit interest, insurance coverage, personal income tax rebates, death benefits, medical coverage, and more.
SSPN announces the latest dividend payment details every year in February and the interest will be remitted to the depositor’s account once the dividend is announced. Users can check how much interest they have received in total.
SSPN has been paying out 4% interest for the past few years. In the era of low interest rates, 4% interest is a very good deal, and since SSPN is a low-risk investment, people can simply deposit their money in SSPN and receive interest every other year.
According to the National Higher Education Fund Board (PTPTN) in January, the National Education Savings Plan (SSPN) received RM3.01 billion in deposits in 2021, which exceeded the previous target of RM1.8 billion by 167.08%.
The deposits received by SSPN in 2021 are the highest in the past 3 years, while 1.99 billion in 2020, RM1.37 billion in 2019 and RM1.14 billion in 2018.
As of December 31, 2021, SSPN has accumulated RM10.88 billion in deposits and the RM3.01 billion received last year represents 27.63% of the deposits received by SSPN since its introduction in 2004.
SSPN has added 421,281,281 new accounts in 2021, after originally booking only 400,000 new accounts. As of December 31, 2021, SSPN has 5.24 million total deposit accounts.
If you are new to SSPN, then you should pay special attention to the fact that SSPN is divided into two plans, namely Simpan SSPN Prime and Simpan SSPN Plus.
Simpan SSPN Prime is a savings plan where depositors are free to make deposits and withdrawals, and one of the benefits of Simpan SSPN Prime is that users can make deposits according to their financial ability. If you are tight this month, you can choose not to make a deposit for now. Next month, you can choose to make a deposit when you are in a tighter position.
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.
For those who are interested in opening an SSPN account, please visit SSPN.
