Simpan SSPN received deposits of over RM15 billion since 2004

KUALA LUMPUR - The National Education Savings Scheme (Simpan SSPN) operated by the National Higher Education Fund Corporation (PTPTN) received deposits totalling RM15.94 billion, with a total of 6.11 million accounts, as of Sept 30.

PTPTN chairman Datuk Norliza Abdul Rahim said this showed that Simpan SSPN, introduced in 2004, remains a competitive product and is the main choice of savings among parents in the country for their children's education.

"In fact, Simpan SSPN offers various advantages and benefits, such as income tax assessment relief of up to RM8,000 per year, takaful protection for depositors, Matching Grants of up to RM10,000 for each eligible family, competitive dividend rates, government-guaranteed and shariah-compliant savings,” she said.

She said this at the closing ceremony of the Simpan SSPN Savings Month (BMS) 2023 programme here today, which was also attended by PTPTN chief executive Dasuki Abdul Majid.

In conjunction with BMS 2023, held from Oct 1-31, Norliza said PTPTN has received Simpan SSPN deposits of almost RM220 million so far and she is optimistic that it can achieve its total deposit target of RM220 million set through the programme.

She said BMS is a PTPTN signature programme implemented in 2018 as an effort to expand the benefits of Simpan SSPN to the community in conjunction with the World Savings Day that falls on Oct 31 every year.

"Towards becoming the leader of the country's higher education fund, the main mission of PTPTN is to empower the habit of savings to reduce the people's dependence on loans as well as ensuring children are not burdened with debts when they graduate,” she said.

Meanwhile, a Simpan SSPN depositor, 45-year-old Jazi Jasmani is confident that the education savings account can benefit his son in the future.

"My wife and I opened the Simpan SSPN account two years ago for our 14-year-old son to ensure his education is guaranteed and we also view Simpan SSPN as the best platform to save for the long term,” said the private sector worker.

Civil servant Siti Badriah Abdul Hussin, 39, meanwhile, said Simpan SSPN can help her in the financial management for the education of her two children, aged 11 and nine. - BERNAMA