What is the interest rate for SSPN?
4%
A dividend of 4% has been declared for the National Education Savings Scheme (SSPN) scheme for the year 2020.
How is SSPN tax relief calculated?
The amount of SSPN tax relief entitled, equals to the deposit amount minus withdrawal amount of the the year. So, The money deposited can only be withdrew in the following year.
Can we withdraw SSPN?
In terms of withdrawal, SSPN-i savings account deposits can be withdrawn at any time subject to the rules set by PTPTN. “Withdrawal of deposits for SSPN-i Plus education plan can only be made after three years from the date of opening the account and the minimum amount that must be in the savings account is RM1,000.
Is SSPN protected?
Parents, who sign up for a SSPN-i account, will also enjoy free takaful protection for ringgit-to-ringgit deposits from RM1,000 and above, as well as a matching grant of up to RM10,000.
Is SSPN a good investment?
SSPN is an option to save for your child’s higher education for tax benefits, provided returns continue to average ~4% above, and you do not mind your funds being tied down in the account. Tax relief is decent especially if your chargeable income is at least above RM35,000 (above RM2,916 monthly).
What is the benefit of SSPN?
Simpan SSPN Plus offers a range of existing benefits to depositors such as Shariah-compliance, monthly commitment as low as RM30, tax relief, competitive dividends and critical illnesses takaful.
Is it good to invest in SSPN?
How much tax is exempt from SSPN?
PARENTS who opt for the National Education Savings Scheme (SSPN) SSPN-i or SSPN-i Plus can enjoy tax relief of up to RM8,000 per year until 2022, while investing in their children’s future.
Which bank has SSPN?
SSPN-i Services Provided by Bank Islam
| SERVICES | CHANNELS | |
|---|---|---|
| BANK ISLAM BRANCH | INTERNET BANKING | |
| Cash Deposit to SSPN-i Account | ✓ | |
| Transfer between | ||
| i. Bank Islam to SSPN-i | ✓ |
How do I cancel my SSPN-I Plus account?
SSPN account closing form. Copy of depositor’s MyKad (verified by official)…Submit your form and documents to PTPTN service counter at One Stop Center, KL Sentral or any PTPTN agents below:
- Bank Simpanan Nasional.
- CIMB Bank Berhad.
- Agro Bank.
- Bank Kerjasama Rakyat Malaysia Berhad.
- Bank Islam Malaysia Berhad.
- Maybank.
What is Ptptn SSPN I?
The National Education Savings Scheme (SSPN-i) is a scheme or savings instrument specially designed by the National Higher Education Fund Corporation (PTPTN) for higher education purposes and to encourage parents / guardians to make savings for their children’s higher education.
Should you invest in SSPN?
“SSPN is the best education savings plan created by the government. We encourage parents to save for their children’s higher education, which can also be used as an emergency fund should there be untoward incidents. “SSPN also provides various special and double rewards to depositors and savers.
What’s the interest rate on a SSPN I account?
This is not that bad an idea, considering SSPN-i’s 4% interest rate. On the other hand, you can treat it like a proper savings account. Stashing away a portion of your income each month, allowing it to accumulate over time.
How much income can you get for SSPN-I?
On top of that, SSPN-i will give tax exempted dividend of about 4% every year. Families with a monthly income (basic salary) not exceeding RM4,000 per month are eligible to be considered for matching grants when the child is accepted into and registered with a higher education institute recognised by the government.
Is there a minimum age to open a SSPN account?
Since there is no minimum age, parents can open an SSPN-i savings account the moment their child enters the world. Opening an account early is something that the national study loan body encourages. The annual 4% dividend ensures that the savings grow faster than that of regular savings accounts (which have interest rates of less than 3%).
How much is the SSPN dividend for 2017?
Eligible individuals who have opened an account prior to 2017 will also be given an additional 1% dividend as a loyalty reward through the SSPN-i Loyalty Rewards programme. In all, an estimated total of RM147.25 million will be paid out to more than 4.39 million SSPN depositors.