Investors in the National Education Savings Scheme (SSPN) will receive an annual dividend of 4% from PTPTN, according to the company. Depositors of SSPN got a 4 percent dividend rate, which PTPTN attributed to the net returns of investments made from the deposits it received.
What is SSPN interest rate?
The National Education Savings Scheme (SSPN) has announced a payout of 4% for the year 2020. Datuk Seri Noraini Ahmad, Malaysia’s Minister of Higher Education, stated today that the total dividend payout will be an estimated RM201. 3 million, according to a press release. 4.82 million SSPN depositors are expected to profit from this change.
Can I withdraw SSPN?
Poor financial management can be caused by variables such as poor income, unpredictable expenses, and a lack of drive and discipline.
PPTN CEO Ahmad Dasuki Abdul Majid said World Savings Day should be emphasized and commemorated so that Malaysians may become more conscious of the importance of saving money.
He opined that the general population should be educated and encouraged to adopt this habit through various programs and activities.
A celebration was therefore planned for SSPN Savings Week in 2018 and SSPN Savings Month (Bulan Menabung SSPN 2020) to mark the occasion.
In addition to the SSPN 2020 Savings Month activities and promotions, the commemoration of World Savings Day on October 31st will add a new dimension to the savings effort.”
SSPN Savings Month is being held in conjunction with World Savings Day for the third year in a row by PTPTN.
While the Covid-19 epidemic continues to pose a serious threat, the fight to save lives must be bolstered.
“In the past, one way we brought PTPTN closer to the community was to hold the SSPN Savings Week for three consecutive days in the mall. According to the head of the SSPN 2020 Savings Month, this year’s events will be organized in accordance with the new regulations and will include inventive programs and activities.
Pakistan’s largest education fund, PTPTN, offers savings accounts to help parents organize their resources for their children’s higher education, Ahmad Dasuki reminded parents.
National Education Savings Scheme (SSPN) was launched by PTPTN in 2004 to meet this need.
“The government established the Employees Provident Fund (EPF) for retirement financial planning, and the Tabung Haji for financial preparation to do the Haj. PTPTN’s SSPN exists solely to aid students in their financial planning, according to Mr. Gomez.
Additional savings plans were created in 2015, including SSPN-i Plus education savings plan, which offers a variety of benefits to depositors.
Even though PTPTN was designed to help Malaysians save for their children’s higher education, the plan also offers a variety of other advantages, such as competitive dividends and income tax relief.
It is possible to open an SSPN account for oneself. Withdrawals from SSPN-i savings accounts are permitted at any time, subject to the restrictions imposed by PTPTN on withdrawals.
A minimum of RM1,000 must be saved in the SSPN-i Plus education plan savings account before deposits can be withdrawn after three years from the date of inception.
If you don’t want to utilize SSPN for instructional purposes, you can still use it for personal financial planning.” For better financial planning, Dasuki said, “it is not improper to diversify the medium of savings.”
For the sake of their children’s future, he also advised parents to start saving early.
Families need to start saving early to make sure they can afford the rising costs of school, according to this advice:
Should you invest in SSPN?
Among the other perks was a RM10,000 matching grant that might be received by an eligible family if the depositor’s monthly household income does not exceed RM4,000 per month.
“The depositors’ children who are accepted to further their education at higher learning institutions will be considered for this matching grant. In addition, their children would be able to qualify for PTPTN loans “he stated.
Customers’ response to Azhar’s loyalty program, which began in 2018, has been amazing, he added. PTPTN was inspired to continue organizing it in the years to come after this success.
Malaysians should take advantage of the campaign and everything that SSPN-i has to offer, he advised.
“Saving for the future expenses of one’s children is a common goal among parents, who do so to help them pay for their children’s higher education as well as to cover emergencies.
“The habit of saving should be instilled in children as early as possible, and they should continue to do so throughout their lives.
In order to do this, PTPTN will continue to educate the public on saving with SSPN-i, especially for parents to do so consistently so that their children’s education fund is secure,” Azhar stated.
The PTPTN chairman went on to say that the organization planned to save RM1.8 billion this year.
According to Azhar, PPTN has been actively empowering Malaysians to save for their education with a deposit of just RM20 monthly for SSPN-i or RM30 monthly for the SSPN-i Plus package since 2004.
“The government’s finest scheme for saving for a child’s education is the SSPN. In the event of an emergency, parents are encouraged to save money for their children’s college tuition.
“Additionally, SSPN offers depositors and savers extra and double benefits.
In this way, “parents can select the products or savings options that best meet their needs,” he said.
To ensure that the money will continue to be available for the next generation, he asked PTPTN borrowers to repay their loans on time.
There are no more pupils who will be unable to go to college because of financial constraints, Azhar stated.
What is the EPF dividend for 2020?
Conventional savings will receive a payout of 5.2 percent in 2020, while Shariah savings will receive a dividend of 4.9 percent. EPF has announced dividends of 5.45% for conventional savings and 5% for Shariah savings for 2019.
How do I open a SSPN account?
Opening of an SSPN-i Account.
- Adoption certification or a copy of the child’s MyKid (also known as a birth certificate or MyKad) (if the SSPN-i account is meant for an adopted child).
How is SSPN tax relief calculated?
Bank Islam account, of course. After linking your SSPN to your Bank Islam account in the previous stage, you can transfer funds from SSPN-i to your Bank Islam account via the online banking interface. Transferring money from Bank Islam into another bank is then at your disposal.
SSPN-online i’s account can be accessed in this manner. Once you’ve logged into the SSPN-i site, you’ll see something like this. You can file a withdrawal application online by clicking “Pengeluaran SSPN.” With method (2), you can only apply online between the hours of 7am and 7pm, which is a disadvantage. The money will arrive in 14 working days, not immediately.
DON’T MISS THIS!!! Amounts eligible for SSPN tax relief are based on the amount deposited and withdrawn during the year. So,
- It is only possible to withdraw the money that has been deposited the following year. Otherwise, it won’t be able to claim any tax benefits from it. That is why I always make my deposits in December and my withdrawals in January.
- If you withdrew in January, you must deposit the money back into your SSPN account by December of the same year in order to continue receiving tax benefits. For tax purposes, the extra deposit can also be used.
Withdrawal in January 2020 will be the same amount as the deposit for example 1 (RM8000). SSPN tax relief in 2021 will be RM8000 – RM0 = RM0
How much can I withdraw from SSPN?
When it comes to taking money out of your SSPN account, the requirements are far stricter than with traditional savings accounts. Depositors can only take money out of their accounts once a year, and they can only withdraw up to RM500, or 10% of their total savings.
How do I buy SSPN?
On the PTTN’s website, you may learn all you need to know about the popular education loan program in Indonesia for tertiary-educated local students. Even though the website has a plethora of connections to useful resources, figuring out how to apply for a PTPTN loan may be overwhelming. Fortunately, we’ve done the legwork for you and broken down the entire procedure into 5 easy steps!
Open a Skim Simpanan Pendidikan Nasional (SSPN-i) savings account
- Visit the SSPN-i website to open an SSPN-i account quickly and easily.
- Those who work with PTPTN SSP-Ni accounts can also be opened at any of the PTPTN agents’ offices across the country. Here is a complete list of PTPTN representatives.
You can download the application form here to expedite the process if you’d rather not complete it online.
Open a savings account with a panel bank
A savings account can be opened with one of several panel banks that are available to students at the educational institution where they are enrolled. Lists of panel banks for public and private higher education institutions are provided below (IPTS).
Apply via PTPTN’s loan application website
Steps 1 to 3 have been completed, so now you may go ahead and do it! To begin the application process, click here. Make sure you read the instructions thoroughly and submit the relevant information and documentation. Submission is complete once you’ve done so, so wait for the good news!
Prepare documents for submission to the tertiary education institution
Within six working days of the application deadline, applicants are typically notified by email of their application results. While you’re waiting, it’s a good idea to gather all of the paperwork you’ll need to submit to your university. Among them are these:
- official records, such as those from an examination or a diploma or other credential (such as STPM or Matrikulasi certifications) and
- Parents’ pay stubs, tax returns, retirement cards, pension statements, income verification letters, and letters of employment confirmation are all acceptable forms of identification.
What is EPF annual dividend rate?
The EPF Dividends The government guarantees a minimum dividend rate of 2.50 percent for all of your Simpanan Konvensional donations.
