KUALA LUMPUR: It pays to invest more in the National Education Savings Scheme (SSPN-i) 2021 Loyalty Rewards Campaign, where depositors can earn an additional special incentive on top of other benefits.
The campaign under the National Higher Education Fund Corporation (PTPTN), which is into its third year, required depositors to put in at least RM500 from Feb 24 to April 30 to reap the extra reward, said its chief financial officer Azhar Ahmad.
“The depositors will receive an extra one per cent reward besides the annual four per cent dividend. This is an investment that is worth it. The condition is that there must not be any withdrawal during the campaign period.
“The one per cent loyalty reward will be automatically credited into their accounts in July. They must also ensure that they do not withdraw any savings until June 30 to be eligible for the reward.
“This is a special gift and a gesture of our appreciation to SSPN-i depositors, who are long-term account holders,” he told the New Straits Times.
Apart from the reward, Azhar said parents who had been saving for their children’s future education through SSPN-i would enjoy benefits, such as tax relief of up to RM8,000 annually; a competitive dividend rate (which was four per cent last year); and, a ringgit-to-ringgit free takaful protection for depositors with savings of more than RM1,000.
The other benefits included a matching grant of up to RM10,000 for an eligible family, where the depositor’s household income is not more than RM4,000 monthly.
“This matching grant will be considered for the depositors’ children who are accepted to further their studies at higher learning institutions. Other than that, their children will also be eligible to apply for PTPTN loans,” he said.
Azhar said the loyalty campaign, which started in 2018, had received overwhelming response from depositors. This had motivated PTPTN to continue organising it in the years ahead.
He urged Malaysians to take advantage of the campaign and the benefits that SSPN-i had to offer.
“It is a dream for parents to save for their children’s future expenses, not only for them to pursue further education, but also for rainy days.
“The habit of saving should be inculcated from young and it will continue to be practised until they are older.
“To do that, PTPTN will carry on educating the public on saving with SSPN-i, especially for parents to do so consistently so that the education fund for their children is secured,” said Azhar.
PTPTN, he added, hoped to achieve the target of collecting RM1.8 billion in savings this year.
Azhar said since 2004, PTPTN had taken proactive steps to empower Malaysians to save for their education with a deposit of just RM20 monthly for SSPN-i, or RM30 a month for the SSPN-i Plus Intan package.
“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.
“This enables parents to choose the products or type of savings suitable for them,” he said.
He also urged PTPTN borrowers to carry out their responsibilities by repaying their loans consistently to ensure that the funds could be channelled continuously to the next generation.
“Their commitment will ensure that no future students would be unable to enrol in higher learning institutions due to financial difficulties,” said Azhar.-NST