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| KUALA LUMPUR: National Higher Education Fund Corporation (PTPTN) chairman Datuk Seri Norliza Abdul Rahim says Simpan SSPN is a long-term savings instrument that offers attractive incentives to depositors.
First introduced in 2004, it is well-known for its annual tax relief of up to RM8,000 for depositing into the Simpan SSPN Prime and Simpan SSPN Plus accounts.
"This incentive is meant to encourage parents to start early and maintain a consistent habit in saving for their children's education," she said.
"For Simpan SSPN Plus accounts, depositors may also enjoy an additional tax relief of up to RM7,000 on takaful contributions under the life insurance and Employees Provident Fund (EPF) relief category," she said.
Norliza said the tax relief may be claimed by either one parent or both in a joint assessment that includes all accounts opened under their children's name.
She also said from this year onwards, depositors who withdraw funds to finance their children's higher education may still claim tax relief based on their total annual savings.
This means such withdrawal will no longer affect the net amount of tax relief that depositors are eligible to claim, making Simpan SSPN an even more attractive and practical savings instrument.
Norliza said the tax incentive is unique and not offered by other education savings schemes in the market.
She said Simpan SSPN also comes with additional benefits, including free takaful protection for depositors with savings of RM1,000 and above and government-matching grants of up to RM10,000 for eligible families.
The dividends are very competitive, backed by a syariah-compliant financing system and government guarantee.
PTPTN is enhancing its digital services through the myPTPTN application, which allows users to open and manage Simpan SSPN accounts, besides servicing their study loans.
"PTPTN remains committed in implementing various incentives to encourage parents to plan for their children's future.
"Simpan SSPN provides parents with the opportunity to start saving for their children's education from a young age," said Norliza.
She called on parents who have yet to open a Simpan SSPN account to do so as soon as possible to gain a head start.
Existing depositors may increase their savings before Dec 31 to qualify for more tax relief in this year's assessment.
"I call on Malaysians to seize this opportunity to enjoy income tax relief of up to RM8,000 for the 2025 assessment year, an incentive that is not offered by any other savings product," she said.
Sharing his experience, businessman Ng Huey Cherng said he was initially attracted to save in Simpan SSPN because of the tax relief.
"At first, the decision was driven by the tax relief benefit. After understanding Simpan SSPN better, I realised its main purpose is really to prepare for my child's education."
Ng said the maximum tax relief of RM8,000 a year is significant, but stressed that parents should not feel pressured to meet that amount from the outset.
"RM8,000 is a lot, but it should not be used as a benchmark. Start with whatever amount you are comfortable with.
"Once you start, you can slowly increase the amount as your income grows," he said, adding that the process is simple and user-friendly.
PTPTN is running its WOW! Simpan SSPN 2025 Draw, an annual campaign to encourage savings and reward depositors.
To participate, depositors only need to open an account or make additional deposits during the campaign period.
For Simpan SSPN Prime accounts, every RM100 in net savings qualifies for one draw entry; whereas for Simpan SSPN Plus accounts, every RM50 in net savings (savings + takaful) qualifies for two draw entries.
Those who use the myPTPTN app or other consistent modes of payment have better chances to win.
Simpan SSPN Prime depositors saving through myPTPTN, salary deductions or direct debit will receive five entries for every RM100 deposited, whereas Simpan SSPN Plus depositors will receive 10 entries for every RM50 in savings.
This year's draw features two categories, offering prizes worth more than RM1.5 million for 550 winners.
This campaign reflects PTPTN's consistent efforts to get Malaysians to prioritise saving for the future.
It is hoped that Malaysians will collectively welcome PTPTN's efforts to nurture a society that prepares for their higher education from a young age.
For more information, visit PTPTN's website or download the myPTPTN app. |
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