SSPN-i account holders will receive an extra 1% on top of the newly declared annual dividend of 4% for their loyalty amidst a global pandemic.
National Higher Education Fund Corporation (PTPTN) chairman Datuk Wan Saiful Wan Jan said that despite Malaysia experiencing a less than encouraging economic turnout due to Covid-19, PTPTN is still able to roll out competitive dividends for the national education savings scheme.
“(Your) support and loyalty are the backbone of our efforts at PTPTN to provide services to serve the entire community, especially to SSPN depositors,” he said during the virtual launch of SSPN-i Loyalty Rewards 2021 on Wednesday.
“The loyalty reward is a special gift and a token of appreciation from PTPTN to depositors who make long-term savings.”
Wan Saiful said the loyalty reward of 1% on top of the annual dividend would be enjoyed by SSPN-i depositors who opened their account before 2018, and who have accumulated savings of a minimum RM500 during the promotion period from Feb 24 to April 30.
The SSPN savings scheme offers privileges for the whole family, he said, including tax relief of up to RM8,000 a year, matching grant up to RM10,000, competitive dividend, takaful protection and death benefit for the education of children upon the untimely death of their parents.
The SSPN savings are syariah-compliant and guaranteed by the Government, he added.
He expressed gratitude towards Higher Education Minister Datuk Seri Dr Noraini Ahmad for announcing the dividend payout of 4% on Feb 23.
“An estimated dividend payout of RM201.3mil would benefit 4.82 million SSPN account depositors,” Wan Saiful said during the virtual launch.
“This would bring a total dividend distribution of RM856.6mil since SSPN was introduced in 2004.”
He said SSPN deposits grew to RM7.88bil as of Dec 31, 2020.
Last year saw the highest amount of deposits per annum at RM1.99bil. This was RM623.82mil or 45.6% more than 2019 which saw deposits for that year totalling RM1.37bil.
Also in 2020, 436,101 new SSPN accounts were opened, which was higher than the annual target of 400,000 accounts.
As of Dec 31, 2020, a total 4.82 million SSPN accounts have been opened since the education savings scheme was introduced in 2004.
PTPTN earned a profit of RM237.42mil on SSPN investment deposits in 2020, up by RM32.14mil or 15.7% compared to RM205.28mil in 2019.
Wan Saiful said PTPTN has targeted to collect RM1.8bil in 2021 from SSPN compared to RM1.5bil in 2020.
“The setting of this target is based on the positive achievements of SSPN for three consecutive years since 2018 and driven by a variety of proactive measures in terms of operations, investment, marketing and communications strategies that have been planned and will be implemented throughout 2021,” he said.
SSPN depositors can check their dividend amount on their SSPN statements via www.ptptn.gov.my from Feb 26.