Some of you may know that Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) have launched this SSPN. This is a good saving products that help the parents to save for their kids future education need.
Besides ensuring annual dividend returns, the SSPN also provides special financial incentives in the form of Matching Grants especially for low income depositors. In addition, insurance coverage and payment of death compensation is provided free of charge to all eligible depositors.
The detail benefit as below :-
>> Savings guaranteed by Malaysia Government.
>> Tax relief on savings up until RM3,000 per year;
>> Free insurance coverage up until RM50,000 for depositors who have an accumulated deposit of a minimum of RM1,000 *;
>> Matching grant with a maximum endowment of RM10,000 per family **;
>> Deposit as low as RM20 at any time deemed necessary and government guarantee on savings;
>> Competitive dividend rate and tax exemption on dividend; and
>> Over 1,400 agents throughout Malaysia;
>> Through Maybank2u Online and ATM (for Maybank account holders and have registered with Maybank2u).
Generally the SSPN dividen is very low but for those high income people, they can claim back the return from the tax they have to pay.
For example :-
If Mr A tax bracket is 24%, and he have deposited RM3000 to SSPN.
The return calculation as below:-
Interest on RM3000@5% = RM150
Tax saving from tax relief 24% of RM3000= RM720
So total is RM870
Rate of return is 870/3000=29%
For more information, please visit PTPTN website as http://www.ptptn.gov.my/web/english/savings/gen-info
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