The National Higher Education Fund (PTPTN) has declared a dividend of 3.05% for the National Education Savings Scheme (Simpan SSPN) for 2022, which is higher than the 3% dividend announced the previous year. This is a testament to the agency’s efficiency in effectively managing savings funds based on excellent governance, integrity and strategy to ensure optimal returns to customers.

The dividend, which involves an allocation of RM266.17 million, will benefit 5.73 million depositors. PTPTN has distributed a total of RM1.33 billion in dividends since the introduction of Simpan SSPN in 2004, which aims to encourage the habit of saving among parents for their children’s higher education in the future.

Simpan SSPN will remain competitive compared with other products in the market. This is because the dividend rate of 3.05% offers a profitable return compared with some local banks’ current account and fixed deposit interest rates of only 2.05% to 2.75%.

The extension of the income tax relief of up to RM8,000 per year until 2024, which has been announced by the government, has made Simpan SSPN the best savings product in the market.

Simpan SSPN is not only the only savings product that offers income tax relief of up to RM8,000 per year but also has takaful protection for depositors, matching grants of up to RM10,000 for each eligible family, guaranteed savings by the government and is shariah-compliant.

Deposits for the Simpan SSPN, meanwhile, amounted to RM3.36 billion in 2022 — exceeding the PTPTN’s original target of RM2.8 billion — compared with RM3.01 billion in 2021.

In terms of new Simpan SSPN accounts, 491,984 new accounts were opened in 2022, versus the initial target of 400,000 accounts, indicating that depositors’ confidence and support are intact and consistent.

Apart from the dividend, PTPTN also launched Ganjaran Kesetiaan Simpan SSPN Prime 2023, with a rate of 1%, for those depositors who save for the long term and as an additional reward to the annual dividend.

The year 2023 is the fifth of this campaign, and depositors of Simpan SSPN Prime with account activation from 2004 to Dec 31, 2019 are eligible to participate.

Simpan SSPN Prime depositors who make a minimum deposit of RM500 during the campaign period from April 5, 2023, to July 31, 2023, will be eligible for this loyalty bonus.

Noor Azlinda from Selangor said, “I have opened a Simpan SSPN account for my four children for educational purposes since they were small. Indeed, the Simpan SSPN product provides many privileges to depositors, including tax relief of RM8,000, and I am grateful that these privileges have been resumed this year.”

According to her, the dividend distribution in 2022 is still relevant for savings products for educational purposes. Noor Azlinda, who is a teacher, welcomed the announcement and was happy with the Ganjaran Kesetiaan given to all Simpan SSPN Prime depositors as an additional reward for the loyalty and appreciation of Simpan SSPN Prime customers.

On top of that, PTPTN is also running a campaign called “Cabutan WOW! Simpan SSPN 2023,” where 138 winners can win cash prizes worth a total of RM500,000. The campaign period started in January this year and lasts until the end of December.

Also, in conjunction with this festive season, depositors have the opportunity to participate in the WOW! Syoknya Raya campaign, which offers cash prizes amounting to almost RM50,000 for 23 winners. The promotion period started on March 1 and ends on May 31.

Simpan SSPN accounts can be managed online more easily, quickly and securely through the myPTPTN application.