PTPTN – Simpan SSPN

The National Education Savings Scheme (Simpan SSPN) is a scheme or savings instrument specially designed by the National Higher Education Fund Corporation (PTPTN) for higher education purposes and to encourage parents / guardians to make savings for their children’s higher education.

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Benefits

• Eligible to apply for children’s education financing;
• Tax exemption on the current year’s nett savings of up to RM8,000 per year for accounts opened on behalf of your child/adopted children as beneficiaries; (Effective: Year of Assessment 2019 and 2020);
• Free Takaful Protection on depositor with savings more than RM1,000;
• Competitive dividend rates and exempted from income tax; and
• Savings are guaranteed by the government.

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Simpan SSPN Services Provided by Bank Islam

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Documents Required

Simpan SSPN Account Opening

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Notes:

i.   Eligibility to Opening Account

Category 1:
Malaysian citizen aged 1 day old until 18 years old, account can be opened by parents/legal guardian.

Category 2:
Malaysian citizen aged above 18 until 29 years old, customer is given a choice to open the account under his/ her own name or it can be opened by their parents/ guardian.

Category 3:
Malaysian citizen aged 29 years old and above must open the individual account.

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ii.   Minimum deposit amount for account opening is RM20

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iii.   Criteria for linkage of Simpan SSPN Account to Bank Islam Debit Card-i/ATM

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Fees and Charges

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Transaction Limit

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Notes:

i.   Minimum transfer amount

• Funds transfer from Simpan SSPN Account to Bank Islam – RM10
• Funds transfer from Bank Islam to Simpan SSPN Account – RM2

ii.   Maximum transfer amount

• As per ATM daily funds transfer limit subject to default limit by Bank Islam
  or any limit which has been set by customer but not more than RM 30,000
  (including transfer within Bank Islam Account, Interbank GIRO (IBG), Instant
  Funds Transfer (IBFT) and Simpan SSPN.

iii.   ATM withdrawal amount

• Minimum amount: RM10
• Maximum amount: As per current daily ATM funds withdrawal limit, which is RM5,000 (including daily withdrawal limit from Bank Islam account, Simpan SSPN and Tabung Haji account)

iv.   All account balances in Simpan SSPN account will be updated on real-time basis. However, the deposited/transferred funds can only be utilised on the next day

v.   Minimum balance of RM20 has to be maintained in your Simpan SSPN Account

vi.   *denote daily combined limit with other services in respective channels

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Operational Hours

(A) Bank Islam Branches

All States (except Kelantan,Terengganu, Sabah, Sarawak & WP Labuan)

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Kelantan and Terengganu

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Sabah, Sarawak & WP Labuan