10 Must Know: SSPN Prime VS SSPN Plus Account

SSPN Prime VS SSPN Plus Account
SSPN Prime VS SSPN Plus Account

SSPN Prime VS SSPN Plus Account

SSPN Prime
SSPN Plus
SSPN Prime Savings Account was formerly known as SSPN-i.
SSPN Plus Savings Account was formerly known as SSPN-i Plus.
Account Opening Criteria
Accounts can be opened by Malaysian citizens for themselves or for other Malaysian citizens.
Accounts can be opened by Malaysian citizens for themselves, children and legal guardians only.
How to Deposit to SSPN Account?
No conditions are set. Deposits can be made at any time and in any amount.
The monthly deposit amount is set according to the package chosen, as low as RM30 per month.
Withdrawal of SSPN Account
No conditions are set. Deposits can be withdrawn at any time and in any amount.
Only after 3 years from the date of account opening and the minimum amount that must be in the account after withdrawal is RM1,000.
Tax Relief
Up to RM8000 for net savings for the current year.
Up to RM8000 for net savings for the current year and up to RM3000 on SSPN Plus takaful contributions.
Takaful Insurance
Takaful coverage (death and permanent & comprehensive disability only) for depositors with savings of RM1,000 and above.
Comprehensive takaful coverage according to the selected package, takaful contribution as low as RM10 per month.
Takaful Benefit Payment
Takaful benefits are consolidated with SSPN Prime account savings. Death benefit is paid directly to the heir/nominee.
Takaful benefits are paid directly to depositors and heirs/nominees (depositors' death benefits).
Lucky Draw
No
Yes
SSPN Account Opening Online
sspnplus.com/buka/
sspnplus.com/buka-sp/
Deposit Addition Portal
sspnplus.com/deposit/
sspnplus.com/deposit-sp/
Online Statement Portal
sspnplus.com/penyata/
sspnplus.com/penyata-sp/

What is SSPN account?

The National Education Savings Scheme (Skim Simpanan Pendidikan Nasional SSPN) is a savings scheme specially designed by the National Higher Education Fund Corporation (PTPTN) for the purpose of saving money for higher education.

Why do you need SSPN Account?

SSPN is a tax-advantaged way to save for your child’s higher education. As long as the SSPN returns remain over 4% and you don’t mind your money being tied down in the SSPN account. Tax relief is the main benefit of opening SSPN account, especially if your taxable income is at least RM35,000 or more (above RM2,916 monthly).

SSPN Tax Relief

For year 2021, maximum tax relief for savings in SSPN is RM8000.00. If your tax bracket is 20%, as a rough estimation, you would save RM8000 x 20% = RM1600.00 in tax(This is only rough estimation, for accurate calculation, please refer to LHDN website).

Can Husband and Wife Open Separate Account for the Same Child?

Yes, can, this is normally done for tax relief purposes. Husband opens an account and wife opens another account for the same child.

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