Simpan SSPN 'one of the best' for savings

KUALA LUMPUR: Malaysians have deposited RM26.07 billion in savings into the National Higher Education Fund Corporation's (PTPTN) Simpan SSPN, with 7.74 million accounts recorded up to Sept 30, says its chairman Datuk Seri Norliza Abdul Rahim.

She said the figures underscored Simpan SSPN's continued relevance as a savings scheme for higher education in Malaysia.

"This performance proves that Simpan SSPN remains strong and relevant as one of the best education saving schemes in Malaysia," she said at the closing ceremony of BMS 2026 and World Savings Day celebration on Saturday.

Simpan SSPN encourages Malaysians to save early for their children's higher education, helping to reduce the reliance on education loans.

Norliza said deposits collected during the Simpan SSPN Savings Month (BMS) 2026 campaign, from Sept 25 to Oct 29, amounted to RM267.7 million, which exceeded the RM250 million target by 7.1 per cent.

"PTPTN is optimistic that deposit collections in conjunction with BMS 2026 will continue to increase and record even more encouraging results.

"Behind this achievement, more parents have taken early steps to prepare education savings for their children. Congratulations and well done to all PTPTN personnel for their efforts," she said.

Meanwhile, visitor Lim Eu Jack said Simpan SSPN offered a practical way to save for education while enjoying tax relief of up to RM8,000 annually.

"With this SSPN savings, besides allowing me to put money in one place, at the same time, I can also get a tax rebate of up to RM8,000, and that's quite a lot.

"So, this extra money can help support our expenses," he said.

Besides tax relief, Simpan SSPN also offers takaful protection, free matching grants of up to RM10,000 for eligible families, competitive dividend rates, syariah-compliant savings and a government guarantee.

Its prize draw campaign, held with BMS 2026, offered prizes worth nearly RM1.9 million to 1,060 winners. Launched in 2018, BMS is in its ninth year and serves as a platform to raise awareness about early financial planning for education and the benefits of saving in Simpan SSPN.

The World Savings Day on Oct 31, with the theme "AI advises, Human decides", highlighted technology's role in financial planning while emphasising the importance of personal discipline and commitment to saving.