December 26, 2018 0

Questions I received about SSPN-i and SSPN-i Plus

Questions I received about SSPN-i and SSPN-i Plus

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Important Note: For more information about SSPN-i, SSPN-i Plus and PTPTN, please call PTPTN’s Careline at 03-2193 3000, opens daily from 8am to 10pm. Or visit PTPTN’s official website for the latest announcements at https://www.ptptn.gov.my/seksyen-careline-side or visit SSPN’s official website at http://www.lovesspn.com/

Click here to open an account: https://sspniplusonline.ptptn.gov.my/sspniplusonline/

 

SSPN-i

I have been receiving lots of questions from the website visitors, asking me about SSPN-i and SSPN-i Plus.

Here, I am featuring three most common questions that I received, and my answer to the questions.

 

Question 1:
Does SSPN-i provides passbook to monitor monthly transactions?

Answer 1:
SSPN-i plus does not come with a passbook, check for the useful links below.

Bookmark the following links:
a) To start paying initial and top-ups, go to this link – https://sspniplusonline.ptptn.gov.my/sspniplusonline/?id=000004658
b) To view the latest balance of SSPN-i and SSPN-i Plus, go to this link – https://www.ptptn.gov.my/penyatasp/Utama
c) All the other links at: https://www.ptptn.gov.my/perkhidmatan-menu/perkhidmatan-sspn-menu

 

Question 2:
Which is better? To open an SSPN account or ASD account for regular saving for my child?

Answer 2:
If you have the budget to do both, go for both. If you want to choose either, I would go for SSPN-i Plus.

Reason for me to propose SSPN-i Plus, it offers Takaful and Savings. And if your income is taxable, you can use SSPN-i Plus for tax rebate. Based on Budget 2019 announcement, SSPN-i Plus contributions can help with tax rebate to up to RM8,000 starting 1st January 2019. Previously it was only up to RM6,000. Average returns offered by SSPN-i accounts in the past is around 4% per year.

ASD does not offer Takaful, only savings. And based on the documentation that I read from ASD’s official page at http://www.asnb.com.my/v3_/asnbv2_2funds.php#asd, it does not mention anything about tax rebate. ASD’s past dividends in average is around 6 sen each units hold.

To note: Past performance of a financial instrument is not an indicator for future performances.

 

Question 3:
What is the difference between SSPN-i and SSPN-i Plus?

Answer 3:
Both SSPN-i and SSPN-i Plus are education savings plan. The only difference between both of them are the insurance/takaful component. Because of the insurance/takaful component, you can start withdrawing the money saved under SSPN-i plus only after third year onward.

 

Bonus Question:
‘Person A’ subscribed to SSPN-i, what if ‘Person A’ decides not to further studies after SPM?

Bonus Answer:
For SSPN, if ‘Person A’ decides not to further studies after SPM, ‘Person A’ can maintain the savings with SSPN, because in the past, SSPN is giving an average of 4% returns per year. It is a good savings instrument to have. Other instruments that ‘Person A’ can consider to save into, including your normal bank savings account, fixed deposits, money market funds, unit trust funds and PRS (Private Retirement Scheme).

 

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