PTPTN Offers National Education Savings Scheme
If you’ve read my previous posts, you would have probably deduced that I took a PTPTN loan to finance my education. The main reason I did that was to take responsibility for my self. I am usually not one to ask for things. Not because I don’t want (or need) something, or that I think that my parents can’t provide for me. On the contrary, I know that they will and have given me everything I’ve asked for. Anyway, that’s not the reason for bringing this up.
As the title states, PTPTN is offering Skim Simpanan Pendidikan Nasional (SSPN, or in english, Nasional Education Savings Scheme, NESS). For those who can’t read Bahasa Malaysia (BM), the savings scheme is for Malaysians with children between the 1 day and 18 years of age. Accounts can be opened at all local branches of Bumiputra Commerce Bank (BCB), Bank Simpanan Nasional (BSN), Bank Pertanian Malaysia (BPM), or Bank Kerjasama Rakyat Malaysia (BKRM). To open an account, you need to bring along a copy of your identity card, a copy of your child’s birth cert or identity card, and a copy of your payslip. The minimum opening amount and subsequent deposit amount is RM20.
So what is so great about the savings scheme? According to the page referenced above, they scheme has the following features (again translated from BM for the benefit of non-BM reading folks):
- A matching grant for the amount deposited will be made for accounts that qualify (given upon the child’s acceptance to an approved institute of higher learning)
- Priority for application to PTPTN loans when child is accepted to approved institutes of higher learning
- Interests and dividend rates that is at least equal to market rates
- Tax exemption for dividends earned
- Government backed savings
- Free life insurance
I think the biggest draw here is the matching grant that they are featuring. Basically, what it means is that if you qualify for the matching grant (e.g. you’re a low wage earner and you have RM500 deposited into the savings account), PTPTN will match whatever savings that you place in deposit. This is of course limited by a maximum cap (although it isn’t stated what is the maximum value).
However, there is a catch to all this. Once deposited, withdrawals are limited to 10% of the balance or RM500, whichever is lower. Full withdrawal is only allowed when the child for which the account is opened for is accepted to an approved institute of higher learning, drops out of school, suffers an incurable desease, is cuckoo, or dies. I suppose it does cover most of the bases and you can recover your money on any of those clauses. That said, you might like to think it through before putting your life savings in.
IMHO, this is a fairly good way of saving for your children’s education. There are of course other riskier options that yield higher returns. Again, the draw here is the matching grant if you qualify for it. I am single without children but I do think about the future. Perhaps it is time to think about yours and your family’s.
To find out more, you can contact PTPTN via email at webmaster@ptptn.gov.my, or call them (03-2098 3731, 03-2098 3732), or via snail mail to:
Lot G2, Tingkat Bawah,
Wisma Chase Perdana,
Off Jalan Semantan,
Damansara Heights,
50490 Kuala Lumpur.
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Paul Tan Said,
December 13, 2005 @ 11:02 pm
good post. i’ll bookmark it and visit it again when i have kids. if i ever. lol.
SzeHau Said,
December 15, 2005 @ 9:13 pm
I sent email to the email above before about converting PTPTN loan to scholarship but there is no reply at all. It’s the last year’s story, not sure the email still working or not (or they just ignore me email?). I think it is better to go to the Wisma Chase Perdana directly if you have any enquiry.
siau wen Said,
April 12, 2006 @ 11:41 pm
juz wanna to know about it
kasmela bt kasmawi Said,
July 6, 2007 @ 2:57 pm
asalamualaikum..
saya pelajar cosmopoint yang telah membuat pinjaman dari ptptn ingin membuat aduan mengenai pinjaman yang telah ditawarkan.saya telah mendapat pinjaman sebanyak rm12500.mengikut perjanjian setiap bulan akan dimasukkan rm100 kedalam akaun saya iaitu cimb.tetapi pihak tuan hanya memasukkan rm200 shj iaitu pada penghujung semester 1 dan2.bagi semester ke-3 pihak tuan/ puan langsung tiada memasukkan jumlah yang sepatutnya.utk pengtahuan tuan/puan saya telah mula belajar di cosmopoint pada november 2006.
disini saya ingin bertanya dimanakah baki pinjaman saya yang sepatutnya saya dapat dari ptptn…
saya harap saya dapat hak saya dan pihak ptptn dapat menyelesaikan masalah ini,jika saya dapati masalah ini masih berlanjutan saya terpaksa mengemukakan hal ini pada pihak yang berwajib..
G: Sorry. Wrong place to complain.
mazuki mat Said,
July 9, 2007 @ 3:02 pm
saya no.kad pengenalan 660107025341 telah memohon pinjaman ptptn tetapi sampai hari ini saya belum tahu kedudukan yang sebenar. Saya telah mendapat tempat belajar di USM untuk program master bagi kemasukan Julai 2007.Tolong beri jawapan dengan kadar segera
siti khatijah binti azmi Said,
August 4, 2007 @ 10:24 am
assalamualaikum.say nak tanya.calon yang dapat ptptn kelompok ke-2 pada tahun 2007 boleh diterima@tidak?sekiranya saya tinggal dengan penjaga iaitu nenek saya.saya mengisi borang penjaga atas nama nenek saya kerana nenek saya telah menjaga saya sejak kecil.masalah sekarang saya masih mempunyai ibubapa tetapi saya tidak tahu dimana mereka berada kerana ibubapa bercerai dan saya dijaga oleh nenek saya sampai sekarang.jadi saya tidak tahu ianya boleh diterima atau tidak tawaran saya tapi saya sudah dapat tawaran ptptn tapi nama penjamin nenek saya tiada?beri jawapan dengan segera.adakah saya untuk merima ptptn terima kasih..
fiana Said,
September 1, 2010 @ 11:35 am
saya plajar MUltimedia collge dah sem ke 7 masih tidak mendapat pinjaman dari semester 3,saya tidak mendapat jumlah wang seperti yg tercatat dalam perjanjian sbnyk rm20k,saya cuba menghubungi pihak tuan/puan tapi tak dapat…saya ingin menuntut hak saya..jika pihak tuan/puan tidak membuat sebarang tindakan saya akan membayar duit pinjamn jumlah yg saya dapat sahaja…bayaran nak cepat tapi beri duit pada student lambat…