How to Register SSPN Online for Child Savings

Kali terakhir diperbaharui December 20, 2022 oleh Hariz Hafiz
How to Register SSPN Online for Child Savings

As a parent, one of the most important things you can do for your child is to register SSPN online to be used as an education fund to guarantee a better future. This article will explain everything you need to know about SSPN including how to register SSPN online, how to withdraw SSPN money and much more.

Why Need to Register an SSPN Account?

What is SSPN? The meaning of SSPN is the National Education Savings Scheme and it aims to be a savings fund for higher education. This instrument was created by PTPTN to encourage parents or guardians to start making special savings for the purpose of children continuing their studies. This savings can only be used for your child to study at a local Public Institution of Higher Education (IPTA) or Private Institution of Higher Education (IPTS).

The SSPN education fund is a syariah-compliant scheme that uses the concept of “Wakalah Bill Istithmar” which means depositors appoint PTPTN to manage their deposits for investment purposes. However, not everyone can open an SSPN account because there are several main conditions that must be met:

  • Depositors and beneficiaries must be Malaysian citizens aged 18 years and above;
  • Depositors are required to fill in the salary deduction form or auto debit, direct debit for monthly commitment payments;
  • Only one account can be opened for the beneficiary;
  • The age of the beneficiary is between one day until the age of 29;
  • Beneficiaries can also be depositors or open accounts for themselves;
  • Different depositors can open SSPN accounts for the same beneficiary and there is no limit on the number of accounts for each beneficiary.

SSPN Yearly Dividend

By making SSPN savings, you as a depositor have the opportunity to enjoy the benefits of savings and protection and are eligible to receive dividends at the declared rate. Here is a list of SSPN’s dividend rates for the latest five years for your reference:

YearDivident Rate (%)
20213.00
20204.00
20194.00
20184.00
20174.00

2 Jenis Akaun SSPN Online untuk Anda Pilih

There are two types of accounts for you to choose from, namely Simpan SSPN Prime and Simpan SSPN Plus. These two accounts have differences from each other. Here are the differences you need to know:

1. Simpan SSPN Prime

For your information, Simpan SSPN Prime was formerly known as SSPN-i. This rebranding is done in line with the launch of SSPN’s new storage product. Save SSPN Prime which still maintains various benefits and privileges offered before.

SSPN Prime allows you to add the deposit according to the amount you want to save at any time. In other words, you have no monthly commitment because the addition of the deposit is made voluntarily and according to your ability. This long-term savings product aims to foster the habit of saving among parents for the purpose of their children’s higher education when they are still young. Here are the advantages of registering an SSPN Prime account:

  • Government guaranteed savings;
  • Competitive dividend returns;
  • Tax assessment relief up to RM8,000;
  • Eligible to apply for a PTPTN loan;
  • No monthly commitment;
  • Free takaful if your savings balance exceeds RM1,000.

SSPN Prime Online Registration

If you want to know how to register SSPN Prime, you can follow the methods below:

  • Visit the Simpan SSPN Prime registration website (https://www.ptptn.gov.my/esmas-open-acc-web/#/openAccount);
  • Fill in all details such as depositor’s name, beneficiary, identity card number, occupation, current address and others;
  • Enter the deposit amount starting from RM20 and make the payment online;
  • Payment is complete and your account opening has been successfully completed.

2. Simpan SSPN Plus

Simpan SSPN Plus formerly known as SSPN i Plus offers various benefits for customers who want to save for educational purposes. Unlike SSPN Prime, if you choose SSPN Plus, you have to make a consistent monthly payment every month and this amount depends on the package you choose. You can open this SSPN Plus savings account for yourself, your children or legal guardians only.

SSPN Plus now offers more options for takaful benefits through collaboration with a panel of takaful operating companies namely Hong Leong MSIG Takaful Berhad (HLMT), Great Eastern Takaful Berhad (GETB) and Takaful Ikhlas Family Berhad (TIFB). Here are the advantages of registering an SSPN Plus account:

  • This deposit is guaranteed by the government;
  • Eligible to apply for a PTPTN loan;
  • Get tax exemption on current year’s net savings up to RM8,000;
  • Competitive and consistent dividend returns;
  • Takaful benefits, death compensation, 36 critical illnesses, death charity and hospitalization allowance;
  • Raffles and promotions that give generous prizes to depositors;
  • Hospital admission allowance;
  • No health check;
  • Protection benefits up to RM1.2 million.

SSPN i Plus (Simpan SSPN Plus)

SSPN Plus provides a cheaper and more comprehensive takaful protection scheme than SSPN Prime. Your monthly payment depends on the package you choose. You can refer to the list of packages for opening a Simpan SSPN Plus account below:

PackageMonthly Payment
IntanRM30
DelimaRM50
TopasRM100
ZamrudRM200
NilamRM300
BerlianRM500

How to Register SSPN Plus Online?

SSPN Plus is a competitive product and is the main choice of Malaysians who want to open an SSPN account. If you want to open an SSPN Plus account, follow the steps below:

  • Visit the SSPN Plus website (https://www.ptptn.gov.my/sspniplusonline/registermain);
  • Complete the registration by entering required information such as email and ID number;
  • Choose the preferred savings package and takaful operator company;
  • Complete account information;
  • Complete the beneficiary information;
  • Enter the payment amount;
  • Choose a deduction method either through internet banking or salary deduction by auto debit or direct debit;
  • Check all the information that has been filled in;
  • Make sure you (√) on the self-certification box;
  • SSPN Plus new account registration completed.

sspn dividend history

How to Withdraw Money From SSPN?

Can you withdraw money from your SSPN account at any time, especially if there are certain unavoidable circumstances? The answer depends on the type of SSPN account you have open.

  • SSPN Prime: Can be done at any time subject to the terms and conditions that have been set.
  • SSPN Plus: Can only be issued after three years from the account opening date and the minimum balance amount that must be in the account is RM1,000. After the three-year period, you can withdraw money at any time.

You can withdraw SSPN money through PTPTN counters, ATM machines and online. Here’s how to withdraw your SSPN savings if you need to use it in times of need or emergency:

How to Withdraw SSPN Money Online?

You can now withdraw your SSPN deposit online by making an application at the statement portal on the SSPN website (https://www.ptptn.gov.my/penyatasp/Utama). Here is how to withdraw SSPN money online:

  • Login SSPN by entering your ID card number and password;
  • On the menu page in the system, select the savings account you want to make withdrawals from;
  • You will be able to see the full balance of savings and can choose an account to make withdrawals;
  • Fill in withdrawal information such as the amount to be withdrawn, depositor’s bank account number, depositor’s email details and so on;
  • Click ‘Submit’ and if your application is successful, the payment will be credited within 14 working days into your bank account. Alerts will also be provided via email.

How to Withdraw SSPN Money at PTPTN Counters?

You can also withdraw your SSPN money by going to your nearest PTPTN branch. Here is how to withdraw SSPN money at the PTPTN counter:

  • Ask for a form at the counter and complete all the information;
  • Submit the withdrawal form to the officer on duty at the counter;
  • The SSPN money you withdraw will be credited to the account within the specified time and completed.

How to Withdraw SSPN Money at ATM?

Another option you can consider is withdrawing SSPN money through an ATM machine. Only selected banks such as Bank Islam and Bank Rakyat can be used for withdrawal purposes:

SSPN Bank Islam

If you have a savings account, current account or investment account at an Islamic Bank that has BIDC-i, you are eligible to withdraw SSPN money. Before that, you need to link or connect your SSPN account with the Bank Islam account. Once you have successfully connected the Islamic bank card with the SSPN account, you can withdraw your SSPN money through an Islamic Bank ATM. Here is how to withdraw SSPN money through an Islamic bank ATM:

  • Enter the Islamic bank card and enter the pin number;
  • Click ‘continue’ and you will be able to see the option buttons for Bank Islam, Tabung Haji and SSPN;
  • Select SSPN and then select ‘Cash Withdrawal;
  • Enter the amount of money you want to withdraw;
  • A successful transaction will be charged RM0.50 on your SSPN account;
  • Click continue and the SSPN withdrawal process is successful.

SSPN Bank Rakyat

To withdraw SSPN money at a Bank Rakyat ATM, the most important thing you need to do is link your Bank Rakyat card to your SSPN account. Here’s how to withdraw SSPN money through Bank Rakyat ATMs:

  • Enter the Bank Rakyat card and enter the pin number;
  • Press ‘Continue’ and select ‘Cash Withdrawal’;
  • Then select SSPN;
  • Enter the amount of money you want to withdraw;
  • A successful transaction will be charged RM0.50 on your SSPN account;
  • Click continue and the SSPN withdrawal process is successful.
how to open sspn account

Guarantee Your Children’s Future, Register SSPN Online Today

This SSPN savings is a good initiative that will help your child in their education. Many parents out there have started saving since their children were still small to secure the future. You can choose whether to open a Simpan SSPN Prime (SSPN-i) or Simpan SSPN Plus (SSPN-i Plus) account depending on your needs.

In addition to SSPN, you can also make your child’s savings in Tabung Haji, Amanah Saham Bumiputera, fixed savings and more. The most important thing here is that you need to start saving from the beginning because the cost of continuing to study, especially at IPTA or IPTS, may be very expensive.

In other words, you do not need to use your savings or EPF money to cover the cost of your child’s education at university because the savings in the child’s savings fund are sufficient. Not only that, you will also be able to make better financial plans for your family’s future.

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