PTPTN records RM1.99b SSPN deposits in 2020

by BERNAMA / pic by BERNAMA

KUALA LUMPUR – The National Higher Education Fund Corporation (PTPTN) has recorded deposits totalling RM1.99 billion in its National Education Savings Scheme (SSPN) in 2020, an increase of RM623.82 million or 45.58 per cent compared with RM1.37 billion in 2019.

It said the record marked the third consecutive year of impressive achievement accomplished by PTPTN since 2018, especially in promoting savings through the SSPN.

“The total amount of SSPN deposits accumulated until Dec 31, 2020 was RM7.88 billion. The deposit receipt last year was at 132.82 per cent or RM1.99 billion, exceeding the year’s target of RM1.5 billion,” it said in a statement on Wednesday.

A total of 436,101 new accounts were opened in 2020 compared to the annual target of 400,000 accounts, said PTPTN.

“The 109.03 per cent achievement surpassed the annual target. In total, as at Dec 31, 2020, some 4.82 million SSPN accounts had been opened since this savings instrument was introduced in 2004.

“Accumulated investment profit in 2020 rose to RM237.42 million, an increase of 15.7 per cent compared to RM205.28 million in the previous year,” it added.

Chairman Datuk Wan Saiful Wan Jan attributed PTPTN’s outstanding achievement to the dedicated PTPTN officers at all levels, including members of the management board.

“There is much more we need to do to change the culture of the community and we will continue with the efforts that we have planned,” he said.

In 2020, PTPTN assisted 150,567 students to further their studies at the institutions of higher learning through approved education loans amounting to RM3.59 billion.

PTPTN said of the total 59,421 students, involving RM1.6 billion in education financing, were from the B40 group and the less affluent.

Meanwhile, the reimbursement collection was recorded at RM1.353 billion, above the 2020 target of RM1.175 billion.

Wan Saiful said in 2021, PTPTN will continue its efforts in cultivating savings to reduce dependence on loans.