PTPTN records 45.6% increase in SSPN deposits

by ASILA JALIL / pic by HUSSEIN SHAHARUDDIN

THE National Higher Education Fund Corp (PTPTN) recorded a 45.6% or RM623.82 million increase in its National Education Savings Scheme (SSPN) deposits last year, as it soared to RM1.99 billion from RM1.37 billion in 2019.

The fund recorded a steady increase for three consecutive years with its new approach introduced in 2018 that encourages people to save, which has seen an incline in deposits.

In 2017, the total amount of SSPN deposits stood at RM726.84 million before jumping to RM1.14 billion in 2018.

The total SSPN deposits accumulated until Dec 31, 2020, were RM7.88 billion. The deposit amounting to RM1.99 billion last year exceeded the year’s target of RM1.5 billion.

A total of 436,101 new accounts were opened last year which surpassed its yearly target of 400,000 accounts.

In total, 4.82 million SSPN accounts were opened as of Dec 31, 2020, since the savings instrument was introduced in 2004.

The accumulated investment profit saw an increase of 15.7% to RM237.42 million last year from RM205.28 million the previous year.

PTPTN chairman Datuk Wan Saiful Wan Jan (picture) said the achievement was a result of dedications shown by PTPTN’s officers of all levels, with the support of the fund’s management board members.

PTPTN has also increased channels for online transactions, including direct debit, e-pay, FPX, JomPay, media kiosk, MOLPay, myPay and PayQuik.

The firm said the method was widely accepted as 66.39% of the total deposits were made via online transactions.

“We need to implement more online system usage to ensure a fast and safe transaction for users, especially amid the Covid-19 pandemic.

“PTPTN often seeks opportunities to give the best service to its customers in line with the new normal and technology development. We will continue to explore new technology that we can introduce for the customers’ convenience,” he said.


Read our previous report here

PTPTN records RM1.99b SSPN deposits in 2020