PTPTN: BMS success proof of saving awareness

By AUFA MARDHIAH / Pic By TMR

THE success of SSPN Savings Month (BMS) 2021 is proof of growing awareness among parents on the importance of saving and financial planning for their children’s higher education future, the National Higher Education Fund Corp (PTPTN) said. 

The programme by PTPTN has recorded the SSPN savings deposits amounting to RM175 million or 159% growth compared to the initial target of RM110 million. 

Last month, PTPTN CEO Ahmad Dasuki Abdul Majid (picture) said as of September 2021, the total amount of Simpan SSPN deposits was RM1.78 billion. 

“The amount collected through the BMS 2021 from Oct 1 until Oct 30 have reached RM155 million or equivalent to 141%,” Ahmad Dasuki said previously. 

“The success of the recorded SSPN saving deposit clearly shows that more parents are aware of the importance of making savings and financial planning to safeguard their children’s higher education’s future,” PTPTN said in a statement yesterday. 

PTPTN urges parents to become superhero for their children by making financial plans at an early age to ensure their children’s perfect education. 

“Education plays an important role, not just as a pathway to produce human capital that is useful but also contributes to the country’s progress and economic development,” it added. 

PTPTN reiterates that the implementation of BMS is one of the approaches to cultivate savings culture among Malaysians. 

Held throughout the month of October, PTPTN organised various programmes at national and state levels virtually via PTPTN’s official social media. 

PTPTN assures that its depositors will get various benefits such as getting income tax assessment relief on net savings, competitive dividend, takaful protection benefits, and a matching and shariah-compliant grants. 

Prior to this, the government has agreed to give discounts for PTPTN borrowers in Budget 2022 that will benefit 1.67 million borrowers. 

PTPTN said borrowers are entitled to a discount of 15% discount on outstanding debt for full settlement of the loan, 12% discount for payments of at least 50% of the balance of the debt in one payment, and a 10% discount for repayment through salary deduction or debit according to schedule. 

The new incentive will be ongoing from Nov 1, 2021, until April 30, 2022.