EVERY parent cares about their child's future, and one of the key steps to a bright future is having the right education.
Hence, parents ought to start saving for their child's education early on, so that their journey to higher learning will not have to be halted due to lack of finances.
While some prefer to save at conventional financial institutions, many are still not aware of the advantages of saving with the National Higher Education Fund Corporation (PTPTN).
PTPTN offers products like Simpan SSPN Prime (formerly known as SSPN-i), which retain existing privileges like competitive dividends and free takaful protection. On top of that, they have also improved Simpan SSPN Plus (formerly known as SSPN-i Plus) by offering even more attractive takaful benefits.
The Simpan SSPN scheme is the only savings plan that offers tax relief of up to RM8,000 a year.
There are two eligible categories, including separate assessment which gives a maximum tax relief of RM8,000 per year for each individual, as well as joint assessment which offers a maximum tax relief of RM8,000 per year for each couple.
If the depositors, both husband and wife, make their tax assessments separately, they can open a separate account for the same child to enjoy a maximum tax relief of up to RM8,000 per person.
In fact, parents who save with Simpan SSPN Plus are eligible to receive total tax relief of up to RM11,000, which includes RM8,000 for net savings in Simpan SSPN Plus and RM3,000 for takaful contributions.
Furthermore, depositors who choose the pension scheme can enjoy total tax relief of up to RM15,000, which includes RM8,000 for net savings in Simpan SSPN Plus and RM7,000 for takaful contributions under Life Insurance and Employees Provident Fund (EPF).
In addition, Simpan SSPN offers competitive dividend rates that are guaranteed by the government and is, most importantly, shariah-compliant.
HOW TO GET TAX RELIEF
There are various ways to make additional contributions to obtain tax relief for 2021.
Depositors can make deposits or open new accounts on this website.
They can also choose from different products like Simpan SSPN Prime and Simpan SSPN Plus.
Don't forget to open an account and contribute to Simpan SSPN before the year ends to enjoy tax relief for 2021, along with many other privileges and benefits.
Ultimately, not only does PTPTN want to cultivate a habit of saving among Malaysians for their children's education, but they also hope to indirectly reduce dependence on loans.
Find out more on this website.
WIN PRIZES WORTH ALMOST RM320,000
Apart from tax relief, depositors also have the opportunity to participate in the Cabutan WOW! Simpan SSPN Plus 2021 campaign, held specifically for Simpan SSPN Plus depositors who open an account or make additional savings during the campaign period, which lasts until December 31, 2021.
Depositors only need to ensure that their account remains active (the account is not closed) and there are no arrears up until the date of the draw.
Each net saving of RM50 (savings and takaful) qualifies for one draw, with no limit on the total number of draws.
There will be various exciting prizes up for grabs, including a gold bar worth RM150,000, Perodua Bezza 1.3 AV, high-tech kitchen appliances (Thermomix) and multiple cash prizes of RM221.
Find out how to join Cabutan WOW! Simpan SSPN Plus 2021 and start saving with PTPTN for your child's future education today.
This article originally appeared on Harian Metro with rights to be republished on the New Straits Times.