Sunday, January 7, 2018

RM500 matching grant (GS500) to be given free to SSPN new deposit in 2018 for primary school beneficiaries

On top of the recent good news about SSPN-I tax relief of RM6000 max has been extended until year 2020, the National Education Savings Scheme (Skim Simpanan Pendidikan Nasional, SSPN-i) setup by the National Higher Education Fund Corporation (Perbadanan Tabung Pendidikan Tinggi Nasional, PTPTN) for the purpose of higher education has on 2 January 2018 announced another good news for all existing and new SSPN depositors whose beneficiary is studying in primary school.

The good news is...

The government has allocated a fund for the first 500,000 existing and new SSPN depositors who deposited at least RM500 new fund into their account during 2018, whose beneficiary is studying in primary school. These accounts will received a free matching grant incentive of RM500 in their SSPN account (Insentif Geran Sepadan Percuma RM500 a.k.a. GS500).

The terms and conditions are for this GS500 are as follow:
  • This RM500 free matching grant incentive is only allocated to 500,000 eligible SSPN accounts on and first come first serve basis.
  • The age of the beneficiary of the SSPN account is between 7 to 12 years old or is studying in primary school in Malaysia.
  • New fund of RM500 must be deposited into the SSPN account between 1 January 2018 to 31 December 2018 (deposit - withdrawal >= RM500).
  • This RM500 free matching grant incentive can only be withdrawn after the beneficiary has reached the age of 18 years old, or during closure of account due to either the depositor or beneficiary has passed away.
  • This RM500 free matching grant incentive cannot be used for tax relief.
  • This RM500 free matching grant incentive will be automatically given to the eligible SSPN accounts. There is no form to be filled up.

Fund can be deposited into existing SSPN account using FPX real-time online payment after login into the online SSPN-I Statement of Account website.

Source of reference:


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