Agrobank is a one of SSPN deposit collection agents for National Higher Education Fund Corporation (PTPTN).

The National Education Savings Scheme (SSPN) is designed especially by the National Higher Education Fund Corporation (PTPTN) to enable parents/guardians to help resolve financial problem when their child further education to higher learning institution.

Besides ensuring annual dividend returns, the SSPN also provides special financial incentives in the form of Matching Grants especially for low income depositors. In addition, insurance coverage and payment of death compensation is provided free of charge to all eligible depositors

Eligibility for Opening of Accounts
All Malaysian citizens who have children of the age of 1 day up to 28 years on date of opening account.

Benefits:

• Eligibility depositor will be offered financial incentives in matching grant which equal to savings
• Eligibility to apply for PTPTN educational financing when get offered a place in any higher learning institution;
• Interests and dividend rates that is at least equal to market rates;
• Rate tax exemption on dividend ;
• A savings guaranteed by government; AND
• Free insurance protection and death compensation

Procedure for Opening of SSPN Account
Opening an account, for SSPN could be made at all collection agent throughout Malaysia; Bumiputra Commerce Bank, Bank Simpanan Nasional, Agrobank and Bank Kerjasama Rakyat Malaysia.
The application form must be submitted along with the following documents:

• A copy of the depositor’s MyKad/Military/Police Identity Card
• A copy of the child’s MyKid/Birth Certificate/MyKad;
• A copy of the Pay Slip / Form J / Income Confirmation.

Minimum amount for the purpose of opening an account and increase deposit is RM20 for each nominated beneficiary’s account. Deposit increase can be made as soon as the membership card is received.

Withdrawals
Withdrawal of savings can only be done after one (1) year of saving in the SSPN. The withdrawal of 10% of the balance in the account or RM500 (whichever is lower) once annually is allowed (after one year of becoming member). Withdrawal of up to 100% of the balance of the account is allowed if the beneficiary fulfills one of the following criteria:

• Is accepted to any government recognized IPT endorsed by the government;
• Withdraws voluntarily from the education system or is terminated for specific reasons;
• Chronic illness with no hope of recovery with doctor’s certification;
• Permanent disability; or
• Death

Matching Grant
These financial incentives will be given to all depositors who fulfill all the requirements below:

• Lower income depositor (subject to monthly household income limit);
• At least 1 year as a SSPN membership;
• Depositor must have minimum savings RM500 for each account; AND
• The amount of Matching Grant will be given to each depositor will depend on the maximum and amount of savings.

Depositor is eligible for a matching grant when the child is accepted into a higher learning institution endorsed by the government.