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 SSPN, Skim Simpanan Pendidikan Nasional

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contestchris
post Nov 20 2024, 12:22 PM

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Can you deposit for child then withdraw?

As in deposit RM8k, claim the tax relief, then withdraw?
contestchris
post Nov 20 2024, 12:32 PM

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Wording of tax relief: Net deposit in Skim Simpanan Pendidikan Nasional (Net deposit is the total deposit in 2023 MINUS total withdrawal in 2023)

Can you game the system by depositing and withdrawing in alternate years?

Example:

Deposit RM8k in December 2024
Withdraw RM8k in January 2025
Claim RM8k tax relief for YA 2024

Repeat in 2026 (skip 2025 due to the net deposit rule):
Deposit RM8k in December 2026
Withdraw RM8k in January 2027
Claim RM8k tax relief for YA 2026

Will this method work and is it legal by the wording of the law?

This post has been edited by contestchris: Nov 20 2024, 12:35 PM
contestchris
post Nov 20 2024, 12:37 PM

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QUOTE(hibiki88dita @ Nov 20 2024, 12:25 PM)
Can withdraw but only after 3 years and must leave balance 1k.
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Isn't this for the insurer version? The basic version directly with SPPN, doesn't seem to indicate such restrictions.
contestchris
post Nov 20 2024, 12:48 PM

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QUOTE(MUM @ Nov 20 2024, 12:45 PM)
Yes....many had said that before.
I think most would just do the "net" deposit every year to claim tax every year.....until cannot have "net deposit" for that year, then they skip 1 year no claim tax relief. Then start again the next year
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Okay no restrictions on withdrawal right?

Do you mean dep rm8k end of y1, then withdrawl rm8k start of year 2 but deposit rm16k at the end of y2, rinse and repeat?
contestchris
post Nov 20 2024, 01:00 PM

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QUOTE(MUM @ Nov 20 2024, 12:52 PM)
See revise post above for example.
Btw, the net deposit are excludes the dividend and incentives from govt...
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Yes thanks, very clear example.

Is there any catch or special t&c for withdrawal? Like need special justification? Is it a quick process?
contestchris
post Nov 20 2024, 06:07 PM

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Guys, I have created my account. Very painless process, takes 2 minutes on the app, including the IC and facial verification.

What are the next steps to deposit the RM8k for tax relief? I have never had a PTPTN loan or SSPN deposit before.

1. Do I "Open Account" under my own name, or my child name, or both (i.e. open two accounts) to qualify for the RM8k tax rebate?
2. Any other steps remaining before I can then later on withdraw the amount?
3. What is the "cutoff" date for depositing the RM8k for it to qualify as this year's deposit?
4. Is dividend calculated by day, month, or year?

This post has been edited by contestchris: Nov 20 2024, 06:08 PM
contestchris
post Nov 20 2024, 06:23 PM

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QUOTE(MUM @ Apr 13 2024, 11:47 AM)
Yes that is correct.
Must hv net contribution for that calender year only can claim tax relief for that calender year.
Ex:
If you withdraw 10k in Feb 24, by end of Dec 24 you hv to deposit in 10k + 8k to qualify for 8k tax relief claim in Arp 25 during submission of your ITR
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Does this mean if withdraw RM8k (without topping up again) need to put a negative number?

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contestchris
post Nov 20 2024, 10:28 PM

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QUOTE(fuzzy @ Nov 20 2024, 06:25 PM)
No, just 0 as you can't claim any for that year.
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Okay thanks.

Is there any cutoff for deposits? E.g. if I deposit today, is it like EPF etc where it is delayed a few days, or is it like ASM where it is reflected and transacted instantly?


contestchris
post Nov 21 2024, 09:12 AM

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QUOTE(fuzzy @ Nov 20 2024, 11:30 PM)
Depends on platform. Most takes a day or so depending on cut off time but I found lShopee took almost 3-5 days.
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How about direct SSPN website?
contestchris
post Oct 3 2025, 10:32 PM

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I have some questions:

1. If I open account for my child, do I choose "anak kandung" and do I name myself as the beneficiary?

2. If I put in RM1,000 today, can I withdraw the money freely? Is there lock-in period? Do I need to submit any application, bring birth cert etc?

3. Is withdrawal done online, at PTPTN counter, or at any bank counter?

4. Is there any minimum balance requirement? Can fully withdraw all RM1,000 but not close the account?
contestchris
post Oct 6 2025, 08:19 AM

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QUOTE(talexeh @ Oct 6 2025, 07:24 AM)
1. Your child is the beneficiary.

2. No lock-in period for SSPN Prime.

3.
a) Online is limited to RM1K per withdrawal per day. You'll need to wait until the money is in your bank account before you can make another withdrawal.
b) Alternatively, you can withdraw at the counter for whatever amount you want & wait a few days for the money to be in your bank account.
c) You can also link your Bank Islam account to your SSPN account. This way you can make instant transfer but limited to RM50K per day.

4. RM20.

EDIT: Looking at your post history here, you've been in this thread since 2024 so not sure why you're asking newbie question. hmm.gif
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Is withdrawal only at PTPTN branches or any banks (selected?)?
contestchris
post Oct 16 2025, 04:49 PM

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I am register account, it is so confusing and the website is useless.

If my child is "Beneficiary", and I am "Depositor", then who is "Immediate Beneficiary"?

Note: This is to qualify for the tax incentive, so do let me know whose information should be as the "Immediate Beneficiary". I chose option to open ANAK KANDUNG account.

This post has been edited by contestchris: Oct 16 2025, 04:56 PM

 

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