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 Skim Simpanan Pendidikan Nasional (SSPN), can we invest in it without having kids?

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TScoo|dude
post Apr 12 2012, 10:51 PM, updated 12y ago

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Having SSPN allows you up to 3K of tax rebate. Is there any way a single (and without kids) like me can invest in it? In a way, a tax rebate for myself too.
kparam77
post Apr 12 2012, 11:25 PM

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QUOTE(coo|dude @ Apr 12 2012, 10:51 PM)
Having SSPN allows you up to 3K of tax rebate. Is there any way a single (and without kids) like me can invest in it? In a way, a tax rebate for myself too.
*
i think NO. can u call them to find out.
ronnie
post Apr 12 2012, 11:41 PM

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SSPN RM3000 is Tax Relief, not Tax Rebate
wongmunkeong
post Apr 13 2012, 08:08 AM

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QUOTE(coo|dude @ Apr 12 2012, 10:51 PM)
Having SSPN allows you up to 3K of tax rebate. Is there any way a single (and without kids) like me can invest in it? In a way, a tax rebate for myself too.
*
Based on their requirements to open a SSPN A/C?
No, you can't open an account. You need at least 1 child must be yours by law, by guardianship, adoption, birth.
Slight correction, like Ronnie stated, it's tax RELIEF not rebate. BIG difference if U know how to use a calculator tongue.gif

Requirements to open a SSPN account with PTPTN
http://www.ptptn.gov.my/web/english/savings/opening
An SSPN account can be opened at the PTPTN service counter at One-Stop Centre, KL Sentral and all branches of PTPTN agents throughout the country. Documents required for this purpose are:

i. Copy of MyKad / military card / police card of the applicant;
ii. Copy of child's birth certificate / MyKid / MyKad; and
iii. Testimonial / Certificate of Adoption (for parents intending to open an account for the adopted child under their legal custody)

The minimum deposit amount for the purpose of opening an account and additional savings is RM20.00 for each nominated beneficiary account. Additional savings can be made ​​as soon as the SSPN card is received or any other form of verification of membership in the National Education Savings Scheme.
Bobby C
post Apr 13 2012, 09:20 AM

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Based on personal experience, seriously, this SSPN needs major shake up. Highly unprofessional. Hardly any update on the status of investment amount. Where is the statement of total investment vs current value? Only gave you a card.

Recently after 4 months returned the cheque that I invested end of last yr. Seems like personal cheque unacceptable, only cash. Terms and conditional of withdrawal is unclear and subject to change any time. Call the office also they can't answer on the spot. Emails sent unreplied or bounced back like kena blocked.

Recent news heard some parties want to scrap PTPTN. Wonder will affect SSPN.

If not because of tax relief, will not invest a single cent to such fund. Seriously consider stopping all investment in the near future.

TScoo|dude
post Apr 13 2012, 09:27 AM

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Sorry, I understand that it's a tax relief. So really it is limited to only PTPTN funds and with kids. Sigh, I thought I saw post in LYN talking about investing in such similar scheme or something but I can't find those posts anymore.
ccslink
post Apr 13 2012, 12:31 PM

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QUOTE(coo|dude @ Apr 13 2012, 09:27 AM)
Sorry, I understand that it's a tax relief. So really it is limited to only PTPTN funds and with kids. Sigh, I thought I saw post in LYN talking about investing in such similar scheme or something but I can't find those posts anymore.
*
As I understand it's more of a savings fund for parents with returns that may not beat foreign-based education inflationary costs. It's future investment proceeds are meant for support of local courses, more likely.
wongmunkeong
post Oct 23 2012, 04:09 PM

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QUOTE(Bobby C @ Apr 13 2012, 09:20 AM)
Based on personal experience, seriously, this SSPN needs major shake up. Highly unprofessional. Hardly any update on the status of investment amount. Where is the statement of total investment vs current value? Only gave you a card.

Recently after 4 months returned the cheque that I invested end of last yr. Seems like personal cheque unacceptable, only cash. Terms and conditional of withdrawal is unclear and subject to change any time. Call the office also they can't answer on the spot. Emails sent unreplied or bounced back like kena blocked.

Recent news heard some parties want to scrap PTPTN. Wonder will affect SSPN.

If not because of tax relief, will not invest a single cent to such fund. Seriously consider stopping all investment in the near future.
*
er.. bro.. FYI - U can check your value anytime (other than server down lar) via: http://epay.ptptn.gov.my/saving/sspnlogin.html
I've been doing similar (last time, different URL) since 2008/2009.

My bad if replying to a basi-post. Was looking for SSPN-related thread to share the belo notworthy.gif w

------------------
Updates on tax relief: http://www.nbc.com.my/blog/faq-rm6000-tax-...cation-savings/
Snippet:
As announced in Budget 2013, it is proposed that personal tax relief for saving deposits placed with SSPN-i for the benefit of their children be increased from existing RM3,000 to RM6,000 effective from year of assessment 2012 to 2017

This post has been edited by wongmunkeong: Oct 23 2012, 04:11 PM
umapathy
post Oct 23 2012, 07:14 PM

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QUOTE(wongmunkeong @ Oct 23 2012, 04:09 PM)
er.. bro.. FYI - U can check your value anytime (other than server down lar) via: http://epay.ptptn.gov.my/saving/sspnlogin.html
I've been doing similar (last time, different URL) since 2008/2009.

My bad if replying to a basi-post. Was looking for SSPN-related thread to share the belo  notworthy.gif w

------------------
Updates on tax relief: http://www.nbc.com.my/blog/faq-rm6000-tax-...cation-savings/
Snippet:
As announced in Budget 2013, it is proposed that personal tax relief for saving deposits placed with SSPN-i for the benefit of their children be increased from existing RM3,000 to RM6,000 effective from year of assessment 2012 to 2017
*
If my wife has opened a SSPN account for my son, can i open another?
Both of us is taxed separately.

Please advice.

Thanks
wongmunkeong
post Oct 23 2012, 10:16 PM

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QUOTE(umapathy @ Oct 23 2012, 07:14 PM)
If my wife has opened a SSPN account for my son, can i open another?
Both of us is taxed separately.

Please advice.

Thanks
*
Yup - 1 parent 1 kid = 1 unique a/c, thus each parent, although for same child, = different a/c
Thus each parent separate tax relief (assuming as U mentioned, pay taxes separately lar).
xuzen
post Oct 24 2012, 11:38 AM

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QUOTE(wongmunkeong @ Oct 23 2012, 04:09 PM)
------------------
Updates on tax relief: http://www.nbc.com.my/blog/faq-rm6000-tax-...cation-savings/
Snippet:
As announced in Budget 2013, it is proposed that personal tax relief for saving deposits placed with SSPN-i for the benefit of their children be increased from existing RM3,000 to RM6,000 effective from year of assessment 2012 to 2017
*
WMK,

Sure boh? I've just checked with SSPN website and it is still listed as RM3K relief.

Don't lar be like that Al-Jib Gor fella, always say syiok sendiri stuff only, for example, in 2011 say got PRS RM 3K tax relief, until today apa pun tadak.

Xuzen
wongmunkeong
post Oct 24 2012, 11:43 AM

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QUOTE(xuzen @ Oct 24 2012, 11:38 AM)
WMK,

Sure boh? I've just checked with SSPN website and it is still listed as RM3K relief.

Don't lar be like that Al-Jib Gor fella, always say syiok sendiri stuff only,  for example, in 2011 say got PRS RM 3K tax relief, until today apa pun tadak.

Xuzen
*
yup - checkout the URL or screenshot below
http://www.ptptn.gov.my/web/english/savings/advantages

PRS? hehe - i went ahead with the annuity first lor. Wait for PRS to be really available first then can consider lor
$3K *26% = dont want to waste too much time on this amount tongue.gif


This post has been edited by wongmunkeong: Oct 24 2012, 11:46 AM


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jutamind
post Nov 17 2012, 11:00 PM

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so anyone plan to max out SSPN tax relief to 6k this year? still contemplating whether i should top up another 3k to max 6k....
wongmunkeong
post Nov 17 2012, 11:45 PM

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QUOTE(jutamind @ Nov 17 2012, 11:00 PM)
so anyone plan to max out SSPN tax relief to 6k this year? still contemplating whether i should top up another 3k to max 6k....
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<hands up> brows.gif
Kaka23
post Nov 18 2012, 02:36 AM

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So you guys targeting Hwang or Cimb for the PRS?
ronnie
post Dec 5 2012, 01:17 PM

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Anybody able to logon to e-SPPN website today ?
http://epay.ptptn.gov.my/saving/sspnlogin.html
sidanos
post Dec 5 2012, 04:09 PM

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Today I cannot. I thought I forgot my password..
Also cannot reset pwd using the link.
ConstantLove
post Apr 21 2013, 05:45 PM

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hi i can open an account for my younger brother right (immediate family member)? coz i dont have my own children. and he's still in primary school.
popice2u
post Apr 21 2013, 05:55 PM

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if kid is 1 yr can invest in it?
ben3003
post Apr 21 2013, 05:56 PM

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i wanna ask, if now i need to repay ptptn, can i put money inside SSPN to use it as tax relief?

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