PUTRAJAYA, 5 April — The National Higher Education Fund Corporation (PTPTN) announced a dividend of 3.60 per cent for the National Education Savings Scheme (SSPN-i) for 2023 today.
Higher Education Minister (MOHE) Datuk Seri Zambry Abd Kadir said the dividend would involve an estimated RM357.65 million allocation which will benefit 6.25 million SPPN accounts, with the payout higher compared to the 3.05 per cent announced for 2022.
“This shows PTPTN’s efficiency at managing funds based on excellent strategic administration of integrity to ensure optimum returns for customers,” he said at the SSPN-i’s dividend announcement ceremony today.
Also in attendance were PTPTN chairman Datuk Norliza Abdul Rahim, MOHE secretary-general Datuk Seri Zaini Ujang, and PTPTN chief executive Ahmad Dasuki Abdul Majid.
Zambry said the scheme received RM3.15 billion in deposits with 513,002 new accounts recorded in 2023, and it has accumulated RM17.39 billion in funds with 6.25 million accounts from 2004 to December 31, 2023.
“Such a good performance shows the depositors remain confident and continue to support the fund.
“I hope that such a competitive dividend payout will boost Malaysians’ confidence in the SPPN-i and encourage the country’s saving habits.
“What is important is to reduce the dependence on loans and ensure children are not burdened with debt when they finish their studies,” he said, adding the scheme was the best product for Malaysians to save for their children’s higher education.
Meanwhile, Norliza encouraged Malaysians to sign up for the SSPN-i early in their youth to prepare for their higher education and avoid debt.
The scheme offers many advantages, including income tax relief for savings up to RM8,000 annually, takaful coverage for depositors, free matching grants up to RM10,000, and competitive dividend payouts.
“With such advantages given by the government and being Syariah-compliant, it is wise if Malaysians deposit more with SSPN-i,” she said.
In a statement, PTPTN said the higher dividend payout this year is supported by a positive return on investments, with a RM446.22 million profit for 2023. Investment performance continues to rise in 2024 based on the first quarter’s achievements compared to the same period in 2023.
The rise in dividend payout was fitting as Bank Negara’s Overnight Policy Rate had increased by 0.25 per cent in 2023.
It also noted that the dividend payout was competitive as it was higher compared to the interest rate of savings or fixed deposit accounts in local banks, which is between 2.05 and 3.45 per cent. Such a dividend rate was more profitable and ensured the scheme remained competitive and relevant against other products in the market.
— Bernama
