SSPN offers the following benefits:
  • Tax relief on savings up until RM3,000 per year;
  • Free insurance coverage up until RM50,000 for depositors who have an accumulated deposit of a minimum of RM1,000*;
  • Matching grant with a maximum endowment of RM10,000 per family**;
  • Deposit as low as RM20 at any time deemed necessary and government guarantee on savings;
  • Competitive dividend rate and tax exemption on dividend;
  • Over 1,000 agents throughout Malaysia; and
  • Other transaction modes:
o        Salary deduction for the staff of government and private sector;
o        Salary deduction through Biro Perkhidmatan Angkasa;
o        Auto debit - Bank Pertanian Malaysia and Maybank;
o        Standing instruction - Bank Simpanan Nasional; or
o       Online transaction through e-SSPN - especially for those who have savings accounts in Bank Islam Malaysia Berhad, CIMB Bank, Hong Leong Bank, Public Bank Berhad and Maybank.
* The insurance/death compensation eligibility is only for depositors whose age is within 18 until 65 years old. Whereas death compensation eligibility is only for the child whose age does not exceed 28 years old.
** For a family whose household income does not exceed RM2,000 per month when the child registers into a higher learning institution.