PTPTN DECLARES 3.60% DIVIDEND FOR SIMPAN SSPN 2023

PUTRAJAYA: The National Higher Education Fund Corporation (PTPTN) has declared a 3.60% dividend for the National Education Savings Scheme (Simpan SSPN) for 2023.

Higher Education Minister Datuk Seri Dr Zambry Abdul Kadir revealed that the dividend involved an allocation of RM357.65mil, which would benefit over 6.25 million depositors.

“The dividend of 3.60% for the year 2023 is higher compared to the 3.05% dividend distribution in 2022”, he said during the announcement at the Higher Education Ministry headquarters in Putrajaya yesterday.

“This reflects PTPTN’s efficiency in managing savings funds effectively, based on excellent, integrity-driven and strategic governance to ensure optimal returns for its clients.”

Also present at the announcement ceremony were the Higher Education Ministry’s secretary-general Datuk Seri Dr Zaini Ujang, as well as PTPTN chairman Datuk Norliza Abdul Rahim and its chief executive Ahmad Dasuki Abdul Majid.

Zambry added that since its inception in 2004, PTPTN has distributed dividends of up to RM1.69bil. As of Dec 31 last year, 513,002 new accounts were opened with total Simpan SSPN deposits amounting to a value of RM17.39bil.

He said the high dividend payout is supported by positive investment returns, with the investment profit for deposits in 2023 totalling RM446.22mil. Investment performance has continued to improve in 2024, based on the positive first quarter results this year, compared to the same period in 2023.

“The outstanding performance demonstrates PTPTN’s capabilities in managing savings funds, and shows the unwavering and continuous support of depositors throughout the country,” said Zambry.

“I hope that this competitive dividend rate will boost public confidence in Simpan SSPN, thereby strengthening the savings culture in our country.”

The dividend rate increase for Simpan SSPN is in line with the 0.25% increase in Bank Negara’s overnight policy rate in 2023.

Additionally, the dividend rate is competitive as it is higher than the interest rates on savings and fixed deposit accounts offered by local banks, which range from 2.05% to 3.45%.

PTPTN’s dividend rate provides more lucrative returns, ensuring that Simpan SSPN remains competitive and relevant compared to other products in the market.

Zambry stated that Simpan SSPN is the best product for Malaysians to save for their children’s higher education as it provides various benefits, other than offering competitive dividend rates.

Simpan SSPN is the only savings product that offers income tax relief on savings of up to RM8,000 per year, as well as complying with Shariah principles, including takaful protection for depositors and providing free matching grant of up to RM10,000 per year on government-guaranteed savings.

PTPTN said the dividend would be deposited directly into the Simpan SSPN accounts from today. Depositors can check their savings statements online or via the MyPTPTN app.

For details, visit www.ptptn.gov.my