Kids Aged 7-12 Get FREE RM500 by Govt in Their Savings Account

Parents, take note! It’s time to start a savings account for your kids and now, perhaps more than ever, is the best time to do so!

If you have a child that is aged between seven to 12 years old, then you should really consider opening a National Education Savings Scheme (SSPN-i Plus) account for them. That’s because if you do so, the government will give you free RM500 into the account! Where was this when I was at that age? T_T

Source: Dino Hauz

According to a press release by National Higher Education Fund (PTPTN), the government has allocated RM250million for this special initiative in the Budget 2018.

The starting date of the application is from January 1 to December 31 but the amount is only limited to the first 500,000 kids who open an account, so you better hurry!

Source: NST

Previously, the government only gave RM50 to kids who opened a SSPN-i Plus account but now, they are upping the ante to RM500. Rebranded as the 1Malaysia Education Savings Scheme (SSP1M), PM Najib had informed that contributors would have to save at least RM500 in the account and a matching grant of RM500 would be given to them. 

This move is to encourage children to start saving from young and to ease their financial burdens as they grow older.

Source: Pharmalogik

Here’s what you need to know:

1. Open a SSPN-i/SSPN-i Plus here or at any PTPTN branch or bank

2. Only children aged seven to 12 years old are eligible for the grant

3. Make sure you have at least RM500 in the account

4. You don’t have to apply, the amount will be automatically debited into your child’s account

5. The matching grant of RM500 can only be withdrawn when the child is 18 years old

Sounds super easy right?

For more information, visit PTPTN’s website here or call their careline at 03-2193 3000 for further assistance.

Time to start encouraging your kids to save money!

Also read: If You’re a First-Time Home Buyer, Here’s How You Can Get the Govt to Pay Your Deposit