fbpx
Connect with us

News

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

Published

The Govt Is Giving Primary School Kids Free Rm500 In Their Savings Account - World Of Buzz 3
Source: Isaac Tan

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

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

The Govt Is Giving Primary School Kids Rm500 In Their Savings Account - World Of Buzz

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!

The Govt Is Giving Primary School Kids Free Rm500 In Their Savings Account - World Of Buzz

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.

The Govt Is Giving Primary School Kids Free Rm500 In Their Savings Account - World Of Buzz 1

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 The matching grant of RM500 can only be withdrawn when the child is 18 years old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

M'sians Can Buy Their First Home With This Government Deposit Scheme - World Of Buzz 5

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Collage 21 Collage 21
News9 hours ago

“Allah planned it this way” – Kelantan Deputy MB Responds to Arrest of Kelantanese Singer in Thailand

Just recently, a Kelantanese singer with 5 other individuals was arrested by Thai Police. 6,000 meth pills were also found...

My Post 1 2024 11 04T150004.665 My Post 1 2024 11 04T150004.665
News11 hours ago

Anthony Loke: Govt Will Cease The Sales & Registration of NGV Nationwide Starting July 2025

Starting from July 1, 2025, all vehicles using natural gas (NGV) will no longer be allowed to be registered or...

Collage 14 1 Collage 14 1
News12 hours ago

Zahid Hamidi: Johor to Introduce RM4K Starting Salary for Skilled Workers with Diploma, RM5K for Degree

The launch of the Johor Talent Development Council (JTDC) has made Johor the first state in Malaysia to establish a...

Feat Image Jail Ic Feat Image Jail Ic
News12 hours ago

This Controversial Law Can Land M’sians Up to 5-Year Jail, RM50K Fine Just for Not Having MyKad with Them

There have been many viral stories in the past about Malaysians finding themselves in trouble with the authorities for not...

My Post 1 2024 11 04T122638.683 My Post 1 2024 11 04T122638.683
News14 hours ago

M’sian Teenager Sentenced to Life in Prison in the UK for Attacking Sleeping Schoolmates with Hammer

A Malaysian teenager has been sentenced to life in prison in the United Kingdom (UK) after he attacked 2 of...

Collage 13 1 Collage 13 1
News14 hours ago

After 5 Months, Bodyguard Who Allegedly Assaulted OKU E-Hailing Driver Will be Charged in KL High Court

In an incident that occurred in May, a Malaysian e-hailing driver with a disability was reportedly punched by an escort...

Collage 12 1 Collage 12 1
News15 hours ago

Moo Deng, The Cute Baby Hippo Taking World by Storm, Wins Video of the Year at TikTok Awards Thailand!

Moo Deng has blown up on TikTok, where her cute videos have racked up millions of views. With her chubby...

Feat Image Tgif Feat Image Tgif
News1 day ago

Popular Restaurant Chain TGI Fridays Files for Bankruptcy Due to Prolonged Financial Challenges

Popular restaurant chain TGI Fridays has filed for bankruptcy in the United States after suffering prolonged financial challenges and a...

Announcement

Latest Videos



TRENDING TODAY